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<title>Prepared and filed by St Ives Financial</title>
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<P align="center"><B><FONT size=4 face="TimesNewRoman,Bold,Times New Roman,Times,serif">UNITED
  STATES<br>
  </FONT></B><B><FONT size=4 face="TimesNewRoman,Bold,Times New Roman,Times,serif">SECURITIES
  AND EXCHANGE COMMISSION<br>
  </FONT></B><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Washington,
  DC 20549</FONT></B></P>
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<P align="center"> <B><FONT size=5 face="TimesNewRoman,Bold,Times New Roman,Times,serif">FORM
  20-F </FONT></B> </P>
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<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(Mark One)</FONT>
</P>
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    <td width="2%">&nbsp;</td>
    <td><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">REGISTRATION
      STATEMENT PURSUANT TO SECTION 12</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">(b)</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      OR </font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">(g)</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      OF</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      THE SECURITIES EXCHANGE ACT OF 1934</font></b></td>
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<P align="center"><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">OR</font></b>
</P>
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    <td width="3%"><img src="tickedbox.gif"></td>
    <td width="2%">&nbsp;</td>
    <td><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">ANNUAL
      REPORT PURSUANT TO</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      SECTION</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      13</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      OR</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      15 (d)</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      OF</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      THE</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      SECURITIES EXCHANGE ACT OF 1934</font></b></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">For
      the fiscal year ended December 31, 2005</font></b></td>
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<P align="center"><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">OR</font></b></P>
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    <td width="3%"><img src="emptybox.gif"></td>
    <td width="2%">&nbsp;</td>
    <td><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">TRANSITION
      REPORT </font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">PURSUANT</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      TO</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      SECTION</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      13</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      OR</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      15 (d)</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      OF</font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      THE </font></b><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">SECURITIES
      EXCHANGE ACT OF 1934</font></b></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">For
      the transition period from __________ to __________</font></b> </td>
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<P align="center"> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Commission
  file number 333-109672</FONT></P>
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<p align="center"><font size="5" face="TimesNewRoman,Bold,Times New Roman,Times,serif"><B>HANSON
      PLC<br>
</B></font><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">(successor
  to Hanson Building Materials Limited)<br>
  </FONT></B><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(Exact
Name of Registrant as Specified in Its Charter) </FONT> </p>
<P align="center"> <B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">n/a</FONT></B>
  <br>
  <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(Translation of
  Registrant&#146;s name into English) </FONT> </P>
<P align="center"> <B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">England
  and Wales<br>
  </FONT></B><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(Jurisdiction
  of incorporation or organization)<i><br>
  </i><br>
  </FONT><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">1
  Grosvenor Place<br>
  London SW1X 7JH, England</FONT></B><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif"><br>
  (Address of principal executive offices)</FONT></P>
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<P align="center"> <B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Securities
  registered or to be registered pursuant to Section 12(b) of the Act.</FONT></B>
</P>
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    <td><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Title
      of each class</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="49%"><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Name
      of each exchange on which registered</font></b> </td>
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    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">American
      Depositary Shares</font></td>
    <td>&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">The New
      York Stock Exchange, Inc.</font><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
      </font></b><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;
      </font></td>
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    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Ordinary
      Shares of &pound;0.10 each</font></td>
    <td>&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">The New
      York Stock Exchange, Inc.*</font></td>
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    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">5.25% Notes
      due 2013**</font></td>
    <td>&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">The New
      York Stock Exchange, Inc. </font></td>
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    <td width="3%"><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">*</font></b><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;</font></td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Listed,
      not for trading, but only in connection with the registration of American
      Depositary Shares, pursuant to the requirements of the Securities and Exchange
      Commission. </font> </td>
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    <td><b><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">**</font></b></td>
    <td> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Issued
      by Hanson Australia Funding Limited, an indirect wholly owned subsidiary
      of the Registrant, and guaranteed as to certain payments by the Registrant.
      </font> </td>
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<P align="center"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Securities
  registered or to be registered pursuant to Section 12(g) of the Act.</FONT></B>
  <br>
  <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">None<br>
  (Title of
  Class) </FONT> </P>
<P align="center"> <B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Securities
  for which there is a reporting obligation pursuant to Section 15(d) of the Act.
  </FONT></B> <br>
  <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">None<br>
  (Title of
  Class) </FONT> </P>
<P align="left"> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Indicate
  the number of outstanding shares of each of the issuer's classes of capital
  or common stock as of the close of the period covered by the annual report.
  </FONT> </P>
<P align="left"> <B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">736,968,849
  Ordinary Shares of &pound;0.10 each were outstanding. </FONT></B></P>
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<P align="left"> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Indicate by
  check mark whether the registrant (1) has filed all reports required to be filed
  by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
  12 months (or for such shorter period that the registrant was required to file
  such reports), and (2) has been subject to such filing requirements for the
past 90 days. </FONT> </P>
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    <td width="48%" align="right"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif"><img src="tickedbox.gif">&nbsp;&nbsp;&nbsp;Yes</font></td>
    <td width="4%">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif"><img src="emptybox.gif">&nbsp;&nbsp;&nbsp;No</font></td>
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<P><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Indicate by check
  mark which financial statement item the registrant has elected to follow.</FONT> </P>
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    <td width="48%" align="right"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
     <img src="emptybox.gif">&nbsp;&nbsp;&nbsp;Item 17</font></td>
    <td width="4%">&nbsp;</td>
    <td><font size=2 face="TimesNewRoman,Times New Roman,Times,serif"> <img src="tickedbox.gif">&nbsp;&nbsp;&nbsp;</font><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">Item
      18</font> </td>
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<p><img src="b821007-20fx1x1.jpg" width="90%" border=0><BR>

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<page><a name="#contents"></a>
<br>
<div style="float: left; width: 30%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
	<TD width=5% align=right><a href="#p1">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></a></TD>
	<TD width=2% align=left><a href="#p1"><font size="2"></font></a></TD>
	<TD align=left><a href="#p1">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial highlights</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p2">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></a></TD>
	<TD align=left><a href="#p2"><font size="2"></font></a></TD>
	<TD align=left><a href="#p2">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Chairman&#146;s
    statement</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p3">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></a></TD>
	<TD align=left><a href="#p3"><font size="2"></font></a></TD>
	<TD align=left><a href="#p3">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Chief
    Executive&#146;s overview</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p4">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></a></TD>
	<TD align=left><a href="#p4"><font size="2"></font></a></TD>
	<TD align=left><a href="#p4">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Summary financial results</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p5">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT></a></TD>
	<TD align=left><a href="#p5"><font size="2"></font></a></TD>
	<TD align=left><a href="#p5">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review of operations</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p14">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14</FONT></a></TD>
	<TD align=left><font color="#b65b17">&nbsp;</font></TD>
	<TD align=left><a href="#p14">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates North America</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p18">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18</FONT></a></TD>
	<TD align=left><font color="#b65b17">&nbsp;</font></TD>
	<TD align=left><a href="#p18">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products North America</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p22">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22</FONT></a></TD>
	<TD align=left><font color="#b65b17">&nbsp;</font></TD>
	<TD align=left><a href="#p22">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates UK</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p26">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26</FONT></a></TD>
	<TD align=left><font color="#b65b17">&nbsp;</font></TD>
	<TD align=left><a href="#p26">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products UK</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p30">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">30</FONT></a></TD>
	<TD align=left><font color="#b65b17">&nbsp;</font></TD>
	<TD align=left><a href="#p30">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    Australia &amp; Asia Pacific</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p34">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">34</FONT></a></TD>
	<TD align=left><font color="#b65b17">&nbsp;</font></TD>
	<TD align=left><a href="#p34">
    <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Continental Europe</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p37">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37</FONT></a></TD>
	<TD align=left><a href="#p37"><font size="2"></font></a></TD>
	<TD align=left><a href="#p37">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial review</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p45">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">45</FONT></a></TD>
	<TD align=left><a href="#p45"><font size="2"></font></a></TD>
	<TD align=left><a href="#p45">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Principal risks and uncertainties</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p49">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">49</FONT></a></TD>
	<TD align=left><a href="#p49"><font size="2"></font></a></TD>
	<TD align=left><a href="#p49">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate responsibility</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p52">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">52</FONT></a></TD>
	<TD align=left><a href="#p52"><font size="2"></font></a></TD>
	<TD align=left><a href="#p52">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Board of Directors</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p53">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">53</FONT></a></TD>
	<TD align=left><a href="#p53"><font size="2"></font></a></TD>
	<TD align=left><a href="#p53">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Report of the Directors</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p55">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55</FONT></a></TD>
	<TD align=left><a href="#p55"><font size="2"></font></a></TD>
	<TD align=left><a href="#p55">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate governance</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p61">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">61</FONT></a></TD>
	<TD align=left><a href="#p61"><font size="2"></font></a></TD>
	<TD align=left><a href="#p61">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration report</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p68">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">68</FONT></a></TD>
	<TD align=left><a href="#p68"><font size="2"></font></a></TD>
	<TD align=left><a href="#p68">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Auditors&#146; reports</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p70">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70</FONT></a></TD>
	<TD align=left><a href="#p70"><font size="2"></font></a></TD>
	<TD align=left><a href="#p70">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated income statement</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p71">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">71</FONT></a></TD>
	<TD align=left><a href="#p71"><font size="2"></font></a></TD>
	<TD align=left><a href="#p71">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated balance sheet</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p72">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">72</FONT></a></TD>
	<TD align=left><a href="#p72"><font size="2"></font></a></TD>
	<TD align=left><a href="#p72">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated cash flow statement</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p73">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">73</FONT></a></TD>
	<TD align=left><a href="#p73"><font size="2"></font></a></TD>
	<TD align=left><a href="#p73">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
statement of recognised income and expense</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p74">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">74</FONT></a></TD>
	<TD align=left><a href="#p74"><font size="2"></font></a></TD>
	<TD align=left><a href="#p74">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes to the accounts</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p128">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">128</FONT></a></TD>
	<TD align=left><a href="#p128"><font size="2"></font></a></TD>
	<TD align=left><a href="#p128">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS selected financial data</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p129">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">129</FONT></a></TD>
	<TD align=left><a href="#p129"><font size="2"></font></a></TD>
	<TD align=left><a href="#p129">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US GAAP selected financial data</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p130">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">130</FONT></a></TD>
	<TD align=left><a href="#p130"><font size="2"></font></a></TD>
	<TD align=left><a href="#p130">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investor information</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p133">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133</FONT></a></TD>
	<TD align=left><a href="#p133"><font size="2"></font></a></TD>
	<TD align=left><a href="#p133">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ancillary information</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p137">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">137</FONT></a></TD>
	<TD align=left><a href="#p137"><font size="2"></font></a></TD>
	<TD align=left><a href="#p137">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Definitions</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p138">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">138</FONT></a></TD>
	<TD align=left><a href="#p138"><font size="2"></font></a></TD>
	<TD align=left><a href="#p138">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Glossary of terms and US equivalents</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p139">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">139</FONT></a></TD>
	<TD align=left><a href="#p139"><font size="2"></font></a></TD>
	<TD align=left><a href="#p139">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cross reference to Form 20-F</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p140">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">140</FONT></a></TD>
	<TD align=left><a href="#p140"><font size="2"></font></a></TD>
	<TD align=left><a href="#p140">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Audit report for parent Company accounts</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#p141">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">141</FONT></a></TD>
	<TD align=left><a href="#p141"><font size="2"></font></a></TD>
	<TD align=left><a href="#p141">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    PLC &#150; Company</FONT></a></TD>
</TR>
<TR valign="top">
	<TD align=right><a href="#pibc">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ibc</FONT></a></TD>
	<TD align=left><a href="#pibc"><font size="2"></font></a></TD>
	<TD align=left><a href="#pibc">
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Shareholder contact information</FONT></a></TD>
</TR>
</TABLE>
</div>
<div style="float: left; width: 5%">
</div>
<div style="float: left; width: 30%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A Scheme of Arrangement (the &#147;Scheme&#148;) was approved by shareholders of Old Hanson on September 19, 2003, subsequently approved by the Court on October 13, 2003 and
became effective at the close of business on October 14, 2003 (the &#147;Scheme Effective Date&#148;). Under the Scheme, shareholders in Old Hanson received, in substitution for each of their ordinary shares of &#163;2 in nominal value in Old
Hanson, one ordinary share of 10p in nominal value in New Hanson, following a reduction in the nominal capital of New Hanson approved by the Court on October 20, 2003 and effective from October 21, 2003.</FONT></P>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> For
    the purposes of producing the Annual Report and Form 20-F of New Hanson,
    unless otherwise expressly specified (a) references to the Company and its
    subsidiaries or Hanson and its subsidiaries, or the group, refer to Old Hanson
    and its subsidiaries up to the close of business on the
  Scheme Effective Date and to New Hanson (including Old Hanson) and its subsidiaries
    as from that time and (b) references to Hanson or the Company are to Old
    Hanson up to the close of business on the Scheme Effective Date and to New
    Hanson as from that time. At the Scheme Effective Date New Hanson had no
    business assets.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Solely
for the convenience of the reader, the Annual Report and Form 20-F contains translations
of certain amounts in pounds sterling (&#147;&#163;&#148;) or pence
(&#147;p&#148;) into US dollars (&#147;US dollars&#148; or &#147;&#36;&#148;)
or cents (&#147;c&#148;). The translations of pounds sterling and pence to US
dollars and cents appearing in the Annual Report and Form 20-F have been made
at the noon  buying rate in New York City for cable transfers in pounds sterling
as certified for customs purposes by the Bank of New York (the &#147;noon buying
rate&#148;) on the date of the information so translated. </FONT></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">These
translations should not be construed as representations that the pound sterling
amounts actually represent such US dollar amounts or could be converted into
US dollars at the rates indicated. On February 21, 2006 the noon buying rate
was &#36;1.74 per &#163;1. For additional information on exchange rates between the pound sterling and the US dollar, see &#147;Exchange Rates&#148; on
page 133 of the Annual Report and
Form 20-F.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Each of Hanson, Hanson Aggregates North America,
Hanson Building Products North America, Hanson Aggregates UK, Hanson Building
Products UK, Hanson Australia &amp; Asia Pacific and Hanson Continental Europe
(as such expressions are referred to in the Annual Report and Form 20-F) is either
a holding company or divisional entity, and does not itself carry out any of
the business activities described on page 53 of the Annual Report and Form 20-F.</FONT></FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">References to &#145;we&#146;, &#145;our&#146; or &#145;us&#146;, unless the content otherwise requires, is, in the context of a description of the group&#146;s businesses,
operational activities or liabilities, a reference to those of the relevant subsidiary company. References to Hanson or the Company should, where appropriate, be construed as a reference to the group or one or more of the Company&#146;s
subsidiaries.</FONT></FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The market, industry and product segment data contained in the Annual Report and Form 20-F have been taken from industry and other sources available to Hanson in the relevant
jurisdictions and, in some cases, adjusted based on relevant management&#146;s knowledge of the industry. Hanson has not independently verified any third-party market information. Similarly, while Hanson believes its internal estimates are reliable,
they have not been verified by independent sources.</FONT></FONT></P>
</div>
<div style="float: right; width: 30%">
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Some of the information included in the Annual Report and Form 20-F, including documents incorporated by reference, are, or may be deemed to be, &#147;forward-looking
statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995 (United States). Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results and developments to
differ materially from future results and developments expressed or implied by such forward-looking statements. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words
such as &#145;anticipate&#146;, &#145;estimate&#146;, &#145;expect&#146;, &#145;intend&#146;, &#145;will&#146;, &#145;project&#146;, &#145;plan&#146;, &#145;believe&#146; and other words and terms of similar meanings in discussion of future
operating or financial performance. </FONT></FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Such factors include, but are not limited to, changes in economic conditions, especially in the USA, the UK and Australia; changes in governmental policy or legislation
relating to public works expenditure and housing; inclement weather conditions; the competitive market in which we operate; changes in governmental policy or legislation that could effect regulatory compliance and other operating costs; disruption
to, or increased costs of, the supply of materials, energy and fuel to our business; pension and post-retirement healthcare costs; ineffective implementation of computer software systems; our inability to achieve success in our acquisition strategy;
exchange rate fluctuations; potential liabilities, including asbestos, arising out of former businesses and activities; adequacy of Koppers&#146; environmental insurance and US litigation exposure. Hanson does not undertake any obligation to update
or revise publicly such forward-looking statements. All written, oral or other tangible and electronic forward-looking statements attributable to Hanson or persons acting on behalf of Hanson are expressly qualified in their entirety by this
cautionary statement.</FONT></FONT></P>
</div><br clear="all">
<div style="float: left; width: 30%">
<P><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Front
cover:<br>
Hanson
    Aggregates North America &#150; the New<br>
  Bridgeport plant, near Dallas, Texas,
USA.</FONT></P>
</div><br clear="all">

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div><page><a name="p1"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><b><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
      highlights</font></b></p>
<hr size="1" noshade color="#b65b17">
<div style="float: left; width: 30%">
</div>
<div style="float: right; width: 65%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Summary statistics for the year ended December 31, 2005</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT>
	</b></TD>
	<TD align=left><b><font size="1">&nbsp;</font>

	</b></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT><b>
	  </b></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT>	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group turnover*<SUP><font size="1">&#134;</font></SUP></FONT></font></TD>
	<TD width="8%" align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;3,715.7m</FONT></B>
	</TD>
	<TD width="2%" align=left>
<B></B></TD>
	<TD width="8%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;3,383.0m</font></TD>
	<TD width="2%" align=left>&nbsp;</TD>
	<TD width="8%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.8</font></TD>
	<TD width="2%" align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments<SUP><font size="1">&#134;</font></SUP></FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;488.8m</FONT></B>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;423.4m</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15.4</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit before taxation<SUP><font size="1">&#134;</font></SUP></FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;429.3m</FONT></B>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;347.3m</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23.6</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
</TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit for the year</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;387.6m</FONT></B>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;264.2m</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.7</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net cash inflow from operating activities</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;471.2m</FONT></B>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;507.5m</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(7.2</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net debt</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;989.6m</FONT></B>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;695.2m</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">42.3</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gearing<SUP>#</SUP></FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">37.0%</FONT></B>
	</TD>
	<TD align=left>
<B></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">28.8%</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.2ppts</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD height="25" align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Earnings per share &#150; basic</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">53.2p</FONT></B>
	</TD>
	<TD align=left>
<B></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.0p</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">47.8</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Earnings per share &#150; continuing operations</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">54.2p</FONT></B>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">43.6p</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.3</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Earnings per share &#150; continuing operations before impairments</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">55.5p</FONT></B>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.7p</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.8</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividend per share &#150; paid in the year</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18.65p</FONT></B>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17.30p</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.8</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividend per share<SUP>&#135;</SUP></FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">20.0p</FONT></B>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.15p</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.2</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
    turnover</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
    <td width="2%">&nbsp;</td>
    <td width="48%"><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividend
    per share<SUP><font size="1">&#135;</font></SUP></FONT></font></TD>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT size=7 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Up
    9.8%</font></TD>
    <td>&nbsp;</td>
    <td><FONT size=7 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Up
        10.2%</font></TD>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
    profit before impairments<SUP><font size="1">&#134;</font></SUP></FONT></font></TD>
    <td>&nbsp;</td>
    <td><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Earnings
    per share &#150; basic</font></TD>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td height="53"><FONT size=7 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Up
    15.4%</font></TD>
    <td>&nbsp;</td>
    <td><FONT size=7 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Up
    47.8%</font></TD>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
    spend on acquisitions in 2005</font></TD>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT size=7 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;342.9m</font></TD>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
    turnover</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">by Region</FONT></font></TD>
    <td>&nbsp;</td>
    <td><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
    profit before impairments<SUP><font size="1">&#134;</font> </SUP>by Region</FONT></font></TD>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><IMG src="b821007-20fx3x1.jpg" border=0></td>
    <td>&nbsp;</td>
    <td><IMG src="b821007-20fx3x2.jpg" border=0></td>
    <td>&nbsp;</td>
  </tr>
</table>
</div><br clear="all">

<div style="float: left; width: 35%">
</div>
<div style="float: left; width: 30%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></b></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></b></TD>
  </TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
	<TD width=5% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">980.6</font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.4</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">753.7</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20.3</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,734.3</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.7</font></TD>
  </TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  </TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">811.5</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.8</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">368.2</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.9</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,179.7</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.7</font></TD>
  </TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia &amp; Asia Pacific</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Australia</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">464.6</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.5</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Asia Pacific</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">108.4</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.9</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">573.0</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15.4</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Continental Europe</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">228.7</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.2</font></TD>
  </TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group Total</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,715.7</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100.0</font></TD>
  </TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  </TR>
</TABLE>
</div>
<div style="float: left; width: 5%">
</div>
<div style="float: right; width: 30%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</b></TD>
	<TD align=left><b><font size="1">&nbsp;</font>

	</b></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></b></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width="5%" align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">138.4</font></TD>
	<TD width="2%" align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.6</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">125.7</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.2</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.1</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50.8</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">108.8</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20.9</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37.8</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.3</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">146.6</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">28.2</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia &amp; Asia Pacific</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Australia</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">81.6</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15.7</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Asia Pacific</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.1</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.5</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">89.7</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17.2</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Continental Europe</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.9</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.8</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sub Total</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">520.3</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100.0</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Central</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(31.5</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group Total</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">488.8</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Excluding
      joint-ventures and associates</font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><font size="1"> <sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">#</font></sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
        debt divided by total equity</font></font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><font size="1"> <sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
        operations</font></font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><font size="1"> <sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#135;</font></sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005
        interim dividend paid and final <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">dividend
        recommended</font></font></font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
</div><br clear="all">
<hr size="1"  color="#b65b17" noshade>

<TABLE width="100%" border=0 cellPadding=0 cellSpacing=0>
  <TR>
    <TD align=middle width="35%"><font size="1">&nbsp;</font></TD>
    <TD width="3%" align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</font></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
    highlights </FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div><page><a name="p2"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Chairman&#146;s
statement</b></FONT></P>
<HR color=#b65b17 noshade size=1>
<div style="float: left; width: 30%">

<IMG src="b821007-20fx4x1.jpg" width="80%" border=0><BR>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#147;During 2005, the group once again achieved excellent progress against its primary objective, which is to create sustainable, long-term value for our shareholders.&#148;
<br>
<font color="#b65b17">Mike Welton <br>
Chairman, Hanson PLC</font></FONT></P>
</div>
<div style="float: left; width: 5%">
</div>
<div style="float: left; width: 30%">
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005
    has been my first year as Chairman of Hanson PLC, having been appointed to
    the role in April 2005. I am pleased to be able to report that during 2005
    the group once again achieved excellent progress against its primary objective,
which is to create sustainable, long-term value for our shareholders. </FONT></P>
<P align="left"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
    have grown the group turnover, earnings and margins of our existing businesses
    in 2005 and have added further value through a number of significant acquisitions.
    We have increased our dividend and share buyback programme. </FONT></P>
<P align="left"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our
    operating environment has continued to change during the year, including
    further consolidation of our customer and competitor base. Both at a strategic
    and at an operational level, Hanson believes it is meeting these challenges. </FONT></P>
<P align="left"> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Returns
    to shareholders</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <br>
  The Board recommends a final dividend of 14.15p (12.80p)
    per share. This, together with the interim dividend, makes a total of 20p
    (18.15p) for the year, an increase of 10.2%. The &#147;Investor information&#148; section
    of this report provides payment details.</FONT></P>
<P align="left"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    has continued the on-market share buyback programme begun in 2004. During
    the year ended December 31, 2005, we bought back 8,335,000 shares (6,350,000
    shares) for &pound;46.7m (&pound;26.1m), equivalent to 1.1% (0.9%) of outstanding
    shares.</FONT></P>
<P align="left"> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Board
    of Directors</FONT> <br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">After
    the AGM in 2005, Chris Collins stepped down as Chairman. On your behalf,
    I thank Chris for his tremendous contribution, initially as an Executive
    Director of Hanson and then as Chairman. We are also grateful for the contributions
    over many years of Simon Keswick and Kenneth Baker as Non-executive Directors,
    who also stepped down following the AGM.</FONT></P>
<P align="left"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
    August 2005, we welcomed John Brady to our Board as a Non-executive Director.
    John brings with him a wide experience gained in his years at McKinsey, latterly
    as a Director working on board strategy. </FONT></P>
<P align="left"> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
    governance</FONT> <br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Although
    plans to introduce a mandatory Operating and Financial Review have been shelved
    by the UK government, we are required to produce the equivalent of an Operating
    and Financial Review to satisfy US regulatory requirements.</FONT></P>
</div>
<div style="float: right; width: 30%">
<P align="left"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
    have expanded this to give stakeholders in the group an insight into the
    way in which the Board of Hanson PLC analyses its environment and operating
    activities. </FONT></P>
<P align="left"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
    remain fully compliant with section 404 of the US Sarbanes-Oxley Act ahead
    of the requirement for foreign US registrants. This underlines our commitment
    to strong financial control and discipline.</FONT></P>
<P align="left"> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
    responsibility</FONT> <br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    is committed to a programme of ongoing improvement in all areas of its corporate
    responsibility.</FONT></P>
<P align="left"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">I
    am happy to report that for the fifth consecutive year we saw an overall
    improvement in our safety statistics. We promote a culture of continuous
    improvement in our safety awareness across all of our operations, with the
    Board monitoring formally the group&#146;s safety performance on a quarterly
    basis. The information obtained from these quarterly reports and from presentations
    to the Board is used to identify where particular attention should be focused
    and to assess the effectiveness of our approach.</FONT></P>
<P align="left"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Environmental
    issues are also reported quarterly to the Board. Our careful management of
    environmental issues is an integral part of our overall business strategy. </FONT></P>
<P align="left"> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    people</FONT> <br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    Hanson team of highly motivated people is one of Hanson&#146;s greatest assets.
    We are dedicated to delivering increased value to all our constituents (including
    shareholders, customers, suppliers, fellow employees and the communities
    in which we operate). The introduction, some two years ago, of the Hanson
    guiding principles for employees is one of the drivers of a high performance
    corporate culture. I have been surprised and delighted by the level of expertise
    and enthusiasm I have encountered since assuming the role of Chairman and
    would like to thank Alan Murray and the rest of his team for their efforts
    and achievements during 2005. </FONT></P>
<P align="left"> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Looking
    forward</FONT> <br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
    expect to make further progress during 2006 based on strong market positions,
    value adding acquisition opportunities and continued financial discipline.
    I believe we have the assets and the people to realise our objective and
    create sustainable value for all our stakeholders.</FONT></P>
	<p>&nbsp;</p>
</div><br clear="all">
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    <td>&nbsp;</td>
    <td width="3%" valign="bottom"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</font></td>
    <td width="32%" valign="bottom"> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Chairman&#146;s
    statement</font></td>
    <td width="30%">&nbsp;</td>
  </tr>
</table>

    <hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p3"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Chief
Executive&#146;s overview</b></FONT></P>
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<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#147;In 2005, we have achieved double digit earnings growth, completed a significant number of valuable acquisitions and increased our returns to shareholders.&#148; <br>
<font color="#b65b17">Alan
Murray <br>
Chief Executive, Hanson PLC</font></FONT></P>
</div>
<div style="float: left; width: 5%">
</div>
<div style="float: left; width: 30%">
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our customers</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Throughout
2005 as previously, a key aim has been, and will continue to be to make Hanson
a truly customer focused company. We believe we should treat our customers in
the same
way we would expect to be treated ourselves &#150; with courtesy and respect. </FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 performance summary</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">I am very pleased with the performance we have delivered in 2005. We have achieved double digit earnings growth, completed a significant number of valuable acquisitions and
increased our returns to shareholders. </FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating highlights</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group turnover</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by 9.8%
to &#163;3,715.7m (&#163;3,383.0m), of which 4.2% was due to the acquisitions
we made in 2005. Excluding acquisitions, most of the 5.6% increase was due to
increases in selling prices. Price increases have been necessary to recover those
higher input costs that could not be absorbed through cost initiatives. Cost
control is an integral part of our operational culture and we continue to strive
to be the lowest cost
producer.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In total, group operating margin</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by 0.3ppts, despite the significant increase in costs, and the operating profit before impairments<SUP><font size="1">&#134; </font></SUP>increased by 15.4% to &#163;488.8m. Excluding acquisitions and property income, operating profit
before impairments<SUP><font size="1">&#134;</font> </SUP>from the existing business grew by 13.6%. The
majority of our six divisions contributed to this growth with a 38.8% increase from the UK Aggregates division, 25.1% from Australia &amp; Asia Pacific, 20.2% from US Aggregates and 8.7% from US Building Products. These are excellent results and
more than offset the difficult markets for our UK Building Products and Continental Europe divisions in 2005.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investing highlights</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;191.8m
of capital expenditure was invested in capital projects to maintain and to enhance
our existing operations. In line with our ongoing capital expenditure policy,
we aim to remain disciplined and biased towards projects which will have superior
risk/return ratios.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In the USA, construction has begun on replacement pipe and precast manufacturing plants in Texas, Arizona and Florida and the construction of a new greenfield roof tile plant
near Jacksonville in Florida. In addition, we completed the quarry replant at Bridgeport, Dallas and secured further</FONT></P>
</div>
<div style="float: right; width: 30%">

<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">mineral reserves in California. In the UK, capital expenditure includes kiln refurbishment, plant automation and information technology projects. Plant upgrades were completed
in Australia and additional mineral reserves have been secured in Spain.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Acquisitions and disposals</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our strategy to enhance shareholder value includes the acquisition of companies which extend our existing operations or geographies. In addition, our aggregates acquisition
strategy helps maintain our long-term mineral reserves and resources position, which totalled 15.9bn tonnes at the end of 2005. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Eleven transactions were completed in 2005 for a cash cost of &#163;342.9m (&#163;88.4m) and included the acquisition of Mission Valley Rock, which secured over 54m tonnes of
reserves in the San Francisco Bay area. The acquisition of Sherman Pipe expanded our presence in the southeast region of the USA. In the UK, the acquisitions of Thermalite and Marshalls Clay Products have extended our building product
ranges.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disposal proceeds received in 2005 totalled &#163;50.3m in the year and included the sale of Hanson&#146;s 50% interest in Campbell Concrete and Materials in Texas and 19
ready-mixed concrete plants in Spain. </FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Safety</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We continued to improve the safety of our employees. For the first time since the group safety records were maintained there were no employee work related fatalities in 2005.
Our focus in 2006 is to reduce the number of accidents and unsafe acts. </FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating outlook</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Demand in the US is expected to remain strong but may decline in the UK and Australia. The increase in energy costs incurred in the latter part of 2005 will impact our annual
cost base in 2006, despite our cost reduction initiatives. We will work closely with our customers to deliver premium products and services whilst remaining disciplined on selling prices. </FONT></P>
<div align="right"></div>
</div>
<p align="right">&nbsp;</p>
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    <td width="3%" valign="bottom"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</font></td>
    <td width="32%" valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Chief
        executive&#146;s overview</FONT></td>
    <td width="15%" align="right">&nbsp;</td>
    <td width="15%" align="left" valign="bottom">      <sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
    operations</font></td>
  </tr>
</table>
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<div style="page-break-before:always"></div><page><a name="p4"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Summary
financial results</b></FONT></P>
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<IMG src="b821007-20fx6x1.jpg" width="80%" border=0>
<BR>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#147;Group turnover</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">has increased by &#163;332.7m and operating profit before impairments<SUP><font size="1">&#134;</font> </SUP>has increased by &#163;65.4m. &#148; <br>
<font color="#b65b17">Jonathan Nicholls</font> <br>
<font color="#b65b17">Finance Director, Hanson PLC</font></FONT></P>
<P>
</div>
<div style="float: left; width: 5%">
</div>
<div style="float: left; width: 30%">

<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated income statement<br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group turnover</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by &#163;332.7m, or 9.8%, in 2005 to &#163;3,715.7m. &#163;143.8m of the increase was due to acquisitions made in the year, with the majority of the balance of &#163;188.9m,
or 5.6%, due primarily to the increases in selling prices achieved by the operations.
Excluding acquisitions, product sales volumes were generally at or below 2004
levels.</FONT><p></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Costs and overheads</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by &#163;284.6m, or 9.5%, during the year. &#163;126.7m of the increase was due to acquisitions. The remaining &#163;157.9m, or 5.3%, represents the increase in costs relating to
our existing operations. Energy costs, namely electricity, fuel and gas, increased by over 20% in 2005. In addition, significant raw material increases were incurred for cement, bitumen and steel.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The share of joint-ventures&#146; and associates&#146; profit after taxation</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
</FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by 74.6% to &#163;40.5m and includes a one-off tax credit of &#163;6.6m. Excluding this item, the 46.1% increase reflects the strong performance from our
25% interest in Cement Australia. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by &#163;65.4m, or 15.4% to &#163;488.8m in 2005. Acquisitions contributed &#163;17.1m, property profits reduced by &#163;6.5m and foreign exchange movements increased profits by
&#163;6.4m. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit before taxation</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by &#163;82.0m, or 23.6% to &#163;429.3m (&#163;347.3m). Net finance costs were &#163;55.5m (&#163;46.8m).</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit after taxation</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by &#163;74.7m, or 23.3% to &#163;394.9m (&#163;320.2m). The group tax charge for 2005 was &#163;34.4m (&#163;27.1m). This includes an underlying effective tax
charge<SUP><font size="1">&#134;</font> </SUP>of &#163;58.4m, equivalent to a rate of 14.9% (15.6%), and a
reduction of &#163;29.6m relating to a net release of tax provisions following successful settlement of a number of issues.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued items totalled a loss after taxation of &#163;7.3m (&#163;56.0m), of which &#163;13.7m related to asbestos. The gross cost of asbestos, before insurance, was
US&#36;43.2m (US&#36;59.3m). At this stage, our estimate of the average annual cost before insurance over the next eight years is &#36;60.0m, equivalent to approximately &#163;21m after tax. In February 2006, a settlement was reached with insurers
covering approximately 20% of the group&#146;s present asbestos costs. </FONT></P>
</div>
<div style="float: right; width: 30%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit for the year was &#163;387.6m<br>
(&#163;264.2m),
an increase of 46.7%. Basic earnings per share before impairments</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
</FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by 18.8% to 55.5p (46.7p). Interim dividend paid and final dividend recommended for 2005 totalled 20.0 pence per share, an increase of 10.2%.
</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated balance sheet </FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
Net debt increased by &#163;294.4m to &#163;989.6m (&#163;695.2m) and included an increase of &#163;95.7m due to foreign exchange. Total equity at
the end of 2005 was &#163;2,672.3m (&#163;2,411.0m) and gearing at the year end was 37.0% (28.8%).</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated cash flow statement </FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
The net cash inflow from operating activities was &#163;471.2m (&#163;507.5m), a decrease of &#163;36.3m. This is after net payments of
&#163;64.3m (&#163;53.2m) for interest and &#163;54.1m (&#163;18.3m) for taxation.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital expenditure totalled &#163;191.8m (&#163;198.6m) and &#163;342.9m was spent on 11 acquisitions. Dividends paid were &#163;136.2m in 2005, and a total of 8,335,000
shares were bought back for &#163;46.7m, of which &#163;45.1m was paid in 2005.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pensions<br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
continue to make progress in managing our exposure to pension liabilities. All
defined benefit plans are now closed to new members, other than those covered
by pre-existing collective bargaining arrangements. The net deficit under International
Financial Reporting Standards (IFRS) decreased to 1.0% of liabilities or &#163;20.8m (2.7%, &#163;48.5m). 58.3% (53.7%) of assets are held in bonds, property or
cash.</FONT></P>
<p align="right">&nbsp;</p>
<p>&nbsp;</p>
</div>
<p align="right">&nbsp;</p>
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    <td width="3%" valign="bottom"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</font></td>
    <td width="32%" valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Summary
    financial results</FONT></td>
    <td width="30%" align="right" valign="bottom">      <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
    operations</font></font></td>
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<div style="page-break-before:always"></div><page><a name="p5"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<P>
<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Review of operations</b></FONT></P>
<hr color=#b65b17 size="1" noshade>


<div style="float: left; width: 30%">

<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<IMG src="b821007-20fx7x1.jpg" width="100%" border=0>
<P>
<FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Top: On site at the Old Bullring, Barcelona, Spain. Bottom: Box culverts at Grand Prairie plant, Texas, USA.</FONT></P></div>
<div style="float: right; width: 65%">

<B><FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Industry and markets</FONT></B><BR>
<P>
<FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our industry<br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We supply heavy building materials and services to the public and private construction sectors. Our key products include aggregates, ready-mixed concrete, asphalt, cement,
concrete and steel pipe, precast concrete products, bricks and roof tiles.</FONT></P>
<P>
<I><FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">End use markets and demand drivers<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The end use of our products and services may be categorised into residential, infrastructure, and industrial and commercial construction applications. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Residential includes public and private housing, and comprises both new build and repair, maintenance and improvement (RMI). The level of new housing spend in this sector is
driven by population growth and demand for new housing offset by supply constraints such as house prices and planning permissions. Statistics for housing starts and completions are published in several of our major markets, including the US and UK.
RMI work includes DIY spend and is often linked to consumer confidence.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Infrastructure includes transport (such as road, rail and airports) and utilities (including water transmission, sewage, power and communications). Typically, infrastructure
spend on both new projects and RMI is government funded, for example through the SAFETEA programme in the USA. Infrastructure demand is driven by demographics, namely population growth, along with government fiscal policy and priorities and planning
constraints.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Industrial and Commercial includes offices and factories as well as schools and hospitals. This category of construction is funded by both the public and private sectors and
may include public finance initiatives (PFI). Drivers for private spending include economic growth. Typically, public spending is driven by political priorities.</FONT></P>
<P>
<I><FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Competitive position<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our aim is to establish Hanson as one of the leading suppliers in each of the local markets in which we operate. This requires a network of well-located operations which can be
used to optimise customer service and transport costs and to leverage economies of scale. These competitive positions can be strengthened through acquisitions. Acquisitions can add value through the realisation of operating and cost saving synergies
in areas such as increased asset utilisation and reduced administrative overheads. </FONT></P>
<P>
<I><FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Vertical integration in aggregates<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In some markets, aggregates producers are integrated downstream into ready-mixed concrete and asphalt production. In addition, asphalt producers may undertake maintenance
contracts and surfacing work. Ready-mixed concrete producers may have upstream cement operations.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our focus is on aggregates, but we own and operate ready-mixed concrete, asphalt and cement operations where this is desirable. </FONT></P>
<P>
<I><FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Economic characteristics<br>
</FONT></I><I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Transportation costs are significant<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In general, our products have a low-value to weight ratio. This means the cost of transport is a significant element of the total cost of our products to our customers. For
example, in some markets the maximum economic road delivery distances for aggregates may be as little as 20 miles. Consequently, the proximity of our operations to our customers is important to our overall competitive position in each market.
Delivery to the final destination is principally by road, but we do use alternative transport such as rail or marine to move products in certain markets. Building products may have longer economic delivery distances, depending on market dynamics.
</FONT></P>
<P>
<I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Barriers to entry<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Access to mineral reserves, and the ability to obtain the necessary legal permissions to extract them, is one of the main barriers to entry for our aggregates and brick
operations. These barriers to entry are increasing in the mature markets in which we operate as planning and environmental controls become more onerous. We aim to work with planning authorities and local communities to ensure we comply with all
regulatory requirements and maintain a strong reserve position. </FONT></P>

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    <td width="35%">&nbsp;</td>
    <td width="3%"><FONT size=1 color=#b65b17 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT></td>
    <td><font size=1 color=#b65b17 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
    of operations</font></td>
  </tr>
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<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p6"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<P>
<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Review of operations </b><font color="#8c8a95">continued</font></FONT></P>
<hr color=#b65b17 size="1" noshade>

<div style="float: left; width: 30%">
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>

<IMG src="b821007-20fx8x1.jpg" width="100%" border=0>

<P>
<FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Top: Criggion hard rock quarry, Shropshire, UK. Bottom: Ready-mixed concrete being delivered in Barcelona, Spain.</FONT></P></div>
<div style="float: right; width: 65%">

<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our building products operations have barriers to entry due to the significant scale, capital and expertise requirements. For example, concrete pipe and precast products are
produced for engineered applications where significant technical expertise is required in design, manufacturing and sales. Technological advances afford us the opportunity for continuous reinvestment and upgrading of manufacturing
facilities.</FONT></P>
<P>
<I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Low substitution threat and low price elasticity<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The threat of substitution for most of our products is low. Recycled aggregate materials are used in certain applications, particularly in the UK, following the introduction by
the UK government of an aggregates levy. We continue to increase the proportion of high value aggregates produced in our plants.</FONT></P>
<P>
<I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Service and quality<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The service and quality elements of our product offering are essential components of our product positioning. Examples of important factors in creating value for our customers
in our Aggregates divisions include the technical strength specification in ready-mixed concrete, the grip and durability of asphalt and the on-time delivery to site and consistency of size and grade of aggregates. Examples in our Building Products
divisions include colour matching of bricks, strength and precision of construction of pipes and product availability during peak demand periods for bagged aggregates products.</FONT></P>
<P>
<FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our products</FONT><I><FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif"><br>
Aggregates<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
is one of the world&#146;s largest producers of aggregates. Excluding joint ventures
and associates, we sold over 221m tonnes of aggregates in 2005, from more than
380 quarries in North America, the UK, Australia and Asia Pacific and Continental
Europe. Aggregates (sand, gravel and crushed rock) are used in a wide variety
of applications, including as a base material for road building, in the construction
of rail
lines, laying of water transmission and drainage pipeline and as landfill. When
mixed with cement and other additives, ready-mixed concrete or concrete products
are produced which are used in a wide variety of building-related applications.
When mixed with bitumen they become asphalt, which is used as a surface material
for roads, airport runways and car parks. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson uses aggregates primarily from three sources; land quarried sand and gravel; marine dredged sand and gravel; and land quarried crushed rock.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The process to extract crushed rock may require &#147;stripping&#148; which is the removal of overburden material such as top soil and clay from above the mineral deposit. Rock
is blasted in predetermined extraction patterns and hauled to mechanical crushers by truck or by conveyor belt. Depending on the geological properties of the deposit, the crushers may be arranged in multiple crushing circuits which separate the rock
into different sizes whilst minimising waste or by-product. The finished rock is shipped to customers, by road, rail or water or collected by customers from the plant. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The process for sand and gravel is similar, although reserves tend to be shallower than for crushed rock, and extraction generally does not require blasting. </FONT></P>
<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Ready-mixed concrete</FONT><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif"><br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-mixed concrete is made from aggregates, cement, water and chemical admixtures. The ready-mixed concrete is mixed at the plant to ensure it meets the specified technical
requirements, particularly strength, and is transported to site in a truck which agitates the mixture to keep it homogeneous. Ready-mixed concrete is used in a wide variety of applications in the construction sector. We supply to a wide variety of
customers of varying sizes, ranging from major international construction companies to do-it-yourself enthusiasts.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Excluding joint-ventures and associates, Hanson sold over 20m cubic metres of ready-mixed concrete from 637 sites in eight different countries.</FONT></P>


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    <td width="35%">&nbsp;</td>
    <td width="3%"><FONT size=1 color=#b65b17 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</FONT></td>
    <td><FONT size=1 color=#b65b17 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
    of operations</FONT></td>
  </tr>
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<div style="float: left; width: 30%">
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<IMG src="b821007-20fx9x1.jpg" width="100%" border=0>
<BR>
<P>
<FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The new asphalt plant at Pottal Pool quarry, near Cannock, UK serves Staffordshire and the west midlands.</FONT></P></div>
<div style="float: right; width: 65%">
<P>
<I><FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Cement<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cement
is a fine powder that is produced by mixing calcium carbonate, silica, alumina
and iron ore and grinding them to produce a &#145;raw meal&#146;. This &#145;raw
meal&#146; is then heated and calcined in a kiln at a temperature of around 1500&ordm;C, then rapidly cooled down to produce an intermediate product in the form of a hard pellet called &#145;clinker&#146;.
The clinker is mixed with gypsum and finely ground to produce cement. Other materials
can also be added at this stage such as slag and fly ash to improve certain characteristics
of the cement. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We sold 1.8m tonnes of cement at our San Francisco (USA) plant during 2005. We also own 25% of Cement Australia, which produces cement at its plants in Queensland, New South
Wales and Tasmania.</FONT></P>
<P>
<I><FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Asphalt<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt
is made from a mixture of 90% to 95% of dried aggregates, combined with 5% to
10% of heated liquid bitumen. Bitumen is a by-product of the petroleum refining
process and the price of bitumen is, in general, governed by the price of oil.
Asphalt is used as a surfacing material for roadways and airport runways by the
construction sector. Different types of asphalt surface can be produced depending
on the grade of
aggregates used, which will give the surface differing qualities such as improved
grip for vehicles or quieter tyre noise. In certain markets, including the UK,
Hanson also enters into long-term contracts under &#145;term maintenance&#146; agreements
with local authorities for highway upkeep and maintenance. In other areas of
the world, asphalt is sold directly to the end user at a local level.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Excluding joint-ventures and associates, Hanson sold 11.7m metric tonnes of asphalt in 2005 from 141 plants in six different countries. </FONT></P>
<P>
<I><FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Bricks<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bricks are made from clay, which is extracted from the ground, processed, shaped and then fired in kilns. Different types of clay produce bricks with differing qualities.
Bricks can be produced in a wide variety of colours and textures and are used primarily in the housing segment of the construction sector. Bricks are used for their attractive appearance, efficient insulation characteristics, low maintenance and
durability. Automation in brick manufacturing is increasing, including the the use of robotics to improve brick handling. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2005, Hanson produced over 2.3bn bricks at 44 factories in the UK, the USA and Canada. </FONT></P>
<P>
<I><FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Concrete roof tiles<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Concrete roof tiles are made by extruding a sand-based concrete mix onto individual moulds. Oxides and pigments can be added to the body or on the surface of tiles to obtain a
variety of colours. In addition, different surface textures may be added to the weather side of the tiles. The tiles are cured, a process which dries and hardens the product, for a period of approximately one week. They are then ready for
installation.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We manufacture tiles at eight locations across the USA.</FONT></P>
<P>
<I><FONT size=2 color=#b65b17 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Concrete pipes and steel pipes<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Concrete pipes consist of gravity flow pipes and pressure pipes, with usage dependent on the strength requirement of the applications. They are produced by embedding a
reinforcing steel structure within concrete, and range in diameter from 25 centimetres to over 3.5 metres. The large-scale structures are used in a wide variety of construction engineering applications, primarily infrastructure, including uses such
as drainage systems and water transmission. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gravity and pressure pipes are manufactured to rigorous US and international technical specifications.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Steel pipes are used primarily in water transmission applications and we produce a range of steel pipes from 45 centimetres to 3 metres in diameter. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We manufacture a wide range of large-scale concrete precast pipes and other similar structures at 76 locations in the USA and Canada. Steel pressure pipes are manufactured at
one location in Dallas, Texas.</FONT></P>
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    <td width="35%">&nbsp;</td>
    <td width="3%"><FONT size=1 color=#b65b17 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</FONT></td>
    <td><FONT size=1 color=#b65b17 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
    of operations</FONT></td>
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<p><b><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
      of
operations <font color="#8c8a95">continued</font></font></b></p>
<hr align=center width="100%" color="#b65b17" noshade size=2>

<div style="float: left; width: 30%">
<p><IMG src="b821007-20fx10x1.jpg" width="100%" border=0>
  <BR>
  <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Skyway Project, Oakland Bay Bridge,<br>
  California, USA.</FONT></P>
</div>
<div style="float: right; width: 65%">
<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Precast concrete structures</FONT></I><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson&#146;s
North American precast products are used for roadway drainage, airport drainage,
stormwater management and utility construction. In addition, we manufacture highway
noise barriers and railroad level grade crossings. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The UK precast range includes a variety of flooring systems such as hollowcore and solid composite beam and block, stairs and landings, culverts, and a comprehensive range of
bespoke precast products.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In Australia, the precast range includes a variety of walling, flooring and architectural precast products.</FONT></P>
<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Blocks</FONT></I><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregate blocks are produced using dense and lightweight aggregates. They are available in a variety of densities, strengths, configurations and finishes. Aerated concrete
blocks are produced under the Thermalite brand and are much lighter than aggregate blocks. They are used by builders and specifiers for wall, floor and below ground construction, offering added properties of heat insulation, moisture resistance,
strength and ease of handling.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2005, Hanson produced 7.3m standard production units of aggregate blocks at nine UK plants and 850k m</FONT><SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3 </FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of aerated concrete blocks at three UK plants.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our customers</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson supplies its products and services to a broad range of customers, ranging from large multinational construction companies to DIY enthusiasts. Key customers for our
aggregates products include heavy construction and paving contractors, residential and commercial building contractors, concrete products manufacturers, state, county and municipal governments and railroads.</FONT></P>
<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Customer service principles</FONT></I><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">One
of Hanson&#146;s guiding principles is that we are customer focused and strive to provide premium quality products and services to all our customers. Contact with customers
is through our divisions, at local, regional and national levels. Dedicated sales teams are the principal day-to-day support for our customer base, with strong management structures to ensure that strategy, controls and disciplines are adhered to.
We aim to be &#145;best in class&#146; in everything we do and our commercial
strategy and performance is critical to this objective.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our mineral reserves and resources<br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  mineral reserves and resources which we own, or have the right to extract,
are fundamental to the long-term growth of our business. We estimate that our
total
  mineral
  reserve and resources position including Hanson&#146;s share of joint-ventures
  and associates as at December 31, 2005 is 15.9bn metric tonnes.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The table following details our mineral reserve and resource position as at December 31, 2005. Reserves and resources are defined as follows:</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A &#145;Mineral Resource&#146; is a concentration or occurrence of material of economic interest in or on the earth&#146;s crust in such form, quality and quantity that there
are reasonable prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.
</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A &#145;Mineral Reserve&#146; is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which
may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, and include consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is justified. </FONT></P>
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    of operations</font></td>
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<div style="float: left; width: 30%">
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<IMG src="b821007-20fx11x1.jpg" width="100%" border=0>
<BR>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Top: Valdilecha limestone quarry, Madrid, Spain.<br>
Bottom: Concrete products at Grand Prairie<br>
plant, Texas, USA</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">.</FONT></div>
<div style="float: right; width: 65%">


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="11" align=left><i><font color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Mineral
      Reserves and Resources as at December 31, 2005 </font></i></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reserve</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Resource</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reserve</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reserves and resources</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">bn tonnes</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">bn tonnes</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">bn tonnes</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Years</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Years</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US Aggregates</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.0</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.1</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11.1</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">52</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">82</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US Building Products</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.0</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK Aggregates</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.7</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.2</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">48</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">62</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK Building Products</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">41</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">88</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.8</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.3</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">34</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">57</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asia</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.3</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">34</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Europe</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.7</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">25</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total Group</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.4</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.5</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15.9</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">44</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">67</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Crushed rock</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sand and gravel</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Clay</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reserve type</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">bn tonnes</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">bn tonnes</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">bn tonnes</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">bn tonnes</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US Aggregates</FONT></TD>
	<TD width=11% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.4</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=11% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.6</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=11% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=11% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.0</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US Building Products</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK Aggregates</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.1</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.6</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.7</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK Building Products</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.7</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.8</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asia</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Europe</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total Group</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.9</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.3</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.4</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reserve ownership</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Owned</FONT>
	</TD>
	<TD align=right><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Leased/Option</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US Aggregates</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">68</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">32</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade></TD>
  <TD align=right><hr size="1" color="#b65b17" noshade></TD>
  <TD align=left><hr size="1" color="#b65b17" noshade></TD>
  <TD align=right><hr size="1" color="#b65b17" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US Building Products</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">95</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK Aggregates</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">49</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK Building Products</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">95</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">90</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asia</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">94</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Europe</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">65</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total Group</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">64</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reserve years and total years are calculated by dividing the tonnes of reserve and total tonnes respectively by the volume produced in 2005. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2bn tonnes of the reserves are clay reserves, held by the Building Products divisions, which are used to make bricks. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">64% of the total reserves at December 31, 2005 are owned. The balance is either leased, or subject to an option to buy or lease.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Maps showing the locations of our aggregates and brick operations are provided on pages 16 to 36.</FONT></P>
<font color="#b65b17"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Objectives and strategy</FONT></B><BR>
</font>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our business objectives</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our primary objective is to create sustainable, long-term value for our shareholders. We believe this can be achieved only by working in partnership with our customers and
other stakeholders in a responsible manner. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We aim to enhance the value of our existing assets and market positions by growing group turnover, earnings and group margins through the business cycle, assisted by the
appropriate combination of maintenance, greenfield and value adding capital expenditure.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Additional value is sought through acquisitions, primarily targeting products or locations which can be bolted-on to our existing operations to complement or extend our
business.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We believe there is an opportunity to significantly add value in the medium term and to reinforce our position as one of the world&#146;s leading suppliers of heavy building
materials.</FONT></P>
</div><br clear="all">

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="4"><hr color=#b65b17 noshade size=1>
    </td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="32%">&nbsp;</td>
    <td width="3%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9</FONT></td>
    <td width="62%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
        of operations</font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p10"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><b><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
      of
operations <font color="#8c8a95">continued</font></font></b></p>
<hr align=center width="100%" color="#b65b17" noshade size=2>

<div style="float: left; width: 30%">
</div>
<div style="float: right; width: 65%">
<P><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our strategy</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We operate with a straightforward strategy.</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="6%"><i><font color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">1 </font></i></td>
    <td><i><font color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">We
    plan to focus on growing our core products in selected markets</font></i></td>
  </tr>
  <tr>
    <td>&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
        plan to continue to grow both our aggregates business and our heavy building
    products business</FONT> </td>
  </tr>
  <tr>
    <td>&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
        do not plan to participate in manufacturing light-side building products
    or in distribution</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
        prefer to operate in markets which we consider to be mature, which have
        good demand drivers, high entry barriers and in which we believe we have
        the opportunity to establish
and retain a strong competitive position.</FONT> </td>
  </tr>
</table>
</div><br clear="all">
<br>
<div style="float: left; width: 30%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0 bgcolor="#cccccc">
  <TR>
    <TD valign=top><font size="1"> &nbsp;</font></TD>
    <TD colspan="2" valign=top><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD colspan="2" valign=top><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        strategy</font></TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" valign=top>&nbsp;</TD>
    <TD width="6%" valign=top> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
    <TD> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Focus
        on core products in selected markets</FONT> </TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD valign=top> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
    <TD> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Generate
        margin improvement</FONT> </TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD valign=top> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
    <TD> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Invest
        in capital expenditure</FONT> </TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD valign=top> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
    <TD> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Invest
        in acquisitions</FONT> </TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD valign=top> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT></TD>
    <TD> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dispose
        of underperforming or non-core operations</FONT> </TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD valign=top> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</FONT></TD>
    <TD> <FONT color="#FFFFFF" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
        discipline</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3><font size="1"> &nbsp;</font></TD>
  </TR>
</TABLE>
</div>

<div style="float: right; width: 65%">
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="6%"><font color="#b65b17"><I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">2</FONT></I></font></td>
    <td> <I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">We
      aim to generate margin improvement</FONT></I> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
        intend to notify our customers routinely and in a timely manner of price
      increases</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
      operate continuous efficiency and cost saving programmes.</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font color="#b65b17"><I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">3</FONT></I>&nbsp;</font></td>
    <td> <I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">We
          intend to continue to invest in capital expenditure to maintain and
      enhance the performance of our operations</FONT></I> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
        aim to maintain capital expenditure at or above our annual depreciation
      charge</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        balance is used to improve health and safety standards, ensure environmental
      compliance and replace ageing plant and equipment.</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font color="#b65b17"><I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">4</FONT></I></font></td>
    <td> <I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">We
          intend to continue to generate value adding growth through our acquisition
      programme</FONT></I> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
      aim to continue to invest in acquisitions over the medium-term</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Potential
        targets are evaluated on a discounted cash flow basis against our cost
      of capital, taking into account strategic fit, risk and return targets.</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">5</FONT></I></td>
    <td> <I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">We
          are prepared to make disposals of underperforming or non-core operations
      if required</FONT></I> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
        are prepared to sell operations if they do not meet our medium-term ownership
        criteria although we believe that, at present, we have completed most
        of the required
disposals.</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">6</FONT></I></td>
    <td> <I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">We
          intend to continue to enforce strong financial discipline in order
      to create long-term shareholder value</FONT></I> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
      plan to continue our progressive dividend policy</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
      plan to continue our routine and gradual share buyback programme</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
      plan to maintain our investment grade debt ratings</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
        will continue to be disciplined in our operating, investing and financing
      decisions</FONT> </td>
  </tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
        will not target short-term benefits to the detriment of the longer-term
      performance of the business.</FONT> </td>
  </tr>
</table>
<p><font color="#b65b17">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Performance
indicators</FONT>
</font>
<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Background</FONT></I><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Board of Hanson PLC has key performance indicators to measure the progress of the Company against both its business objectives and its strategy. The Board reviews
performance against these measures on a regular basis. </FONT></P>
<p><font color="#b65b17"><I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Key performance indicators</FONT></I></FONT></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="6%">&#8211;</td>
    <td>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group turnover</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">represents the total amount charged to customers for our</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">products and services, including delivery but
excluding joint-ventures and</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">associates, inter-company sales, property sales and sales taxes such as VAT.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our
        aim is to increase turnover each year through a combination of price
        and</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">volume
        growth from
our existing market positions and assets, and additional</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">turnover
from acquisitions.</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
        2005, we increased our group turnover</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">by 9.8% to &#163;3,715.7m.
        Acquisitions made in 2005 contributed 4.2% of this growth. The increase
        from the existing operations of 5.6% was due primarily to increases in
        selling prices
rather than volume growth.</FONT></td>
  </tr>
</table>

</div><br clear="all">

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="4"><hr color=#b65b17 noshade size=1>
    </td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="35%">&nbsp;</td>
    <td width="3%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></td>
    <td width="47%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
    of operations</font></td>
    <td width="15%"><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
    operations</font></td>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p11"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="float: left; width: 30%"></div>
<div style="float: right; width: 65%">
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left">
    <td width="2%" valign="top">&nbsp;</td>
    <td width="3%" valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td valign="bottom"><font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating margin<sup><font size="1">&#134;</font></sup></font><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><sup> </sup>represents the group operating profit
        before</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">impairments</font><sup><font size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">,
        divided by group turnover<sup><font size="1">&#134;</font></sup>.
        The word &#147;group&#148; designates that</font> <font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">it excludes our share
        of joint-ventures&#146; and associates&#146; profit after tax. Group</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">operating
        profit before impairments</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">is
        therefore group turnover<sup><font size="1">&#134;</font> </sup>less
        group</font> <font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">operating costs</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">.</font><br>
        <br>
    <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our
    overall aim is to grow or maintain margin each year. This is an indicator</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of
    our ability to offset any cost inflation through productivity initiatives,
    including</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">value
    adding capital expenditure, and through selling price increases. The</font> <font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">margin</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">may
    be shown before property profits if such profits are significant in</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">any
    given year. The group operating margin may reduce due to either a change</font> <font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in the mix of business,
    or because of a significant increase in both costs and</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">group
    turnover which has the effect of lowering margin even if profit is maintained.<br>
    <br>
    <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
    2005, our group operating margin</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">was 12.1% (11.8%),
    an increase of 0.3ppts.</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Excluding
    property income of &#163;14.9m (&#163;21.4m), the margin in 2005 was 11.7%</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.2%),
    an increase of 0.5ppts.</font></font></td>
  </tr>
  <tr align="left">
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <font color="#b65b17">Operating
        profit before impairments<sup><font size="1">&#134;</font></sup></font><sup> </sup>represents group
        operating profit before</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">impairments</font><sup><font size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(as
        defined above and before finance costs and taxation) plus</font> <font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">our share of profit
        after tax from joint-ventures and associates</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">. Operating</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">profit
        before impairments</font><sup><font size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">provides
        a measure of our success in growing</font> <font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">group turnover</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and managing costs
        and overheads for the group companies,</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">as
        well as the contribution after tax from our
joint-ventures and associates</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">.</font><br>
<br>
<font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our
aim is to increase operating profit before impairments</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">each year,</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">through
a combination of margin improvement initiatives, improvements</font> <font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">to our joint-ventures
and associates and through acquisitions. The increase</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">may
be shown before property
profits if such profits are significant.</font><br><br>
<font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2005,
our operating profit before impairments</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by 15.4%
to</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;488.8m,
and by 17.9%, excluding property profits. Operating profit from</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">acquisitions
made in 2005 contributed 4.3% of the 17.9% increase. The share</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of
joint-ventures&#146; and associates&#146; profit after tax</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">added
a
further 4.3%, and the</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">balance
of 9.3% was due to an improvement in the existing group operating</font> <font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">profit before impairments</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">.</font></td>
  </tr>
  <tr align="left">
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <font color="#b65b17">Profit
        before taxation<sup><font size="1">&#134;</font></sup></font><sup> </sup>is defined as operating
        profit after impairments<sup><font size="1">&#134;</font></sup>, less</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">finance
        costs. Finance costs</font><sup><font size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">consist
        of interest payable and receivable on</font> <font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">borrowings and deposits,
        the expected return on assets, and unwind of</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">discounts,
        on pensions and other post
retirement benefits, discounting and</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">any
net change in the fair value of financial assets and liabilities.</font><br>
<br>
<font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our
aim is to increase profit before tax</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in line with the
increase in operating</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">profit
before impairments</font><sup><font size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">.
This may not always be possible however, given the</font> <font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">potential volatility
of the non-cash impairment amount, and the finance costs</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup> <font
size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">due to pensions
and the requirement to fair value financial assets and liabilities.</font><br><br>
<font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2005,
our profit before tax</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </font></sup><font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by 23.6%
to &#163;429.3m, compared</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">to
a 15.4% increase in operating profit before
impairments</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">.</font></td>
  </tr>
  <tr align="left">
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr align="left">
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <font color="#b65b17">Profit
        for the year</font> is defined as profit before taxation<sup><font size="1">&#134;</font></sup>, less tax and discontinued</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">operations.
        Tax includes current and deferred tax. Discontinued operations</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">include
        the cost of asbestos, shown as a loss on disposals in prior years, after
        tax.</font><br>
        <br>
    <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our
    aim is to manage our underlying tax rate, and reduce the annual cost of</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">discontinued
    operations. In this way, we aim to increase our profit after tax in</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">line
    with the increase in operating profit before impairments</font><sup><font size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">.
    Taxation includes</font> <font size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">full deferred tax
    accounting and charges and releases relating to tax provisions,</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">some
    of which may vary
significantly from year to year.</font><br><br>
<font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2005,
our profit for the year increased by 46.7% to &#163;387.6m, compared</font> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">to
a 15.4%
increase in operating profit before impairments</font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">.</font></td>
  </tr>
</table>
</div>
<br clear="all">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="top">
  <TD width=35% align=left>&nbsp;</TD>
	<TD width="3%" align=left valign="bottom"><font color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11</font></TD>
	<TD align=left valign="bottom">
<FONT color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
of operations</FONT></TD>
	<TD width=15% align=left valign="bottom"><font color="#b65b17">
    <SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></font></TD>
</TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p12"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Review of operations</b> <font color="8C8A95">continued</font></FONT></p>
<hr size="1" noshade>
<div style="float: left; width: 30%"></div>
<div style="float: right; width: 65%">
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="2%">&nbsp;</td>
    <td width="3%"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Earnings per share (&#147;EPS&#148;) on basic, continuing operations before impairments</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This is
our preferred measure of earnings per share, defined as profit for the year,</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">adding back impairments and discontinued operations, divided by the average</FONT> <FONT
size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">number of shares in issue during the period (thus excluding shares held in treasury).</FONT><br><BR>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our aim is to increase EPS in line with the increase in operating profit before</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">impairments,
although the potential volatility in the tax charge may affect our</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">achievement.</FONT><br><BR>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2005, our basic EPS on continuing operations before impairments increased</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">by 18.8% to 55.5p
per share, compared to an increase in operating profit before</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">impairment of 15.4%.</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
cash inflow from operating activities</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> is defined as the cash flow generated</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">by the
operations, including dividends from joint-ventures and associates and</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">payments for discontinued items such as asbestos. It is stated after receipts</FONT> <FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and payments for interest and tax but before investing and financing activities.</FONT><br><BR>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our aim is to increase net cash inflow from operating activities in line with the</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increase in
operating profit before impairments</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">. This is an indicator of our
ability</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">to convert earnings into cash. For items such as finance costs and tax, the cash</FONT> <FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">impact may be a more meaningful measure than the complex accounting in the</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">income statement.</FONT><br><BR>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2005, our net cash flow from operating activities reduced by &#163;36.3m,</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">or 7.2%, to
&#163;471.2m, compared to a 15.4% increase in operating profit before</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">impairments</FONT><SUP><FONT size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">. The reduction included an increase in payments for tax of &#163;35.8m</FONT> <FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(unusually low in 2004), and an increase of &#163;11.1m for net interest paid.</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Acting
responsibly within our communities</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">, with our customers and our</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employees is a key
objective for Hanson. The Board monitors a variety of</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">performance indicators relating to communities, including charitable donations</FONT> <FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and environmental performance. We aim to comply with all relevant requirements</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in all jurisdictions in which
we operate.</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Employee
KPIs</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> include labour turnover and skills gap monitoring to ensure</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">we develop and retain
the appropriate skills set within the organisation. We</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">also monitor the lost time incidence rate (&#147;LTI&#148;) (a lost time injury is one which</FONT> <FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">results in the injured person being absent for one or more shifts) and the lost</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">day incidence rate
(&#147;LDI&#148;). The number of days lost per accident is affected</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">by the severity of the accident but also by the effectiveness of case handling</FONT> <FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and return to work programmes. From 2006, we will also monitor the total case</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">incidence rate which will
provide a more sensitive measure as we drive down</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the number of accidents.</FONT><br><BR>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our incidence rates are per 200,000 work hours (approximating to 100 people</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">working for a year).
This is an internationally used standard. We use incidence</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">rates as they adjust for changes in the level of production. The lost time and lost</FONT> <FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">day incidence rates for the last five years are shown in the following graphs.</FONT></td>
  </tr>
</table>
</div><br clear="all">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="top">
    <TD width=35% align=left>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"><font color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12</font></TD>
    <TD align=left valign="bottom"> <FONT color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
        of operations
      </FONT></TD>
    <TD width=20% align=left valign="bottom"><font color="#b65b17"> <SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
          operations</FONT></font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p13"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<div style="float: left; width: 30%"></div>
<div style="float: right; width: 65%">
  <table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="48%"><font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">LTI
      Comparison by year (Jan-Dec)</font></td>
    <td width="4%">&nbsp;</td>
    <td> <font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">LDI
      Comparison by year (Jan-Dec)</font></td>
  </tr>
  <tr>
    <td><img src="b821007-20fx15x1.jpg" width="100%"></td>
    <td>&nbsp;</td>
    <td><img src="b821007-20fx15x2.jpg" width="100%"></td>
  </tr>
</table>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other performance indicators</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In addition to the key performance indicators detailed above, Hanson uses a number of other financial and non-financial performance indicators. These include commercial
indicators such as changes in market share, volume and selling price together with on-time delivery rates and customer satisfaction measures. Cost control is supported by ratios such as tonnes per manhour and overheads as a percentage of turnover.
Investment decisions are based on risk versus return evaluation using cash flow projections discounted at a weighted average cost of capital. Assets, including mineral reserves, are monitored for quality, age and replacement need. Financing
indicators include interest cover ratios, gearing and cash flow to net debt. Return on capital and economic value added calculations are used to measure and incentivise value creation. </FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our
operations</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
operates through six divisions on a multi-national basis within the construction
and building materials markets. These divisions are as follows: Hanson Aggregates
North America, Hanson Building Products North America, Hanson Aggregates UK,
Hanson Building Products UK, Hanson Australia &amp; Asia Pacific and Hanson Continental
Europe.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
Chief Executive of each of these divisions reports directly to the Chief Executive
of Hanson PLC and is responsible for the performance of their division.</FONT></P>
<P>&nbsp;</P>
</div><br clear="all">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="13" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD colspan="11" align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson PLC<br>
</FONT><font color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Alan
Murray, Chief Executive</font> 	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="13" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Building Products</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Building Products</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continental</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&amp; Asia Pacific</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Europe</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left valign="top">
<FONT color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Jim Kitzmiller</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Richard Manning</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Patrick O&#146;Shea</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">David Szymanski</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Leslie Cadzow</FONT>
	</TD>
	<TD align=left valign="top">

	</TD>
	<TD align=left valign="top">
<FONT color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Justin Read</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="13" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
Number of employees*<SUP>&#134;</SUP></font></TD>
	<TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD width=10% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5,600</FONT>
	</TD>
	<TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD width=12% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,800</FONT>
	</TD>
	<TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD width=12% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,200</FONT>
	</TD>
	<TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD width=12% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,100</FONT>
	</TD>
	<TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD width=12% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4,200</FONT>
	</TD>
	<TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD width=10% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,200</FONT>
	</TD>
	<TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="13" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
    <FONT size=2>Group turnover*<SUP>&#134; </SUP>2005</FONT></font></TD>
	<TD align=right>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;980.6</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;753.7</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;811.5</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;368.2</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;573.0</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;228.7</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="13" align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
impairments<SUP>&#134;</SUP>&nbsp;
	</font></TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;138.4</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;125.7</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;108.8</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;37.8</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;89.7</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;19.9</FONT><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font>	</TD>
	<TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="13" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Countries of operation</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Belgium</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Mexico</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Canada</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Greater China</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Czech Republic</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hong Kong</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Germany</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Malaysia</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Spain</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Singapore</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Netherlands</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Israel</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="13" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Products</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bricks</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bricks</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cement</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Concrete pipe</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Crushed rock</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregate blocks</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cement</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Crushed rock</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Crushed rock</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and products</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-mixed</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Thermalite blocks</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Concrete products</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-mixed</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-mixed</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Precast concrete</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">concrete</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Precast concrete</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Crushed rock</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">concrete</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">concrete</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Roofing tiles</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sand and gravel</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Packed products</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Precast concrete</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sand and gravel</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sand and gravel</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Recycled material</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-mixed</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">concrete</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sand and gravel</FONT>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="13" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Excluding
joint-ventures and associates</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="top">
    <TD width=35% align=left>&nbsp;</TD>
    <TD width="3%" align=left valign="bottom"><font color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13</font></TD>
    <TD align=left valign="bottom"> <FONT color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
        of operations
      </FONT></TD>
    <TD width=20% align=left>&nbsp;</TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div><page>
<a name="p14">
</a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><img src="b821007-20fx16x1.jpg" width="90%" border=0></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p15"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td><b><font color="#b65b17" size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
          of operations <font color="#8c8a95">continued</font><br>
Hanson Aggregates North America</font></b></td>
  </tr>
  <tr valign="top">
    <td><HR color=#b65b17 noShade SIZE=1>
    </td>
  </tr>
</table>
<div style="float: left; width: 30%">
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Shown at the New Bridgeport facility are Jim Kitzmiller, President and Chief Executive, Hanson Aggregates North America (left), Thomas Eyeington, Project Engineering Manager
                                                        (centre) and Tim McHugh, <br>
    Vice-President &#150; Chief
  Financial Officer (right).</FONT></P>
<P><font color="#b65b17" size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investment in a fully automated stone crushing facility at this plant will help meet the demands of the growing Dallas/Fort Worth area.</FONT></FONT></P>
</div>
<div style="float: right; width: 65%">

<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates North America is one of the leading aggregates producers in the USA, operating in 17 states and Mexico. The division is subdivided into four regions, namely
the West, Southwest, Mideast and Northeast, each reporting into the divisional head office based in Dallas, Texas.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The largest state by group turnover</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in this division is California. In 2005, California, Texas and Arizona accounted for around half of the division&#146;s group turnover<SUP><font size="1">&#134;</font></SUP>. In addition, approximately one-third of 2005 group turnover<SUP><font size="1">&#134;</font> </SUP>was attributable to New York, Pennsylvania, Ohio and Indiana.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The division sold 129m metric tonnes of aggregates in 2005, and has approximately 11.1bn metric tonnes of mineral reserves and resources, either owned or leased, available for
future extraction. All major aggregates operations have at least 10 years of remaining mineral reserve life based on current production levels.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Performance</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade>
    </TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group turnover*<SUP><font size="1">&#134;</font></SUP></FONT></font></TD>
	<TD width=1% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT></B>
	</TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">980.6m</FONT></B>
	</TD>
	<TD width=4% align=left>
<B></B></TD>
	<TD width=1% align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;</FONT>
	</TD>
	<TD width=10% align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">897.3m</FONT>
	</TD>
	<TD width=3% align=left>&nbsp;      </TD>
	<TD width=10% align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.3</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group operating
profit before impairments*<SUP><font size="1">&#134;</font></SUP></FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">138.1m</FONT></B>
	</TD>
	<TD align=left>
<B></B></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;</FONT>
	</TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">126.7m</FONT>
	</TD>
	<TD align=left>&nbsp;      </TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group operating
margin*<SUP><font size="1">&#134;</font></SUP></FONT></font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14.1%</FONT></B>
	</TD>
	<TD align=left>
<B></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14.1%</FONT>
	</TD>
	<TD align=left>&nbsp;      </TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share of joint-ventures&#146; and
associates&#146; profit
after tax<SUP><font size="1">&#134;</font></SUP></FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.3m</FONT></B>
	</TD>
	<TD align=left>
<B></B></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;</FONT>
	</TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.9m</FONT>
	</TD>
	<TD align=left>&nbsp;      </TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(66.7</FONT>
	</TD>
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit
before impairments<SUP><font size="1">&#134;</font></SUP></FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">138.4m</FONT></B>
	</TD>
	<TD align=left>
<B></B></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;</FONT>
	</TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">127.6m</FONT>
	</TD>
	<TD align=left>&nbsp;      </TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property profit
(included in operating profit)<SUP><font size="1">&#134;</font></SUP></FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.4m</FONT></B>
	</TD>
	<TD align=left>
<B></B></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;</FONT>
	</TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14.3m</FONT>
	</TD>
	<TD align=left>&nbsp;      </TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(83.2</FONT>
	</TD>
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Excluding
    joint-ventures and associates</font></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates North America delivered another year of earnings improvement based on sustained operational performance enhancement and real price growth. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group turnover</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased to &#163;980.6m in 2005 (&#163;897.3m), an increase of 9.3%. &#163;23.7m, or 2.6%, of this increase was due to acquisitions made in 2005. Group operating margin<SUP><font size="1">&#134;</font> </SUP>was held at 14.1%. Excluding property profits, the margin increased by 1.3ppts, from
12.5% to 13.8%. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by 8.5% to &#163;138.4m (&#163;127.6m). Excluding property profits and acquisition earnings, this increase was &#163;22.9m, or 20.2%. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Average price increases of 7.8% were achieved in aggregates, which offset increases in input costs, in particular fuel and power. The price increases ranged from 5.8% in the
Mideast to 13.9% in the West. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total market demand across the USA is estimated to have increased in 2005 compared to 2004. There can, however, be significant variation in regional demand patterns. In our
markets in 2005, aggregates volumes in California in 2005 were below those in 2004, while Arizona and south Texas showed strong demand, driven by high levels of residential construction and a recovery in industrial and commercial activity. Reduced
activity was experienced, however, in parts of the Mideast and Northeast regions, most notably in New York, Pennsylvania, Ohio and Indiana. In certain markets, we selectively declined to compete for high volume contracts at low margins. In addition,
a number of operations were closed as part of our optimisation strategy which further reduced volumes. As a result of this combination of varying regional demand patterns, selectively declining low margin work and plant closures, total heritage
aggregates volumes declined by 4.4% for the year.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Raw material cost pressures were significant in the downstream ready-mixed concrete and asphalt operations. Average selling price increases of 12.8% in ready-mixed concrete
recovered cost increases, in particular higher cement costs. Average selling price increases of 11.5% in asphalt in part offset increases in the cost of bitumen and aggregate raw materials.</FONT></P>
</div><br clear="all">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="4" align=left>    <hr align=center width="100%" color=#b65b17 noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD width=37% align=left><font size="1">&nbsp;</font></TD>
  <TD width=3% align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15</font></TD>
	<TD align=left>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review of operations</FONT></TD>
	<TD width=15% align=left><font size="1">
    <SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></font></TD>
</TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p??"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p> <font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operations &#150; Hanson
Aggregates North America*</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1></TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=1></TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=1></TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=1></TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=1></TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=1></TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=1></TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=1></TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=1></TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD><img src="circle.jpg" width="8" height="8"></TD>
  <TD><img src="circle.jpg" width="8" height="8"></TD>
  <TD><img src="triangle.jpg" width="8" height="8"></TD>
  <TD><img src="triangle.jpg" width="8" height="8"></TD>
  <TD><img src="triangle.jpg" width="8" height="8"></TD>
  <TD><img src="triangle.jpg" width="8" height="8"></TD>
  <TD><img src="triangle.jpg" width="8" height="8"></TD>
  <TD><img src="triangle.jpg" width="8" height="8"></TD>
  <TD><img src="triangle.jpg" width="8" height="8"></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="1">&nbsp;</font>	<font size="1">&nbsp;</font>	</TD>
	<TD><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Crushed<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">rock<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarries</FONT></TD>
	<TD><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sand<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">gravel<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarries</FONT></TD>
	<TD><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plants</FONT></TD>
	<TD><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Marine<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">dredging</FONT></TD>
	<TD><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">mixed<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">concrete<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plants</FONT></TD>
	<TD><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cement<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plants</FONT></TD>
	<TD><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Distribution<br>
    </FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">depots</FONT></TD>
	<TD><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Recycling/<br>
	</FONT><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">landfill<br>
	</font><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">sites</FONT></TD>
	<TD><font size="1">&nbsp;</font>	<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Misc.</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Arizona (AZ)</FONT></TD>
	<TD width=8%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8%>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</FONT></TD>
	<TD width=8%>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD width=8%>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8%>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14</FONT></TD>
	<TD width=8%>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8%>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8%>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8%>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Arkansas (AR)</FONT></TD>
	<TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">California (CA)</FONT></TD>
	<TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Georgia (GA)</FONT></TD>
	<TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Indiana (IN)</FONT></TD>
	<TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Kentucky (KY)</FONT></TD>
	<TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Louisiana (LA)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Michigan (MI)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">New Jersey (NJ)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">New Mexico (NM)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">New York (NY)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North Carolina (NC)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ohio (OH)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Oklahoma (OK)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pennsylvania (PA)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">South Carolina (SC)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Texas (TX)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Mexico (MEX)</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
  <TD><HR align=center width="100%" color=#b65b17 noShade SIZE=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></B></TD>
	<TD>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">117</FONT></B></TD>
	<TD>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">59</FONT></B></TD>
	<TD>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">42</FONT></B></TD>
	<TD>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5</FONT></B></TD>
	<TD>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">54</FONT></B></TD>
	<TD>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1</FONT></B></TD>
	<TD>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">27</FONT></B></TD>
	<TD>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14</FONT></B></TD>
	<TD>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">90</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR align=center width="100%" color=#b65b17 noShade SIZE=2>
  </TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=2>
  </TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=2>
  </TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=2>
  </TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=2>
  </TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=2>
  </TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=2>
  </TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=2>
  </TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=2>
  </TD>
  <TD align=right><HR align=center width="100%" color=#b65b17 noShade SIZE=2>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Including joint-ventures</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font>

	</TD>
</TR>
</TABLE>
<p><img src="b821007-20fx18x1.jpg" width="90%"></p>
<div style="margin-right:70%">
<p><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Please
      note that the maps are for illustrative purposes only and are not
      to scale. Please refer to operations table for detailed disclosure by
  operation type. Please note that due to the scale of the map and proximity of operations, one non-quarry symbol may indicate more than one operation.</FONT></P></div>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p17"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Review of
operations</b> <font color="#8c8a95">continued</font><br>
</FONT><FONT color="#b65b17" size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Hanson Aggregates
North America</b></FONT></P>
<hr align=center width="100%" color=#b65b17 noShade size=1>
<div style="float: left; width: 30%">
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<IMG src="b821007-20fx19x1.jpg" width="100%" border=0 align="bottom">
<p><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Top:
Each work day our trucks of ready-mixed<br>
concrete leave our plants for construction
sites<br>
across North America.</FONT><font color="#b65b17" size="2"><br>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bottom: New Bridgeport plant, Texas, USA.</FONT></FONT></P>
</div>
<div style="float: right; width: 65%">
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In common with aggregates, similar regional variations in demand were experienced in those markets where we have downstream products, except for ready-mixed concrete volumes in
Arizona which were adversely affected by shortages of cement in the second half of the year. As a consequence, heritage ready-mixed concrete volumes for the year declined by 5.3% and heritage asphalt volumes declined by 5.8%. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Demand for cement in California remained strong in 2005 and volumes increased by 6.3%. Operational efficiencies at the plant offset part of the significant increases in the
cost of fuel and power. A number of major one off repair and maintenance programmes were undertaken in 2005. Average price increases of 15.4% were achieved which, together with the volume increases, offset the increase in costs. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital expenditure</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">initiatives progressed well in 2005, with total spend of &#163;69.4m (&#163;74.6m). Projects included a processing upgrade at Sylvania, Ohio, which should increase productivity and reduce
costs. In addition, we completed the replant, including the construction of a new rail terminal, at our Bridgeport quarry near Dallas, Texas and acquired land in Arizona which should allow us to expand operations in the Phoenix market. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Good progress was made this year with our acquisition strategy. The integration of the Mission Valley Rock acquisition, bought in June 2005, is proceeding according to plan.
This acquisition significantly strengthens Hanson&#146;s position in the strategically important San Francisco Bay area, with an additional 54m metric tonnes of reserves/resources secured in this market. In addition, the division acquired a group of
aggregates operations in southern Indiana in December, providing access to over 115m metric tonnes of reserves/resources and strengthening our position in the Louisville, Kentucky, market area. An additional 80m metric tonnes of mineral
reserves/resources were secured in Irwindale, California, in 2005.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Outlook</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Market demand is expected to remain strong in 2006. Further real price increases for 2006 were notified to customers in late 2005. Such increases are required to recover higher
input costs and to recognise the increasing scarcity of well-located mineral reserves and long-term history of below inflation price increases in previous years. We intend to continue our growth initiatives in 2006, through a combination of capital
investment to improve operating cost profiles and acquisitions to improve the asset portfolio and to ensure the supply of high quality product to our customers.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="8" align=left valign="bottom"> <font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume/price
      summary </font><font color="#b65b17"><br>
      <i><font size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Volume
      for the 12 months ended December 31, 2005 and % movement<br>
against prior year</font></i></font></TD>
  </TR>
<TR>
  <TD align=left valign="bottom"><hr width="100%" size="1" noshade></TD>
  <TD align=left valign="bottom"><hr width="100%" size="1" noshade></TD>
  <TD align=right valign="bottom"><hr width="100%" size="1" noshade></TD>
  <TD align=right valign="bottom"><hr width="100%" size="1" noshade></TD>
  <TD align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=left valign="bottom"><hr width="100%" size="1" noshade></TD>
  <TD align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=right valign="bottom"><hr size="1" noshade></TD>
</TR>
<TR>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Price</FONT></TD>
</TR>
<TR>
  <TD align=left><font size="1">&nbsp;</font> </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT></TD>
</TR>
<TR>
  <TD align=left><font size="1">&nbsp;</font> </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Volume</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT></TD>
</TR>
<TR>
  <TD align=left><font size="1">&nbsp;</font> </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continuing</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Heritage</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=right valign="bottom"><hr size="1" noshade></TD>
  <TD align=right valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=right valign="bottom"><hr size="1" noshade>
  </TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates (mt)</FONT></TD>
	<TD width="10%" align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">129.1</FONT></B></TD>
	<TD width="2%" align=right valign="bottom">&nbsp;</TD>
	<TD width="10%" align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.7</FONT>
	</TD>
	<TD width="2%" align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width="10%" align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.4</FONT>
	</TD>
	<TD width="2%" align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width="10%" align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.8</FONT></TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade></TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt (mt)</FONT></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.9</FONT></B></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.3</FONT>
	</TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.8</FONT>
	</TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11.5</FONT></TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade></TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
</TR>
<TR>
	<TD align=left valign="bottom"><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-mixed concrete (m m<SUP>3</SUP>)</FONT></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.2</FONT></B></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.3</FONT>
	</TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.3</FONT>
	</TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.8</FONT></TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade></TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cement (mt)</FONT></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.8</FONT></B></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.3</FONT>
	</TD>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.3</FONT>
	</TD>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15.4</FONT></TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade></TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right valign="bottom"><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
</TR>
<TR>
  <TD colspan="8" align=left valign="bottom"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volumes
      include intercompany sales and exclude Hanson&#146;s share of joint-ventures
      and associates<br>
(mt) = millions of metric tonnes<br>
(m m</font><sup><font size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</font></sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)
= millions of cubic metres<br>
Heritage volumes exclude acquisitions owned for less than 12 months </font></TD>
  </TR>
</TABLE>
</div>
<br clear="all">
<hr align=center color=#b65b17 noShade size=1>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=middle width="35%"><font color="#000000">&nbsp;</font></TD>
    <TD width="3%" align=left><font
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>17</font></TD>
    <TD align=left><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
    of operations</font></TD>
    <TD width="15%" align=left valign="bottom"><font color="#000000"> <sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
    operations</font></font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p18"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>

<img src="b821007-20fx20x1.jpg" width="90%" border=0><BR>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p19"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b><font size="3">Review
      of
operations</font></b><font size="3"> <font color="#8c8A95">continued</font></font></FONT><br>
<font size="3"><FONT color="#b65b17" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Hanson
Building Products North America</b></FONT></FONT></P>
<hr align=center width="100%" color=#b65b17 noShade size=1>
<div style="float: left; width: 30%">
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><br>
  <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Richard
    Manning, President and Chief Executive, Hanson Building Products North America
    (right), Rick Amigh, Senior Vice-President W M Lyles Company (centre) and
    Rick Wegis,  President, Board of Directors of Semitropic Water Storage District
  (left) photographed during an on-site meeting at the Shafter plant.</FONT></P>
<P><font color="#b65b17" size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Shafter plant, near Bakersfield, California, has been upgraded to meet the needs of a major construction project. Hanson has produced large scale concrete pipes to enable
water to be held underground for the Semitropic Groundwater Banking Programme. This programme is designed to help irrigation of farmland, avoid water evaporation and reduce the amount of land required for reservoirs.</FONT></FONT></P>
<P><font color="#b65b17" size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Pipe &amp; Precast, a division of Hanson Building Products North America, is part of the programme&#146;s design-build team which is headed by general contractor W M
Lyles Company.</FONT></FONT></P>
</div>
<div style="float: right; width: 65%">
  <P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products North America is a leading producer of pipe and precast concrete, and bricks and tiles, with operations in 25 states and Canada. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The division is subdivided into four Pipe &amp; Precast regions, and the Brick &amp; Tile group, each reporting into the divisional head office based in Dallas, Texas.
</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Texas is the largest state for this division by group turnover, followed by Florida, Ontario (Canada) and California. In total, these four areas accounted for approximately 60%
of the division&#146;s group turnover.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Performance</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr width="100%" size="1" noshade></TD>
  <TD align=left><hr width="100%" size="1" noshade></TD>
  <TD align=right><hr width="100%" size="1" noshade></TD>
  <TD align=left><hr width="100%" size="1" noshade></TD>
  <TD align=left><hr width="100%" size="1" noshade></TD>
  <TD align=right><hr width="100%" size="1" noshade></TD>
  <TD align=left><hr width="100%" size="1" noshade></TD>
  <TD align=right><hr width="100%" size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr width="100%" size="1" noshade>
  </TD>
  <TD align=left><hr width="100%" size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" size="1" noshade>
  </TD>
  <TD align=left><hr width="100%" size="1" noshade>
  </TD>
  <TD align=left><hr width="100%" size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" size="1" noshade>
  </TD>
  <TD align=left><hr width="100%" size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group turnover*<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD width=2% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT></B>
	</TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">753.7m</FONT></B>
	</TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=2% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;</FONT>
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">647.4m</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.4</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade></TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade></TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade></TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade></TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade></TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade></TD>
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade></TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group operating profit before impairments*<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">124.4m</FONT></B>
	</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">111.2m</FONT>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11.9</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group operating margin*<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16.5%</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17.2%</FONT>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.7)ppts</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share of joint-ventures&#146; and associates&#146; profit
after tax<SUP><font size="1">&#134;</font></SUP></FONT><font size="1">&nbsp;</font>
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.3m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">125.7m</FONT></B>
	</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">111.2m</FONT>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13.0</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property profit (included in operating profit)<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=left><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
  <TD align=right><hr width="100%" color=#b65b17 size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Excluding
    joint-ventures and associates</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This division had a good year in 2005, building further on growth and earnings improvement initiatives. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group turnover</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased to &#163;753.7m in 2005 (&#163;647.4m), an increase of 16.4%. &#163;28.8m, or 4.4%, of this increase was due to acquisitions made in 2005. Group operating margin reduced from
17.2% to 16.5%. This decline is due to changes in product mix through expansions of our precast operations, the impact of acquisitions and increases in costs and turnover, which reduce calculated margin, even when earnings have
increased.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by 13.0% to &#163;125.7m (&#163;111.2m). &#163;4.3m, or 3.9%, of this increase was due to acquisitions, mainly the Sherman Pipe facilities in Alabama and Georgia. Excluding
acquisitions and property profit of &#163;0.5m (&#163;nil), the increase was 8.7%. The impact of foreign exchange was a benefit of &#163;2.6m. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for Pipe &amp; Precast increased by &#163;14.7m, or 19.3%, to &#163;90.8m (&#163;76.1m), of which &#163;4.3m was due to acquisitions. Average price increases of 12.0% combined with
effective cost control and good operating efficiencies offset input cost inflation in steel, cement and energy. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Heritage volumes for concrete products increased by 3.1% during 2005. The strongest markets for concrete products in 2005 were in the south east (principally Florida) and the
north east (principally South Virginia, Washington DC and Ontario). Volumes in key Texas markets were disrupted by the most active hurricane season on record and by delays on several major pipe projects in south Texas in the second half. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for the Brick &amp; Tile group decreased by 0.6% to &#163;34.9m (&#163;35.1m). Heritage brick volumes declined by 8.2% largely due to a weakening of demand in Canada where volume declined
by 16.1%. By contrast, volumes in Texas increased by 10.3% as residential demand remained strong in this market. Further operating and commercial synergies were extracted from the combination of our heritage brick operations with the Athens
factories that were acquired in 2004. Average selling prices increased by 6.0%. Price increases of 12.8% were realised in roof tiles. Demand for tiles has outstripped supply in the eastern USA (principally in Florida), but was offset by lower
demand in California.</FONT></P>
</div>
<br clear="all">
<hr align=center color=#b65b17 noShade size=1>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=middle width="35%"><font color="#000000">&nbsp;</font></TD>
    <TD width="3%" align=left><font color="#000000" size="1" face="AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif">19</font> </TD>
    <TD align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#b65b17
      size=1><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
    of operations</font></FONT></TD>
    <TD width="20%" align=left valign="bottom"><font color="#000000"> <sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
    operations</font></font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p20"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>

<div style="float: left; width:30%"></div>
<div style="float: right; width:65%">
<P><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operations &#150; Hanson Building Products North America* </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="circle1.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="square1.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="square.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pipe
and<br>
products<br>
factories</FONT></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Roofing<br>
tile<br>
plants</FONT></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Brick<br>
	  factories</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Alabama (AL)</FONT></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Arizona (AZ)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Arkansas (AR)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">California (CA)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Florida (FL)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Georgia (GA)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Illinois (IL)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Indiana (IN)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Kentucky (KY)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Louisiana (LA)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Maryland (MD)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Michigan (MI)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Minnesota (MN)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Mississippi (MS)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North Carolina (NC)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ohio (OH)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Oklahoma (OK)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Oregon (OR)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pennsylvania (PA)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Rhode Island (RI)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">South Carolina (SC)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">South Dakota (SD)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Texas (TX)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Virginia (VA)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">W</FONT></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ashington
    (WA)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ontario (Canada)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Quebec (Canada)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">103</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">25</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="2" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="2" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="2" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="2" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="2" noshade color="#b65b17">
  </TD>
  <TD align=left><hr size="2" noshade color="#b65b17">
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Including joint-ventures</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
</div><br clear="all">
<p><img src="b821007-20fx22x1.jpg" width="90%" height="510"> </p>
<P>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Please
note that the maps are for illustrative purposes only and are<br>
not to scale. Please
refer to operations table for detailed disclosure<br>
by operation type.</FONT></P>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div><page><a name="p21"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b><font size="3">Review of operations</font></b><font size="3"> <font color="#8c8a95">continued</font></font></FONT><font size="3"><br>
    <FONT color="#b65b17" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products North America</FONT></font></p>
<hr size="1"  color="#b65b17" noshade>
<div style="float: left; width:30%">
<IMG src="b821007-20fx23x1.jpg" width="100%" border=0><br>
<P><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Top:
Steel cage reinforcements for gravity pipes, <br>
Shafter plant, California, USA.<br>
Bottom: Finished large-scale pipes, the steel<br>
cages now encased in concrete. Shafter plant,<br>
California, USA.</FONT></P>
  <P>&nbsp;</P>
</div>
<div style="float: right; width:65%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The division achieved notable success in 2005 with its acquisition growth initiatives, completing three acquisitions in the year and one in early 2006. The largest of the three
acquisitions was Sherman Pipe which has ten facilities in Alabama and Georgia. These plants are an excellent strategic fit with the existing heritage facilities in the south east region. Two smaller strategic acquisitions were completed in Ohio and
Rhode Island to complement the heritage facilities in the north east region. Initial integration of these acquisitions has gone very well and all three are performing ahead of pro forma expectations. In January 2006, the division acquired
PaverModule which is one of the top two suppliers of concrete pavers in Florida.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Building Products&#146; other major growth initiative is a significant programme of greenfield capital investment and upgrades to existing pipe and precast and brick and tile
facilities. Capital expenditure</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in 2005 was &#163;40.7m (&#163;38.2m).
Three new precast plants were successfully commissioned in 2005, two in Texas and one in California, which have enhanced our existing product offerings in key markets. Approval has recently been given for the construction of three new concrete
products facilities in Texas, Arizona and Florida, and for the construction of a new greenfield roof tile plant near Jacksonville in Florida. Commissioning of these facilities should occur during the second half of 2006 and the first half of 2007.
</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Outlook<br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Demand
is expected to remain robust overall during 2006. The order backlog remains strong,
at good prices, and was &#36;450m at December 31, 2005 (&#36;400m). The approval
of the SAFETEA programme in August 2005 is expected to support new infrastructure
projects which, together with industrial and commercial demand, is likely to
help to counteract any decline in the residential sector. Input costs, in particular
for fuel
and energy, are expected to be above 2005 levels. It is anticipated that price
increases and continued improvement in operational efficiencies, including further
major capital investments in Texas, Florida and Arizona in particular, will help
to
recover these increases.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="9" align=left> <font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume/price
      summary </font><font color="#b65b17"><br>
      <i><font size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Volume
      for the 12 months ended December 31, 2005 and % movement <br>
against prior year</font></i></font></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Price</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=right><hr size="1" noshade color=""#b65b17""></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=right><hr size="1" noshade color=""#b65b17""></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Volume</FONT></B></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=right><hr size="1" noshade color=""#b65b17""></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continuing</FONT></B></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Heritage</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Concrete products (mt)</FONT></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.1</FONT></B></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14.5</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.1</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.0</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bricks (m)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,477</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(7.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.0</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Roof tiles(ts)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,982</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.8</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17">
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volumes
      include intercompany sales and exclude Hanson&#146;s share of joint-ventures
      and associates<br>
      (mt)
      = millions of metric tonnes<br>
      (m)
      = millions <br>
      (ts) = thousands of squares
[squares = 100 square feet]<br>
Heritage volumes exclude acquisitions owned for less than 12 months </font></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>&nbsp;</P>
</div><br clear="all">
<div style="float: left; width: 30%">
<P><IMG src="b821007-20fx23x2.jpg" width="100%" border=0>
</P>
  <P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bricks
ready for delivery at the Aldershot brick<br>
factory, Ontario, Canada.</FONT></P>
</div>
<div style="float: left; width: 5%">
</div>
<div style="float: right; width: 65%">
</div><br clear="all">

<hr size="1"  color="#b65b17" noshade>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=middle width="35%">&nbsp;</TD>
    <TD width="3%" align=left><font
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#b65b17
      size=1><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21</font></font></TD>
    <TD align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#b65b17
      size=1><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
    of operations<br>
    </font></FONT></TD>
    <TD width="15%" align=left valign="bottom"><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1><sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
    operations</font></FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p22"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<IMG src="b821007-20fx24x1.jpg" width="90%" border=0>
<BR>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p23"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p> <font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Review
      of
operations</b> <font color="#8c8a95">continued<br>
</font> <font color="#b65b17">Hanson
Aggregates UK</font></font></p>
<HR align=center color=#b65b17 noShade SIZE=1>

<div style="float: left; width:30%">
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
                                  Aggregates UK Managing Director Patrick O&#146;Shea
                                  pictured at the new aggregates and concrete
                                  depot at Kings Cross
                                  in central London
                                  with Commercial
                                  Director
                                  Rob Sindel (top) and Operations Director Phil
                                  Schacht (bottom).</FONT></P>
<P><font color="#b65b17">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The division&#146;s aggregates depot and ready-mixed concrete plant at King&#146;s Cross in central London is playing a key role in supplying materials to a major inner-city
redevelopment centred around the new international rail terminus for Eurostar, which will link London with Paris and Brussels via the Channel Tunnel. The depot forms part of a network of strategically located Hanson supply facilities in the
capital.</FONT></font></P></div>
<div style="float: right; width:65%">

<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates UK is one of the leading suppliers of aggregates, ready-mixed concrete and asphalt in the UK. Our extensive network of quarries and distribution links
provides national coverage and is complemented by our marine dredging operations. These aggregates locations are complemented in turn by a network of ready-mixed concrete and asphalt plants which are strategically located to service key markets.
</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Excluding joint-ventures and associates, the division sold 33m metric tonnes of aggregate in 2005. It has long-term mineral reserves with approximately 2.2bn metric tonnes of
reserve and resources, owned, leased or under option, available for future extraction. This includes a strong reserve position in sand and gravel, both land and marine based.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left> <font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Performance</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group turnover*<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD width=2% align=right>
<B></B>
	</TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;811.5</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
	<TD width=2% align=right>&nbsp;
</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;771.9</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.1</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group operating profit before impairments*<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;96.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;62.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group operating margin*<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.8ppts</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share of joint-ventures&#146; and associates&#146; profit
after tax<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;11.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;12.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;108.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;74.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property profit (included in operating profit)<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;8.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;1.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">321.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Excluding
      joint-ventures and associates</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">An excellent year-on-year improvement was delivered by the division in 2005. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group turnover</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased to &#163;811.5m in 2005 (&#163;771.9m), an increase of 5.1%. Group operating margin<SUP><font size="1">&#134;</font>
</SUP>increased by 3.8ppts to 11.9% (8.1%). Excluding property profits, the margin increased by 3.2ppts, from 7.8% to 11.0%. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by 46.0% to &#163;108.8m (&#163;74.5m). Excluding property profits, this increase was 38.8%, consisting of a small decline in the joint-ventures&#146; and associates&#146; profit
after tax offset by an improvement in the existing operations.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The earnings improvement, achieved despite reduced volumes, illustrates our commitment to pricing discipline, our initiative to increase premium product output and the delivery
of operational efficiency and overhead cost reduction benefits.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total market demand across the UK for aggregates is estimated to have declined by approximately 3% in 2005. Much of the reduction is due to a slow down in major infrastructure
activity, and lower crushed rock volumes as recycled materials compete at the low-value end of the sector. As a result of planned site closures and our initiative to increase production yields and reduce low-margin, non-premium products, our total
heritage aggregates volumes have declined 8.1%, with crushed rock the major contributor to the decline. Average selling prices increased by 6.3%, offsetting input cost increases for fuel and electricity. Royalty rates and the cost of regulation have
also continued to increase. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our asphalt volumes increased by 2.5% in 2005 which was broadly in line with estimated national market growth trends. We continue to benefit from the capital investment
programme to replace our asphalt plants with more fuel efficient and environmentally friendly units which are capable of utilising recycled materials. Average selling prices increased by 4.9% as our strategy of introducing higher value-added branded
products came into effect and offset the increased cost of fuel oil and bitumen. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The total demand for ready-mixed concrete in the UK is estimated to have fallen by approximately 2% in 2005, against a decline of 6.0% in our volumes. The relative reduction in
our volume is due in part to the regional location of the work and in part to our pricing discipline at the expense of lower margin volume. Selling prices increased by 6.2% during 2005 offsetting higher input costs, particularly for cement, fuel and
electricity. </FONT></P>

</div><br clear="all">
<HR align=center color=#b65b17 noShade SIZE=1>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR valign="bottom">
      <TD width="35%" align=middle><font color="#000000">&nbsp;</font></TD>
      <TD width="3%" align=left valign="bottom"><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>23</FONT> </TD>
      <TD align=left valign="bottom"><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
      of operations</font></TD>
      <TD width="15%" align=left valign="bottom"><font color="#000000"> <sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
      operations</font></font></TD>
    </TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p??"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<div style="float: left; width:30%"></div>
<div style="float: right; width:65%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="14" align=left valign="bottom"><font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operations &#150; Hanson
      Aggregates UK* </font></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD colspan="14" align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">&nbsp;

	</TD>
	<TD valign="bottom"><img src="circle.jpg" width="8" height="8">

	</TD>
	<TD valign="bottom">&nbsp;</TD>
	<TD valign="bottom"><img src="circle.jpg" width="8" height="8">

	</TD>
	<TD valign="bottom">&nbsp;</TD>
	<TD valign="bottom"><img src="triangle.jpg" width="8" height="8">

	</TD>
	<TD valign="bottom">&nbsp;</TD>
	<TD valign="bottom"><img src="triangle.jpg" width="8" height="8">

	</TD>
	<TD valign="bottom">&nbsp;</TD>
    <TD colspan=5 valign="bottom"> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operations
      not illustrated</font></TD>
    <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD colspan="13" valign="bottom"><hr size="1" noshade></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Rail</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font></TD>
</TR>
<TR>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">depots/</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font></TD>
</TR>
<TR>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sand</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">marine</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font></TD>
</TR>
<TR>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Crushed</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">mixed</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">wharves/</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Recycling/</FONT></TD>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font></TD>
</TR>
<TR>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">rock</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">gravel</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">concrete</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Marine</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">distribution </FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">landfill</font></TD>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font></TD>
</TR>
<TR>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font> </TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarries</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarries</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plants</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plants</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">dredging</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">depots</FONT></TD>
  <TD valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">sites</FONT></TD>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font></TD>
</TR>
<TR>
  <TD colspan="14" align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></B></TD>
	<TD width=8% valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">40</FONT></B></TD>
	<TD width=2% valign="bottom">&nbsp;</TD>
	<TD width=8% valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">46</FONT></B></TD>
	<TD width=2% valign="bottom">&nbsp;</TD>
	<TD width=8% valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">45</FONT></B></TD>
	<TD width=2% valign="bottom">&nbsp;</TD>
	<TD width=8% valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">234</FONT></B></TD>
	<TD width=7% valign="bottom">&nbsp;</TD>
	<TD width=8% valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">13</FONT></B></TD>
	<TD width=2% valign="bottom">&nbsp;</TD>
	<TD width=8% valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">35</FONT></B></TD>
	<TD width=2% valign="bottom">&nbsp;</TD>
	<TD width=8% valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2</FONT></B></TD>
    <TD width=2% align=left valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD colspan="14" align=left valign="bottom"><hr size="2" noshade color="#b65b17"></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD colspan="14" align=left valign="bottom"> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Including
    joint-ventures</font></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
</TABLE>
</div><br clear="all">

<P><img src="b821007-20fx26x1.jpg"></P>
<P>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Please note that the maps are for illustrative purposes only and are<br>
not to scale. Please refer to operations table for detailed disclosure<br>
by operation type. Please note that
due to the scale of the map and<br>
proximity of operations, one non-quarry symbol may indicate more<br>
than one operation.</FONT></P>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p25"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p> <font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Review
of operations</b> <font color="#8c8a95">continued</font><br>
<font color="#b65b17"><b>Hanson Aggregates UK</b></font></font></p>
<HR align=center color=#b65b17 noShade SIZE=1>

<div style="float: left; width:30%">

<IMG src="b821007-20fx27x1.jpg" width="100%" border=0>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Top: Kings Cross aggregates and ready-mixed concrete depot, London, UK.<br>
Bottom: Marine dredger, North Sea, off UK coast.</FONT></P>
</div>
<div style="float: right; width:65%">

<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Commercially, significant progress has been made during 2005 in securing long-term maintenance contracts. These are used as a procurement route by both the UK Highways Agency
and by UK local authorities. Innovative partnering arrangements with service level guarantees have also been introduced with a number of customers. Both these approaches help underpin the long-term nature of our order book and support our capital
investment programmes.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital expenditure</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">during 2005 was &#163;23.1m (&#163;35.6m) and included one new ready-mixed concrete plant, aggregate and asphalt plant upgrades and modifications and additional mineral reserves and
resources. We are continuing to upgrade our facilities to make them more efficient. In particular, initiatives are being pursued to increase the proportion of high-quality aggregates as opposed to lower-value by-product.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Managing our reserves, particularly sand and gravel, is a high priority for the division. During 2005 additional sand and gravel reserves and resources were secured in a number
of locations, most notably in the south east, east of England and east midlands. In early 2006 additional mineral reserve licences were secured for our marine dredging operations. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Restructuring cost savings of &#163;10m were achieved as planned and have resulted in a flatter and more customer responsive organisation.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The share of joint-ventures&#146; and associates&#146; profit after tax</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
</FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">primarily consists of the 50% interests in Midland Quarry Products and United Marine Holdings. Hanson&#146;s share of net profit after tax<SUP>&#134; </SUP>of &#163;11.9m (&#163;12.3m) was broadly in line with the prior year.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Outlook<br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Demand is expected to remain subdued in 2006. Input cost inflation, in particular for cement, bitumen and energy, is expected to continue. In addition, the use of recycled fuel
oil was prohibited from the beginning of 2006 which will increase the cost burden for our asphalt operations. We are seeking to offset these increases through cost reduction and efficiency initiatives. However, achievement of our notified selling
price increases will be key to the successful delivery of earnings growth in 2006. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In the medium-term, we would expect demand to recover in response to the UK&#146;s infrastructure needs and preparations for the London Olympics. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="8" align=left> <font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume/price
      summary<br>
  </font><font color="#b65b17"><i><font size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Volume
  for the 12 months ended December 31, 2005 and % movement<br>
against prior year</font></i></font></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Price</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Volume</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continuing</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Heritage</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates (mt)</FONT></TD>
	<TD width=12% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33.3</FONT></B></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=12% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.1</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=12% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.1</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=12% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.3</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt (mt)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.9</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-mixed concrete (m m<SUP>3</SUP>)</FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.3</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.2</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade color="#b65b17"></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volumes include intercompany sales and exclude Hanson&#146;s share of joint-ventures and associates<br>
</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> (mt)
    = millions of metric tonnes<br>
    (m m<SUP>3</SUP>) = millions of cubic metres<br>
    Heritage volumes exclude acquisitions owned for less than 12
  months</FONT></P>
</div>
<br clear="all">
<HR align=center color=#b65b17 noShade SIZE=1>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD align=middle width="35%">&nbsp;</TD>
      <TD width="3%" align=left valign="bottom"><font color="#000000" size="1" face="AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif">25</font></TD>
      <TD align=left valign="bottom"> <font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
      of operations</font></TD>
      <TD width="15%" align=left valign="bottom"><font color="#000000"> <sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
      operations</font></font></TD>
    </TR>

</TABLE>
<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div><page><a name="p??"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="b821007-20fx28x1.jpg" width="90%" border=0></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>



<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p27"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Review
  of operations</b> <font color="#8c8a95">continued</font><br>
  <font color="#b65b17"> <b>Hanson Building Products UK</b></font></font></p>
<hr size="2" noshade color="#b65b17">


<div style="float: left; width: 30%">
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P>&nbsp;</P>
  <P><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">David
    Szymanski, Managing Director of Hanson Building Products UK (centre), Jon
    Morrish, Commercial Director (left) and Wendy Trott, Trading Director (right),
    were photographed during an inspection of the robotic setting facility at
    Kings Dyke. The robots can be seen in the background of this photograph.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The commissioning of the robotic setting at Hanson Building Products UK&#146;s Kings Dyke brick factory in Whittlesey, Cambridgeshire, marks the first of several integrated
phases in Hanson&#146;s investment at the site.</FONT></P></div>


<div style="float: right; width: 65%">
  <P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    Building Products UK has a market leading position in bricks, including London
    Brick and Butterley Brick. In addition, it produces aggregate blocks, Thermalite
    blocks, a range of precast concrete structures, and packed products.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bricks
  accounted for nearly half of the division&#146;s group turnover in 2005, and
  blocks for around a quarter. The precast concrete range includes a variety of
  flooring systems, stairs and landings, and culverts. Packed products sells a
  range of materials for general building and landscaping.</FONT></P>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left><font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Performance</font></TD>
      <TD align=left></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade color="#000000"> </TD>
      <TD align=left><hr size="1" noshade color="#000000"></TD>
      <TD align=right><hr size="1" noshade color="#000000"></TD>
      <TD align=left><hr size="1" noshade color="#000000"></TD>
      <TD align=right><hr size="1" noshade color="#000000"></TD>
      <TD align=left><hr size="1" noshade color="#000000"></TD>
      <TD align=right><hr size="1" noshade color="#000000"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp; </TD>
      <TD align=left> </TD>
      <TD align=right> <b><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT>
        </b></TD>
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
      </TD>
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT>
      </TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade color="#000000"> </TD>
      <TD align=left><hr size="1" noshade color="#000000"></TD>
      <TD align=right><hr size="1" noshade color="#000000"></TD>
      <TD align=left><hr size="1" noshade color="#000000"></TD>
      <TD align=right><hr size="1" noshade color="#000000"></TD>
      <TD align=left><hr size="1" noshade color="#000000"></TD>
      <TD align=right><hr size="1" noshade color="#000000"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        turnover*</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
      <TD width=1% align=right> <font size="2"><B></B> </font></TD>
      <TD width=8% align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;368.2m</FONT></B>
      </TD>
      <TD width=2% align=left> <B></B></TD>
      <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;300.7m</FONT>
      </TD>
      <TD width=2% align=left>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.4</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade color="#b65b17"> </TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating profit before impairments*</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
      <TD align=right> <font size="2"><B></B> </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;37.8m</FONT></B>
      </TD>
      <TD align=left> <B></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;36.8m</FONT>
      </TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.7</FONT>
      </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade color="#b65b17"> </TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating margin*</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10.3%</FONT></B>
      </TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.2%</FONT>
      </TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.9)ppts</FONT>
      </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade color="#b65b17"> </TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
        of joint-ventures&#146; and associates&#146; profit after tax</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
      </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
      </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade color="#b65b17"> </TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
        profit before impairments</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
      <TD align=right> <font size="2"><B></B> </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;37.8m</FONT></B>
      </TD>
      <TD align=left> <B></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;36.8m</FONT>
      </TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.7</FONT>
      </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade color="#b65b17"> </TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property
        profit (included in operating profit)</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
      <TD align=right> <font size="2"><B></B> </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;3.0m</FONT></B>
      </TD>
      <TD align=left> <B></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;3.2m</FONT>
      </TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.3</FONT>
      </TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade color="#b65b17"> </TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left><hr size="1" noshade color="#b65b17"></TD>
      <TD align=right><hr size="1" noshade color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Excluding
        joint-ventures and associates</font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
  </TABLE>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Difficult
  trading conditions were experienced by this division, particularly in the second
  half of the year.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group turnover</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased to &#163;368.2m in 2005 (&#163;300.7m), an increase of 22.4%. &#163;76.7m, of this increase was due to acquisitions made in 2005. Group operating margin<SUP><font size="1">&#134;</font> </SUP>declined by 1.9ppts to 10.3% (12.2%). </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by 2.7% to &#163;37.8m (&#163;36.8m). &#163;12.3m, or 33.4%, was due to acquisitions which offset a decline attributable to the existing operations of &#163;11.3m, or 30.7%.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The majority of the &#163;11.3m reduction in earnings from existing operations was due to lower brick volumes. Whilst our total brick volumes increased by 8.5%, excluding
acquisitions, the heritage brick volumes declined by 12.4%. The reduction has been predominately within the repair, maintenance and improvement (&#147;RMI&#148;) sector of the housing market. Despite the reduction, increases in selling prices of
6.8% were achieved for the year. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregate block volumes, excluding Thermalite, declined 3.0% whilst average selling prices increased 2.2%. Precast product volumes, including flooring, remained strong during
2005. Packed product average selling prices increased in 2005 despite lower volumes in the RMI market. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Input costs, in particular energy, continued to increase although the earnings impact was partly mitigated by forward hedging of gas prices.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In late 2005 and early 2006, we made the difficult but necessary decision to reduce production capacity, in response to low market demand and high energy costs. Production was
substantially reduced at four brick factories and temporary lay-offs were implemented during January 2006 at five brick factories and three Thermalite factories. In addition, five factories have been closed across our product range in late 2005 and
early 2006.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital expenditure</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in 2005 totalled &#163;16.8m (&#163;16.1m) with an emphasis on projects which will reduce production costs, increase efficiency and automate manual handling activities. Included in these
was the introduction of a robotic setting programme at our brick factory at Whittlesey, as well as kiln rebuilds which form part of an ongoing upgrading of this site. </FONT></P>
  <P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Four
    acquisitions were completed during 2005, for a total of &#163;194.1m, as part
    of the division&#146;s strategy of supplying a broad product range to customers.
    Marshalls Clay Products has been integrated and is performing broadly in line
    with expectation. Thermalite, which has experienced difficult market conditions
    since its acquisition in March 2005, performed below expectation but within
    our acquisition criteria. Mid Essex Sand and Gravel, a bagging operation which
    complements our packed products range, and Cradley Special Brick are progressing
    well. The acquisition of Red Bank Manufacturing was completed in early January
    2006.</FONT></P>

</div>
<br clear="all">

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left>&nbsp;</TD>
    <TD width=3% align=left><font color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">27</font></TD>
    <TD width=27% align=left> <FONT color="#b65b17" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
      of operations</FONT></TD>
    <TD width=35% align=right> <font color="#b65b17"><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
      operations</FONT></font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p??"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>

<div style="float: left; width: 30%"></div>


<div style="float: right; width: 65%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operations
      &#150; Hanson Building Products UK </font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="000000"></TD>
    <TD align=left><hr size="1" noshade color="000000"></TD>
    <TD align=left><hr size="1" noshade color="000000"></TD>
    <TD align=left><hr size="1" noshade color="000000"></TD>
    <TD align=left><hr size="1" noshade color="000000"></TD>
    <TD align=left><hr size="1" noshade color="000000"></TD>
    <TD align=left><hr size="1" noshade color="000000"></TD>
    <TD align=left><hr size="1" noshade color="000000"></TD>
    <TD rowspan="8" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="7" align=left>&nbsp;</TD>
    <TD><img src="square.jpg" width="8" height="8"></TD>
    <TD>&nbsp;</TD>
    <TD><img src="plus.jpg" width="8" height="8"></TD>
    <TD>&nbsp;</TD>
    <TD><img src="square2.jpg" width="8" height="8"></TD>
    <TD>&nbsp;</TD>
      <TD><img src="angle.jpg" width="8" height="8"></TD>
  </TR>
  <TR valign="bottom">
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="3">&nbsp;</TD>
    <TD rowspan="5">&nbsp;</TD>
    <TD rowspan="3">&nbsp;</TD>
    <TD rowspan="5">&nbsp;</TD>
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Concrete</FONT></b></TD>
    <TD rowspan="5">&nbsp;</TD>
    <TD rowspan="2">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">flooring</FONT></b></TD>
  </TR>
  <TR valign="bottom">
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&amp;
      precast</FONT></b></TD>
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Packed</FONT></b></TD>
  </TR>
  <TR valign="bottom">
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Brick</FONT></b></TD>
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Block</FONT></b></TD>
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">concrete</FONT></b></TD>
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">products</FONT></b></TD>
  </TR>
  <TR valign="bottom">
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">factories</FONT></b></TD>
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">factories</FONT></b></TD>
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">sites</FONT></b></TD>
    <TD> <b><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">sites</FONT></b></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD><hr size="1" noshade color="000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></B></TD>
    <TD width=8%> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=8%> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=8%> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width="8%"> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18</FONT></B></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#b65b17"></TD>
    <TD align=left><hr size="2" noshade color="#b65b17"></TD>
    <TD align=left><hr size="2" noshade color="#b65b17"></TD>
    <TD align=left><hr size="2" noshade color="#b65b17"></TD>
    <TD align=left><hr size="2" noshade color="#b65b17"></TD>
    <TD align=left><hr size="2" noshade color="#b65b17"></TD>
    <TD align=left><hr size="2" noshade color="#b65b17"></TD>
    <TD align=left><hr size="2" noshade color="#b65b17"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>

</div><br clear="all">
<p><img src="b821007-20fx30x1.jpg"></p>

<div style="float: left; width: 30%">
<P> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Please
  note that the maps are for illustrative purposes only and are not to scale.
  Please refer to operations table for detailed disclosure by operation type.</FONT></P></div>
<div style="float: left; width: 5%">
</div>
<div style="float: right; width: 65%">
</div><br clear="all">

<hr noshade align="center" width="100%" size="2">



<div style="page-break-before:always"></div>
<page><a name="p29"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Review
  of operations <font color="#8C8A95">continued</font> <br>
  <font color="#b65b17">Hanson Building Products UK</font></b></FONT></P>
<hr size="1" noshade color="#b65b17">

<div style="float: left; width:30%">
  <p>&nbsp;</p>
  <p><img src="b821007-20fx31x1.jpg" width="100%" border=0 align="middle"></p>
   <p> <FONT color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Top:
    Production line at Tilmanstone brick factory, Kent, UK. </FONT><font color="b65b17"><br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bottom:
    Precast concrete stairs, </FONT><br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hoveringham
    floors and precast concrete works, Nottinghamshire, UK.</FONT></FONT></P>
</div>
<div style="float: right; width:65%">
  <P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Improved
    customer service and product offering remain key priorities. Multi-product
    deliveries are an example of the customer service improvements trialled following
    the extension of our product range. </FONT></P>
  <P> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Outlook</FONT><br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Overall
    market demand is expected to remain subdued in 2006. Input costs will be significantly
    higher in 2006 than 2005. We are working to mitigate these factors by reducing
    capacity, improving productivity through capital expenditure and hedging costs
    such as gas, where economic. Despite these measures, it is anticipated that
    significant price increases will be necessary in 2006 to recover our earnings.
    </FONT></P>
  <P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
    the medium-term, we expect demand to respond to the need for additional houses,
    particularly in the south east. Our production capacity is sufficiently flexible
    to be able to respond to any such increase in volume. We intend to continue
    to grow this division through product range extension and ongoing improvements
    to the service we offer to our increasingly consolidated customer base. </FONT></P>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD colspan="4" align=left><P><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume/price
          summary </FONT><font color="#b65b17"><br>
          <I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Volume
          for the 12 months ended December 31, 2005 and % movement <br>
          against prior year</FONT></I></FONT></P></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD width=2% align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume</FONT>
      </TD>
      <TD width=2% align=left><font size="1">&nbsp;</font> </TD>
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD width=2% align=left><font size="1">&nbsp;</font> </TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Price</FONT></TD>
      <TD width=2% align=right><font size="3">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD width=10% align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
      <TD width=2% align=right><font size="1">&nbsp;</font></TD>
      <TD width=10% align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005
        v 2004</FONT> </TD>
      <TD width=2% align=left><font size="1">&nbsp;</font> </TD>
      <TD width=10% align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005
        v 2004</FONT> </TD>
      <TD width=2% align=left><font size="1">&nbsp;</font> </TD>
      <TD width=10% align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005
        v 2004</FONT></TD>
      <TD width=2% align=right><font size="3">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Volume</FONT></B></TD>
      <TD width=2% align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%
        change</FONT> </TD>
      <TD width=2% align=left><font size="1">&nbsp;</font> </TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%
        change</FONT> </TD>
      <TD width=2% align=left><font size="1">&nbsp;</font> </TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%
        change</FONT></TD>
      <TD width=2% align=right><font size="3">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continuing</FONT></B></TD>
      <TD width=2% align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing</FONT>
      </TD>
      <TD width=2% align=left><font size="1">&nbsp;</font> </TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Heritage</FONT>
      </TD>
      <TD width=2% align=left><font size="1">&nbsp;</font> </TD>
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD width=2% align=left><font size="3">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bricks
        (m)</FONT></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">827</FONT></B></TD>
      <TD width=2% align=right><font size="2">&nbsp;</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.5</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.4</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.8</FONT></TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregate
        blocks (m spu)</FONT></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.3</FONT></B></TD>
      <TD width=2% align=right><font size="2">&nbsp;</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.0</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.0</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.2</FONT></TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
  </TABLE>
  <p><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volumes
       include intercompany sales and exclude Hanson&#146;s share of joint-ventures
        and associates<br>
    (m) = millions<br>
    (m spu) = millions of standard production
       units<br>
    Heritage volumes exclude acquisitions owned for less than 12 months</FONT></P>
</div><br clear="all">
  <TABLE width="100%" border=0 cellPadding=0 cellSpacing=0>

      <TR>
        <TD align=middle>&nbsp;</TD>
        <TD colspan="3" align=left><hr noshade align="center" width="100%" size="1"></TD>
      </TR>
      <TR>
        <TD align=middle width="0%">&nbsp;</TD>
        <TD width="3%" align=left><font size="1" face="AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif">29</font></TD>
        <TD align=left><font size="1" face="AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif">Review
          of operation</font></TD>
        <TD width="15%" align=right>&nbsp;</TD>
      </TR>

  </TABLE>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p??"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>

<img src="b821007-20fx32x1.jpg" width="90%" border=0><BR>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p31"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Review
  of operations <font color="#8C8A95">continued</font> <br>
  <font color="#b65b17">Hanson Australia &amp; Asia Pacific</font></b></FONT></P>
<hr size="1" noshade color="#b65b17">
<P>
<div style="float: left; width:30%">
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><font color="#b65b17" size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Leslie
    Cadzow, Chief Executive, Hanson Australia &amp; Asia Pacific (right), was
    photographed on the steps of Sydney Opera House with two members of the Building
    Products management team, Malcolm Pointon, General Manager Building Products
    (centre) and Steve James, Precast Manager (left).</FONT></P>
  <font color="#b65b17" size="2"><p></p>
  </font><P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sydney Opera House has undergone its first major structural change since it opened in 1973, with Hanson Australia &amp; Asia Pacific playing a major role. An extensive
prototype programme was undertaken to ensure the precast concrete elements supplied by Hanson precisely matched the honed and etched granite finish originally used on the Opera House.</FONT></P>
</div>
<div style="float: right; width:65%">
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    Australia is one of the leading heavy building material companies in Australia.
    In addition to aggregates and ready-mixed concrete, the operations are vertically
    integrated with a 25% associate in cement (Cement Australia) and a 50% joint-venture
    in asphalt (Pioneer Road Services). It also operates an expanding Building
    Products group. </FONT></P>
  <P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    Asia Pacific is one of the market leaders in aggregates, ready-mixed concrete
    and asphalt in Malaysia. It is the market leader in aggregates and ready-mixed
    concrete in Hong Kong through a 50% joint-venture (Alliance Construction Materials).
    The division also has operations in Singapore and mainland China. Both regions
    report to the divisional head office based in Sydney, Australia.</FONT></P>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left><P><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Performance</FONT></P></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=right><hr size="1"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD width=10% align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
      </TD>
      <TD width=2% align=left><font size="1">&nbsp;</font> </TD>
      <TD width=10% align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
      </TD>
      <TD width=4% align=left><font size="1">&nbsp;</font> </TD>
      <TD width=10% align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT>
      </TD>
      <TD width=2% align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=left><hr size="1"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Australia
        and Asia Pacific total</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD width=4% align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        turnover<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font><font size="2">&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;573.0</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>537.7</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.6</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating profit before impairments<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;</font><font size="2">&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;62.7</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>62.1</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.0</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating margin<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;</font><font size="2">&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10.9</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11.5</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.6)ppts</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
        of joint-ventures&#146; and associates&#146; profit after tax</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;
        </font></TD>
      <TD align=right> <font size="2"> <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;27.0</FONT></B>
        </font></TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>10.0</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">170.0</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
        profit before impairments</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><font size="1">&nbsp;</font>
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;89.7</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>72.1</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.4</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property
        profit (included in operating profit)</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;1.0</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>1.7</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(41.2</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Australia</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        turnover<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font><font size="2">&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;464.6</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>413.2</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.4</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating profit before impairments<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font><font size="2">&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;57.3</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>56.0</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.3</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating margin<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;</font><font size="2">&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.3</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13.6</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.3)ppts</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
        of joint-ventures&#146; and associates&#146; profit after tax</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><font size="1">&nbsp;</font>
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;24.3</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>10.5</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">131.4</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
        profit before impairments</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;81.6</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>66.5</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.7</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property
        profit (included in operating profit)</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><font size="1">&nbsp;
        </font></font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;1.0</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>1.7</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(41.2</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Asia
        Pacific</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        turnover<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;</font><font size="2">&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;108.4</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>124.5</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.9</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating profit before impairments<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;</font><font size="2">&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;5.4</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>6.1</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.5</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating margin<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font><font size="2">&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.0</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.9</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1ppts</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
        of joint-ventures&#146; and associates&#146; profit after tax</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;2.7</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>(0.5</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
        profit before impairments</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;8.1</FONT></B>
      </TD>
      <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</FONT>5.6</FONT>
      </TD>
      <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">44.6</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property
        profit (included in operating profit)</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;
        </font></TD>
      <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
      </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left><hr size="1" color="#b65b17"></TD>
      <TD align=right><hr size="1" color="#b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Excluding
      joint-ventures and associates</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
  </TABLE>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A strong performance was delivered by the Australia and Asia Pacific division. Operating profit before impairments</FONT><SUP><FONT size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased
    by &#163;17.6m, or 24.4%, to &#163;89.7m (&#163;72.1m). &#163;15.1m of this increase
was due to Australia and &#163;2.5m due to Asia Pacific. Excluding acquisition earnings of &#163;0.6m and property profit of &#163;1.0m (&#163;1.7m),
the increase was 25.1%.</FONT></P>
<P> <FONT color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    Australia</FONT><br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
    turnover<SUP><font size="1">&#134;</font>
    </SUP>increased to &#163;464.6m
    in 2005 (&#163;413.2m), an increase of 12.4%. Of this increase, &#163;14.6m,
    or 3.5%, was due to acquisitions made in 2005. Group operating margin</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
    </FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">reduced
    by 1.3ppts to 12.3% (13.6%), although group operating profit before impairments<SUP><font size="1">&#134;</font>
    </SUP>increased
    by 2.3%. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by &#163;15.1m, or 22.7%, to &#163;81.6m (&#163;66.5m), including &#163;2.8m of benefit due to foreign exchange translation. &#163;13.8m, or 20.8%, of the &#163;15.1m improvement
was due to the joint-ventures&#146; and associates&#146; profit after tax<SUP><font size="1">&#134;</font> </SUP>and included &#163;6.6m of non-recurring tax benefit. Excluding this tax benefit, foreign exchange and acquisition earnings of &#163;0.6m, the existing operations improved by &#163;5.1m, or
7.7% against a very strong 2004. </FONT></P>
  <P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our
    heritage aggregates volumes decreased by 3.4% in 2005, due largely to significant
    non-recurring secondary aggregate sales in Queensland in 2004. Victoria and
    Western Australia performed well during 2005, offsetting weaker demand in
    New South Wales and Queensland. Average selling prices for aggregates increased
    6.8%, in part due to changes in product mix. Heritage ready-mixed concrete
    volumes increased by 1.3%, with a reduction in Sydney from previously buoyant
    levels being offset by increases in all other regions. Average selling prices
    in ready-mixed concrete improved by 3.3%, in part offsetting higher raw material
    costs.</FONT></P>
</div><br clear="all">
  <TABLE width="100%" border=0 cellPadding=0 cellSpacing=0>
      <TR>
        <TD colspan="3" align=left><hr noshade align="center" width="100%" size="1"></TD>
      </TR>
      <TR>
        <TD width="3%" align=left><font size="1" face="AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif">31</font></TD>
        <TD align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif size=1>Review of operations</FONT></TD>
        <TD width="15%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif size=1>'Continuing operation</FONT></TD>
      </TR>
  </TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p??"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<div style="float: left; width: 30%">
<IMG src="b821007-20fx34x1.jpg" width="100%" border=0>
</div>
<div style="float: left; width: 5%">
</div>
<div style="float: left; width: 65%">


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=21 align=left>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operations &#150; Hanson Australia &amp; Asia Pacific*</FONT>	</TD>
	</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="circle.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="circle.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="triangle.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="triangle.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="triangle.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="triangle.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="triangle.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="triangle.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="triangle.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><img src="triangle.jpg" width="8" height="8"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="19" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>	  <font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>	  <font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>	  <font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>	  <font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>	  <font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Crushed<br>
	</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">rock</FONT><br>      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarries</FONT></TD>
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sand<br>
</FONT>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and</FONT><br>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">gravel</FONT><br>      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarries</FONT></TD>
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt</FONT>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plants</FONT></TD>
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><p><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-<br>
	  </FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">mixed<br>
	  </FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">concrete</FONT><br>
          <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plants</FONT></p>
	  </TD>
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cement</FONT>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plants</FONT></TD>
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Rail</FONT><br>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">depots/</FONT><br>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">marine<br>
</FONT>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">wharves/<br>
</FONT>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">cement<br>
</FONT><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">distribution</font></TD>
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Recycling/ </font>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">landfill</FONT><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
      sites</font></TD>
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pipe &amp;<br>
	</font><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">products</FONT><br>
	<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">factories</FONT></TD>
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Concrete</FONT>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">flooring</FONT><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &amp; precast</font></TD>
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Misc.</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Australia</FONT></B></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Canberra (ACT)</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
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	<TD width=7% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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	<TD width=7% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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	<TD width=7% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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	<TD width=7% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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	<TD width=7% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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	<TD width=7% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD width=1% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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	<TD width=7% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">New South Wales</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</FONT></TD>
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	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">76</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
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	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Queensland</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">57</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
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	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18</FONT></TD>
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	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8</FONT></TD>
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	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">South Australia</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
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	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Western Australia</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">28</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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  <TD align=left>&nbsp;</TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tasmania</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Victoria</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">52</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Northern Territory</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total Australia</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">29</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">32</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">238</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">27</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
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  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
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  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
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  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Asia Pacific</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Malaysia</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">48</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Singapore</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hong Kong</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Greater China</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total Asia Pacific</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">25</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">56</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></B></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">62</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">29</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">51</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">294</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">27</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="2" color="#b65b17" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="1%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Including
        joint-ventures</FONT></td>
  </tr>
</table>
</div><br clear="all">
<P><img src="b821007-20fx34x2.jpg" width="90%"></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="30%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Please
        note that the maps are for illustrative purposes only and are
      not to
        scale. Please refer to operations table for detailed disclosure
      by operation
    type.</font></td>
    <td>&nbsp;</td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p33"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><b><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
      of
operations <font color="#8c8a95">continued<br>
</font><FONT color="#b65b17" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
Australia &amp; Asia Pacific</FONT></font></b></p>
<hr align=center width="100%" color="#b65b17" noshade size=2>
<div style="float: left; width: 30%">
<p>
  <img src="b821007-20fx35x1.jpg" width="100%" border=0><BR>
  <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Top: Wolffdene hard rock quarry, Brisbane,<br>
Queensland, Australia.</FONT><font color="#b65b17" size="2"><br>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bottom: Lidcome precast concrete wall panel<br>
plant, Sydney, New South Wales, Australia.</FONT></font></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<IMG src="b821007-20fx35x2.jpg" width="100%" border=0>
<BR>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sungei Buloh hard rock quarry and asphalt plant,<br>
Kuala Lumpur, Malaysia.</FONT></div>
<div style="float: right; width: 65%">
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
    profit for Building Products declined due to increased input costs and a
highly competitive pricing environment.</FONT></p>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    operational improvement in the joint-ventures and associates was due largely
    to improved volume, price and delivery of synergy benefits in Cement Australia.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Three
    acquisitions were made in 2005 for &#163;12.6m, including a basalt quarry
    at Molong in New South Wales, and the acquisition of two Sydney based precast
    concrete companies, Rescrete and Abbey Precast, both of which expanded our
    building products range.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital
    expenditure</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">totalled &#163;31.6m
    (&#163;26.4m) and consisted of replacement ready-mixed concrete and aggregates
    delivery vehicles, new ready-mixed concrete plants in south east Queensland
    and aggregates plant upgrades to increase capacity and efficiency.</FONT></P>
<P> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    Asia Pacific</FONT><br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    group operating profit before impairments</FONT><SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in this region declined
    primarily due to lower market demand following a reduction in public sector
    expenditure in Malaysia. Average selling price increases of between 3.6%
    and 7.3% were offset by a decline in aggregates and asphalt product volumes
    and higher input costs. Ready-mixed concrete volume and prices were broadly
    in line with the prior year. In Singapore, the operating performance marginally
    declined following a further downturn in construction sector volumes.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    share of joint-ventures&#146; and associates&#146; profit after tax</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased
    due largely to improved earnings from our Hong Kong operations. Despite a
    lack of new public sector work, our Hong Kong concrete volumes have increased
    year-on-year whilst selling prices have also improved. Synergy benefits have
    been delivered in line with our expectations.</FONT></P>
<P> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Outlook</FONT><br>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    Australian market is forecast to decline during 2006 from its current peak,
    while difficult trading conditions are expected to continue in Asia throughout
    the year. Further gains are anticipated from operational cost savings. Increased
  selling prices will be required to recover the continuing rise in input costs. </FONT></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="9" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left><font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume/price
      summary </font></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="9" align=left><i><font color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Volume
    for the 12 months ended December 31, 2005 and % movement against prior year</font></i></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Price</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005 v 2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Volume</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% change</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continuing</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Heritage</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Australia</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates (mt)</FONT></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">20.9</FONT></B></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.4</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.6</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.8</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade></TD>
  <TD align=right><hr size="1" color="#b65b17" noshade></TD>
  <TD align=right><hr size="1" color="#b65b17" noshade></TD>
  <TD align=right><hr size="1" color="#b65b17" noshade></TD>
  <TD align=left><hr size="1" color="#b65b17" noshade></TD>
  <TD align=right><hr size="1" color="#b65b17" noshade></TD>
  <TD align=left><hr size="1" color="#b65b17" noshade></TD>
  <TD align=right><hr size="1" color="#b65b17" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-mixed concrete (m m<SUP>3</SUP>)</FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.4</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.3</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Asia Pacific</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates (mt)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10.7</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt (mt)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.4</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-mixed concrete (m m<SUP>3</SUP>)</FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.2</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(13.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(13.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1" color="#b65b17" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volumes
      include intercompany sales and exclude Hanson&#146;s share of joint-ventures
      and associates</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="9" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(mt)
      = millions of metric tonnes</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(m
      m</FONT><SUP><FONT size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)
      = millions of cubic metres</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Heritage
      volumes exclude acquisitions owned for less than 12
months</FONT></TD>
</TR>
</TABLE>

</div><br clear="all">
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="4"><hr color=#b65b17 noshade size=1>
    </td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="35%">&nbsp;</td>
    <td width="3%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">33</FONT></td>
    <td width="47%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
        of operations</font></td>
    <td width="15%"><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
        operations</font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p??"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="b821007-20fx36x1.jpg" width="90%"></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font size="2"><page><a name="p35"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<P> <strong><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
  of operations <font color="8c8a95">continued</font> <br>
  <font color="b65b17">Hanson Continental Europe</font></FONT></strong></P>
<hr size="1" noshade color="b65b17">

<div style="float: left; width:30%">
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <P><FONT color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">From
       right to left: General Manager Ian Peters and Continental Europe Managing

    Director Justin Read, were photographed reviewing work in progress at the
       Old Bullring, Barcelona, Spain, with Enrique Gibert, Regional Manager,
      Hanson
    Catalonia and Levante and Marcel Lopez Pinto, Sales Manager, Hanson Barcelona
       Concrete.<br>
    The Old Bullring in Barcelona, Spain, is being transformed into

    a shopping and commercial centre. Hanson is supplying over 50,000m</FONT><font color="b65b17" size="2"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3
    </FONT></SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of
     ready-mixed concrete for the project, some of which has been used to construct

    the new concrete columns which now support the building.</FONT></font></P>
</div>
<div style="float: right; width:65%">
  	  <P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This
    division operates across Belgium, the Czech Republic, Germany, Spain, The
    Netherlands and Israel. The largest country of operation is Spain. </FONT></P>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD colspan="8" align=left><FONT color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><strong>Performance</strong></font></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="8" align=left><hr size="1" noshade></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left>&nbsp; </TD>
      <TD width=3% align=left> </TD>
      <TD width=15% align=right> <font size="2"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><strong>2005</strong></FONT>
        </font></TD>
      <TD width=3% align=left><font size="1">&nbsp;</font></TD>
      <TD width=3% align=left><font size="1">&nbsp;</font></TD>
      <TD width=9% align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</font></TD>
      <TD width=3% align=left><font size="1">&nbsp;</font></TD>
      <TD width=8% align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</font></TD>
      <TD width=3% align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="8" align=left><hr size="1" noshade></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        turnover<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font><font size="2">&nbsp;
        </font></TD>
      <TD width=3% align=right> <font size="2"><B></B>
        </font></TD>
      <TD width=15% align=right> <font size="2"><B><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</font></b></font><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">228.7</FONT></B>
        </font></TD>
      <TD width=3% align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></font></TD>
      <TD width=3% align=right>&nbsp;      </TD>
      <TD width=9% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;228.0</font></TD>
      <TD width=3% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font></TD>
      <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.3</font></TD>
      <TD width=3% align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="8" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating profit before impairments<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font><font size="2">&nbsp;
        </font></TD>
      <TD width=3% align=right> <font size="2"><B></B>
        </font></TD>
      <TD width=15% align=right> <font size="2"><B><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</font></b></font><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19.9</FONT></B>
        </font></TD>
      <TD width=3% align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></font></TD>
      <TD width=3% align=right>&nbsp;      </TD>
      <TD width=9% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;23.9</font></TD>
      <TD width=3% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font></TD>
      <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.7</font></TD>
      <TD width=3% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="8" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating margin<font size="1">*</font></FONT><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font><font size="2">&nbsp;
        </font></TD>
      <TD width=3% align=left> </TD>
      <TD width=15% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.7</FONT></B>
        </font></TD>
      <TD width=3% align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></font></TD>
      <TD width=3% align=left> </TD>
      <TD width=9% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.5</font></TD>
      <TD width=3% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</font></TD>
      <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.8)ppts</font></TD>
      <TD width=3% align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="8" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
        of joint-ventures&#146; and associates&#146; profit after tax</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;
        </font></TD>
      <TD width=3% align=left> </TD>
      <TD width=15% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </font></TD>
      <TD width=3% align=left>&nbsp; </TD>
      <TD width=3% align=left> </TD>
      <TD width=9% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD width=3% align=left>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD width=3% align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="8" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
        profit before impairments</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;
        </font></TD>
      <TD width=3% align=right> <font size="2"><B></B>
        </font></TD>
      <TD width=15% align=right> <font size="2"><B><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;</font></b></font><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19.9</FONT></B>
        </font></TD>
      <TD width=3% align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m</FONT></B></font></TD>
      <TD width=3% align=right>&nbsp;      </TD>
      <TD width=9% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;23.9</font></TD>
      <TD width=3% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font></TD>
      <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.7</font></TD>
      <TD width=3% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="8" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property
        profit (included in operating profit)</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;
        </font></TD>
      <TD width=3% align=left> </TD>
      <TD width=15% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </font></TD>
      <TD width=3% align=left>&nbsp; </TD>
      <TD width=3% align=right>&nbsp;      </TD>
      <TD width=9% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;0.3</font></TD>
      <TD width=3% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</font></TD>
      <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD width=3% align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="8" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
  </TABLE>
  <P> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Excluding
    joint-ventures and associates</FONT></P>
  <P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
    turnover</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
    </FONT></SUP><FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">increased by 0.3%
    to &#163;228.7m in 2005 (&#163;228.0m). Group operating margin<SUP><font size="1">&#134;</font>
    </SUP>reduced by 1.8ppts to 8.7% (10.5%). Operating profit before impairments<SUP><font size="1">&#134;</font>
    </SUP>reduced by &#163;4.0m, or 16.7%, to &#163;19.9m (&#163;23.9m). </FONT></font></P>
  <P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    &#163;4.0m reduction in operating profit before impairments</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
    </FONT></SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">was
    due to difficult market conditions in Israel and The Netherlands, which persisted
    throughout 2005, and to quarry closures, which impacted results in Spain.
    Market conditions in the Czech Republic and Belgium were more positive. Both
    these countries increased their operating profit before impairments<SUP><font size="1">&#134;</font></SUP>,
    as did Germany, despite its difficult market conditions. Total heritage aggregates
    and asphalt volumes declined by 8.9% and 1.9% respectively across the division,
    whilst concrete volumes increased by 0.4%.</FONT></font></P>
  <P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
    Spain, both group turnover</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
    </FONT></SUP><FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and operating profit
    before impairments<SUP><font size="1">&#134;</font> </SUP>decreased in 2005. Aggregate volumes were
    below last year due to lower demand in Madrid and Zaragoza and to the closure
    of two quarries, although increases in average selling prices were achieved.
    During the year we disposed of 19 underperforming ready-mixed concrete plants.
    Excluding these disposals, ready-mixed concrete volumes were ahead of last
    year, as were average selling prices. </FONT></font></P>
  <P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weak
    trading conditions have continued in 2005 for our Israel operations. Productivity
    improvements were not sufficient to counter a decline in volume and the impact
    of higher energy costs. In the Benelux region, the ready-mixed concrete markets
    were difficult, resulting in lower prices and volumes. Efficiency improvements
    were achieved in our aggregate operations which helped to offset a reduced
    operating profit before impairments</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">.</FONT></font></P>
  <P> <strong><FONT color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Outlook<br>
  </FONT></strong><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    Spanish economy is anticipated to remain strong during 2006, although further
    reserve exhaustion is expected to lead to a lower operating profit before
    impairments</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">.
    Elsewhere, the market in Israel is likely to remain difficult, ready-mixed
    concrete margins in The Netherlands may improve slightly and volumes in the
    Czech Republic may decline slightly as a major road building contract concludes.
  </FONT></font></P>
  <P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Replenishment
    of our reserves position, either through acquisition or mineral reserve purchases,
    remains a high priority for 2006. We will continue to focus on both acquisitions
    and margin improving capital expenditure activities.</FONT></P>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD colspan="7" align=left><strong><FONT color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume
            summary<br>
    <i>Volume for the 12 months ended December 31, 2005 and % movement against
    prior year</i></FONT></strong></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="6" align=left><hr size="1" noshade>
      </TD>
      <TD width="2%" align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volume</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD colspan="5" align=right><hr size="1" noshade>
      </TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005
          v 2004</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005
          v 2004</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD colspan="5" align=right><hr size="1" noshade>
      </TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Volume</FONT></B></font></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%
          change</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%
          change</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD colspan="5" align=right><hr size="1" noshade>
      </TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continuing</FONT></B></font></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Heritage</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="6" align=left><hr size="1" noshade></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates
        (mt)</font></TD>
      <TD width="15%" align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">27.7</FONT></B></font></TD>
      <TD width="2%" align=right>&nbsp;</TD>
      <TD width="15%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.9</font></TD>
      <TD width="2%" align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD width="15%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.9</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="6" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt
        (mt)</font></TD>
      <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.9</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.9</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="6" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-mixed
        concrete (m m</FONT><font size="2"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></SUP><FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
      <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.0</FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.4</font></TD>
      <TD align=left><font size="2">&nbsp;</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.4</font></TD>
      <TD align=left><font size="2">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="6" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="7" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Volumes
          include intercompany sales and exclude Hanson&#146;s share of joint-ventures
          and associates<br>
(mt) = millions of tonnes<br>
(m m</FONT><font size="1"><SUP><FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)
= millions of cubic metres<br>
Heritage volumes exclude acquisitions owned for less than 12 months</FONT></font><font size="2">&nbsp; </font></TD>
    </TR>
  </TABLE>
</div>
<font size="2"><br clear="all">
</font>
<hr size="1"  color="#b65b17" noshade>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD align=middle width="35%">&nbsp;</TD>
      <TD width="3%" align=left valign="bottom"><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>35</font></TD>
      <TD align=left valign="bottom"><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>Review of operations</font></TD>
      <TD width="15%" align=left valign="bottom"> <font size="1"><sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
      operations</font></font></TD>
    </TR>

</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font size="2"><page><a name="p??"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<div style="float: left; width:30%">
</div>
<div style="float: left; width:5%">
</div>
<div style="float: right; width:65%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD colspan="10" align=left> <strong><font color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operations
        &#150; Hanson Continental Europe* </font></strong></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=left><img src="circle.jpg" width="8" height="8"></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><img src="circle.jpg" width="8" height="8"></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><img src="triangle.jpg" width="8" height="8"></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><img src="triangle.jpg"></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><img src="triangle.jpg"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD colspan="9" align=left><hr size="1" noshade></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD rowspan="4" align=left>&nbsp; </TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sand</font></TD>
      <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
      <TD rowspan="2" align=left><font size="1">&nbsp;</font> <font size="1">&nbsp;</font></TD>
      <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ready-</font></TD>
      <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Crushed</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">mixed</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Marine/</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">rock</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">gravel</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asphalt</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">concrete</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Rail</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarries</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarries</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plants</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plants</font></TD>
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">depots</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Belgium</font></TD>
      <TD width="10%" align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD width="2%" align=left>&nbsp;</TD>
      <TD width="10%" align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD width="2%" align=left>&nbsp;</TD>
      <TD width="10%" align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD width="2%" align=left>&nbsp;</TD>
      <TD width="10%" align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</font></TD>
      <TD width="2%" align=left>&nbsp;</TD>
      <TD width="10%" align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</font></TD>
      <TD width="2%" align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Czech
        Republic</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Germany</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Israel</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        Netherlands</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1</font></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Spain</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26</font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></B></font></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">20</FONT></B></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11</FONT></B></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3</FONT></B></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">55</FONT></B></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5</FONT></B></font></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="2" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Including
        joint-ventures</font></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
  </TABLE>
</div><br clear="all">
<p><img src="b821007-20fx38x1.jpg" width="100%"> </p>
  <div style="float: left; width:30%">
<P> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Please
  note that the maps are for illustrative purposes only and are not to scale.
  Please refer to operations table for detailed disclosure by operation type.</FONT></P>
  </div><br clear="all">
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font size="2"><page><a name="p37"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><strong>Financial
  review</strong></FONT><font size="3">
</font></p>
<hr size="1" noshade color="b65b17">
<div style="float: left; width:30%">
</div>
<div style="float: left; width:5%">
</div>
<div style="float: right; width:65%">
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  following section provides the financial review for 2005.</FONT></P>
  <P> <strong><FONT color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
    profit before impairments<br>
  </FONT></strong><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
  profit before impairments</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
  </FONT></SUP><FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">was &#163;488.8m (&#163;423.4m),
  an increase of &#163;65.4m or 15.4%. This consists of the operating profit
  before impairments<SUP><font size="1">&#134;</font> </SUP>for each of the six
  divisions as described in the operating review, which totalled &#163;520.3m (&#163;446.1m), less central
  expenses of &#163;31.5m (&#163;22.7m). The increase in central expenses of
  &#163;8.8m includes &#163;4.4m relating to a bodily injury claim in the USA,
  which is self-insured centrally by the company.</FONT></font></P>
<P> <strong><FONT color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
    impairments</FONT><font color="b65b17" size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;<br>
    </FONT></SUP></font></strong><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
  impairments</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
  </FONT></SUP><FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in the period were &#163;4.0m compared with &#163;29.3m in the previous year. The net charge for
  the year consists of &#163;23.6m of impairment charges, offset by a reversal
  of &#163;19.6m. The charges relate primarily to the US and UK aggregates divisions.
  The reversal follows an economic improvement in the supply arrangements at
  certain
  operations in the US aggregates division and additional disposal proceeds at
  certain UK aggregates sites.</FONT></font></P>
<P> <strong><FONT color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exchange
       impact<br>
</FONT></strong><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Foreign
  exchange translation increased group turnover</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
  </FONT></SUP><FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">by &#163;35.2m, operating
  profit before impairments<SUP><font size="1">&#134;</font> </SUP>by &#163;6.4m
  and profit before tax<SUP><font size="1">&#134;</font>
  </SUP>by &#163;6.0m. </FONT></font></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    US dollar year end exchange rate moved from &#36;1.9199 at December 31, 2004
    to &#36;1.7168 at December 31, 2005. The net impact of foreign exchange movements
    resulted in an increase in sterling translated net debt from December 31,
    2004 to December 31, 2005 of &#163;95.7m.</FONT></P>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left> <strong><font color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Foreign
        currency &#150; exchange rates</font></strong></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="4" align=left><hr size="1" noshade></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp; </TD>
      <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</font></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="4" align=left><hr size="1" noshade></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Average
        rates</FONT></B></font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD width=2% rowspan="2" align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD width=2% rowspan="2" align=left><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;/&#36;US</font></TD>
      <TD width=10% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.8196</FONT></B></font></TD>
      <TD width=10% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.8294</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="4" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;/euro</font></TD>
      <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4621</FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.4738</font></TD>
      <TD rowspan="2" align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="4" align=left><hr size="1" noshade color="b65b17"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;/&#36;AUS</font></TD>
      <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.3871</FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.4858</font></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="4" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Year
        end</FONT></B></font></TD>
      <TD align=left>&nbsp; </TD>
      <TD rowspan="2" align=left>&nbsp;</TD>
      <TD align=left>&nbsp; </TD>
      <TD rowspan="2" align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;/&#36;US</font></TD>
      <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.7168</FONT></B></font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9199</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="4" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;/euro</font></TD>
      <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4554</FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.4125</font></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="4" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD rowspan="2" align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;/&#36;AUS</font></TD>
      <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.3404</FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.4491</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="4" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
  </TABLE>
  <font size="2"> </font>

  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <strong><font color="b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Impact
        of currency movements</font></strong></TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD rowspan="3" align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD rowspan="3" align=left><font size="1">&nbsp; &nbsp; &nbsp; </font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD rowspan="3" align=left><font size="1">&nbsp; &nbsp; &nbsp; </font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Impact
          of</font></TD>
      <TD rowspan="3" align=left><font size="1">&nbsp; &nbsp; &nbsp; </font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004
          results</font></TD>
      <TD rowspan="3" align=left><font size="1">&nbsp; &nbsp; &nbsp; </font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Constant</font></TD>
      <TD rowspan="3" align=left><font size="1">&nbsp;</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exchange
          from</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(at
          2005</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">currency</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">results</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004
          results</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004
          to 2005</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exchange
          rates)</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005
          v 2004</font></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD colspan="9" align=right><hr size="1" noshade></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group
        turnover<SUP><font size="1">&#134;</font></SUP></FONT></B>&nbsp; </font></TD>
      <TD align=left> </TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> </TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> </TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> </TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> </TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Aggregates North America</font></TD>
      <TD width=10% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">980.6</font></TD>
      <TD width=2% align=left>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">897.3</font></TD>
      <TD width=2% align=left>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.8</font></TD>
      <TD width=2% align=left>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">902.1</font></TD>
      <TD width=2% align=left>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.7</font></TD>
      <TD width=2% align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="11" align=left><hr size="1" noshade color="b65b17"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Building Products North America</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#135;</FONT></SUP>&nbsp;
        </font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">753.7</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">647.4</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.8</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">657.2</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14.7</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Aggregates UK</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">811.5</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">771.9</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">771.9</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.1</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Building Products UK</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">368.2</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">300.7</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">300.7</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.4</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Australia &amp; Asia Pacific</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">573.0</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">537.7</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.4</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">556.1</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Continental Europe</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">228.7</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">228.0</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.2</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">230.2</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.7</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,715.7</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,383.0</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35.2</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,418.2</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.7</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="2" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating
        profit before impairments<SUP><font size="1">&#134;</font></SUP></FONT></B>&nbsp; </font></TD>
      <TD align=left> </TD>
      <TD align=left>&nbsp; </TD>
      <TD align=left> </TD>
      <TD align=left>&nbsp; </TD>
      <TD align=left> </TD>
      <TD align=left>&nbsp; </TD>
      <TD align=left> </TD>
      <TD align=left>&nbsp; </TD>
      <TD align=left> </TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Aggregates North America</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">138.4</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">127.6</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.7</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">128.3</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.9</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Building Products North America</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#135;</FONT></SUP>&nbsp;
        </font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">125.7</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">111.2</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.6</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">113.8</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.5</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Aggregates UK</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">108.8</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">74.5</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">74.5</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.0</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Building Products UK</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37.8</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.8</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.8</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.7</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Australia &amp; Asia Pacific</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">89.7</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">72.1</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.8</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">74.9</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.8</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        Continental Europe</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.9</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23.9</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.3</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.2</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(17.8</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Central</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(31.5</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(22.7</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(22.7</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(38.8</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
        profit before impairments</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">488.8</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">423.4</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.4</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">429.8</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13.7</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
        impairments</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.0</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(29.3</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(29.3</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">86.3</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
        finance cost</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(55.5</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(46.8</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.4</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(47.2</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(17.6</font></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</font></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit
        before taxation</font></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">429.3</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">347.3</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.0</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">353.3</font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.5</font></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="10" align=left><hr size="1" noshade color="b65b17"></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="2" align=left> <font size="1"><sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#135;</font></sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Currency
        movements reflect both US dollar and Canadian dollar impact</font></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
  </TABLE>
</div><br clear="all">
<hr size="1"  color="#b65b17" noshade>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD align=middle width="35%">&nbsp;</TD>
      <TD width="3%" align=left valign="bottom"><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>37</font></TD>
      <TD align=left valign="bottom"> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
        review</font></TD>
      <TD width="15%" align=left valign="bottom"> <font size="1"><sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
        operations</font></font></TD>
    </TR>

</TABLE>
<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div><page><a name="p38"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Financial review <font color="#8C8A95">continued</font></b></FONT></p>
<hr size="1"  color="#b65b17" noshade>
<div style="float: left; width: 30%">
</div>
<div style="float: right; width: 65%">
<P>
  <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance costs and income</FONT><font color="#b65b17"><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font><SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
finance costs</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">were &#163;55.5m
(&#163;46.8m). </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest payable on loans totalled &#163;119.0m (&#163;92.2m) against interest receivable of &#163;60.1m (&#163;40.0m), resulting in a net interest cost of &#163;58.9m
(&#163;52.2m). The main reason for the increase in the net interest charge was an increased level of net debt following the acquisitions made in 2005.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest cost on the pension plan liabilities and other post-retirement benefits was &#163;103.2m (&#163;99.2m), offset by an expected return on pension assets of &#163;108.7m
(&#163;111.2m), to give a net pension finance income of &#163;5.5m (&#163;12.0m). The reduction in income resulted primarily from a reduction in interest rates. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The unwind of the discounting relating to long-term provisions was a charge of &#163;2.5m (&#163;6.6m), and included the impact of a change in discount rates.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation on continuing operations</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation
on continuing operations was &#163;34.4m (&#163;27.1m). The 2005 charge consisted of an underlying tax charge, excluding the tax relating to joint-ventures and
associates, of &#163;58.4m, a net release from provisions of &#163;29.6m and a charge of &#163;5.6m relating to impairments. The 2004 tax charge has been restated by &#163;49.6m following a change in the interpretation of the deferred tax accounting
requirements under IFRS. The restatement resulted in a charge of &#163;27.1m for 2004, which consists of an underlying tax charge, excluding the tax relating to joint-ventures and associates, of &#163;55.1m, one-off deferred tax credit after
restatement of &#163;21.7m and a tax credit on impairments of &#163;6.3m. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
underlying tax charge of &#163;58.4m (&#163;55.1m) was equivalent to an underlying
effective tax rate of 14.9% (15.6%) on the profit before tax and impairments,
excluding
joint-ventures and associates, of &#163;392.8m (&#163;353.4m).</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The net provision release in 2005 of &#163;29.6m resulted from the successful resolution of a number of issues with the relevant tax authorities.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued operations</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current
year loss after taxation of discontinued operations was &#163;7.3m (&#163;56.0m). </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The profit after tax earned by operations in 2005 prior to their disposal was &#163;2.8m. Hanson Aggregates North America sold its 50% interest in the joint-venture Campbell
Concrete and Materials, a ready-mixed concrete business operating in Houston, Texas on June 17. Hanson Continental Europe disposed of 19 ready-mixed concrete sites on May 13, and has subsequently restructured its Spanish operations. Seagoe, a
drainage business based in Northern Ireland, was included in discontinued as a disposal group held for sale. Seagoe was sold in January 2006. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The profit after tax arising from the sale of the above operations was &#163;2.3m.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A loss after tax of &#163;12.4m (&#163;50.0m) resulted from operations that were discontinued prior to 2004. The main item in this category was an asbestos charge of
&#163;22.4m (&#163;79.7m) before tax and &#163;13.7m (&#163;40.6m) after tax.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asbestos</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Various
of the Company&#146;s US subsidiaries are defendants in a number of lawsuits
alleging bodily injury due to exposure to asbestos-containing products before
1984. New claimants were 10,350 for 2005 compared with the 18,700 new claimants
received in 2004. At the end of 2005, outstanding claimants totalled approximately
131,350 (135,750). Of the 14,750 (7,150) claimants whose cases were resolved
during 2005, over
90% were dismissed without payment.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In the USA, claimants can often file claims without illness or product identification. In the absence to date of federal reform, a number of states have introduced reform
measures. Although outstanding claimants decreased at the end of 2005 compared to 2004, this does not mean we believe this is the start of a downward trend in the number of claimants. </FONT></P>
</div><br clear="all">
<hr size="1"  color="#b65b17" noshade>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD align=middle width="35%">&nbsp;</TD>
      <TD width="3%" align=left valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38</FONT> </TD>
      <TD align=left valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
      review</FONT></TD>
      <TD width="15%" align=left valign="bottom"> <SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
      operations</FONT></TD>
    </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p39"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="float: left; width: 30%">
</div>
<div style="float: right; width: 65%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
gross cost of resolving asbestos claims in 2005 was &#36;43.2m (&#36;59.3m) including
legal fees of &#36;26.3m (&#36;27.4m). The net cost of asbestos for the year
after
insurance was &#36;31.7m (&#36;12.8m). </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Company&#146;s approach to accounting for the asbestos claims against these US subsidiaries is to provide for those costs of resolution which are both probable and reliably
estimable. The costs of resolving possible claims are disclosed as contingent liabilities. At present, based on detailed analysis and the assumptions referred to in note 21 of the Notes to the accounts, the provision for those costs which are both
probable and reliably estimable equates to approximately eight years of gross cost assuming annual gross costs of &#36;60.0m. The full year increase in the provision for future asbestos costs was &#36;60.0m (&#36;222.5m), taking the gross provision
to &#36;496.8m (&#36;480.0m) before the impact of discounting, which has reduced the provision to &#36;398.6m (&#36;401.2m), or &#163;232.2m (&#163;209.0m).</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Offsetting this is approximately &#36;14.6m (&#36;26.1m) of remaining insurance cover at December 31, 2005. The insurance settlement reached in February 2006 and detailed in
note 31 of the Notes to the accounts will result in an additional insurance asset of approximately &#36;60m being recognised on January 1, 2006. In addition to this settlement, we will continue to use a combination of litigation and negotiation to
maximise further insurance cover.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
net cost of resolution is allowable for US tax at a rate of 39%. Following the
recent insurance settlement, the estimated net cost of approximately &#36;48.0m
is equivalent
to approximately &#36;29.0m post-tax, or &#163;16.0m, 3.4% of net cash inflow
from operating activities of &#163;471.2m (&#163;507.5m.)</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The 2005 interim dividend paid and final dividend recommended total 20.0p (18.15p), an increase of 10.2% on 2004. The sustained increase in our dividend payout reflects our
confidence in the underlying strength of the group and its ability to generate strong cash flows.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Earnings per share</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic earnings per share in 2005 were 53.2p (36.0p), up 47.8% on last year. EPS on continuing operations before impairments were 55.5p (46.7p), up 18.8% on last year.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left> <font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Summary
      of cash flows &#150; &#163;m</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group operating profit before impairments<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">448.3</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">400.2</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade></TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade></TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade></TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade></TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amortisation</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Depreciation and depletion</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">194.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">191.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends from joint-ventures and associates</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">27.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Movement in working capital</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(22.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net provision utilisation</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(34.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(19.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pensions and post-retirement benefits</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net cash inflow from operating activities before interest and tax</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">592.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">579.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation paid</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(54.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net interest paid</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(64.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(53.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Premium paid on redemption of borrowings</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net cash flow from operating activities</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">471.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">507.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital expenditure</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(191.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(198.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sale of property, plant and equipment</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">29.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Acquisition of operations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(342.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(88.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disposal of operations, fixed and current asset investments</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">50.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">77.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(136.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(127.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Purchase of own shares held in treasury</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(45.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exchange movements in net debt</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(95.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">101.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(33.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Movement in net debt</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(294.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">247.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Opening net debt</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(695.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(942.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Closing net debt</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(989.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(695.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
</TABLE>
</div><br clear="all">
<hr size="1"  color="#b65b17" noshade>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
     <TR>
      <TD align=middle width="35%">&nbsp;</TD>
      <TD width="3%" align=left valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39</FONT></TD>
      <TD align=left valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
      review</FONT></TD>
      <TD width="15%" align=left valign="bottom"> <SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
      operations</FONT></TD>
    </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p??"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Financial review <font color="#8C8A95">continued</font></b></FONT></p>
<hr size="1"  color="#b65b17" noshade>
<div style="float: left; width: 30%">
</div>
<div style="float: right; width: 65%">
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash flow</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
cash inflow from operating activities for 2005 was &#163;471.2m (&#163;507.5m). This includes &#163;10.6m (&#163;4.3m) paid for asbestos costs, net of insurance. Taxation
paid was &#163;54.1m (&#163;18.3m) compared to the tax charge</FONT><SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of &#163;34.4m (&#163;27.1m). The increase in tax payment results from increased earnings and reduced first year capital allowances in the USA. Net interest paid was &#163;64.3m (&#163;53.2m) compared to a net finance cost of &#163;55.5m (&#163;46.8m).</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital expenditure</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
Capital expenditure</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134; </FONT></SUP><FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for the purchase
of property, reserves, new and replacement plant and equipment during the year
totalled &#163;196.1m (&#163;201.1m) of which &#163;191.8m (&#163;198.6m) was paid in 2005.
This represented 122.0% of continuing depreciation. Over half of this amount has been spent in North America. A further &#163;123.1m
of capital expenditure had been committed as at December 31, 2005 primarily for
new building products plants in the USA. These capital expenditures are expected
to be financed out of group cash flows and bank facilities.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group continues to identify and invest in projects which are intended to reduce operating costs and expand and enhance the performance of our divisions. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left> <font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital
    expenditure</font><font color="#b65b17"><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup></font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="3" align=left>&nbsp;

	</TD>
	<TD align=left>
      <div align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capex</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>
	    </div></TD>
	<TD align=left>
      <div align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Depreciation</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>
	    </div></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capex % of</FONT>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">depreciation</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates North America</FONT></TD>
	<TD width=12% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">69.4</FONT></TD>
	<TD width=14% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">59.5</FONT></TD>
	<TD width=12% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">116.6</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade></TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade></TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade></TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products North America</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">154.8</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates UK</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">30.0</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">77.0</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products UK</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">144.8</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia &amp; Asia Pacific</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">32.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">121.6</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continental Europe</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">204.6</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Central</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
  <TD align=right><hr size="1"  color="#b65b17" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">196.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">160.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">122.0</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Acquisitions</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
cash acquisition spend for 2005 was &#163;342.9m (&#163;88.4m). On January 4, 2005, Hanson Building Products UK acquired the assets of UK brick manufacturer Marshalls
Clay Products for &#163;64.7m and Thermalite, a market leader in aircrete blocks, on March 7 for &#163;124.2m. On June 17, Hanson Aggregates North America acquired the assets of Mission Valley Rock, Berkeley Ready Mix and Berkeley Asphalt, and
Hanson Building Products North America acquired the assets of Sherman Pipe, a concrete pipe and precast concrete products business for a total of &#163;108.0m. Other acquisitions made in the year consisted of three quarries in Southern Indiana by
Hanson Aggregates North America in December, and a further six acquisitions totalling &#163;46.0m. </FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital structure and share buyback programme</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The capital structure of the group takes account of the needs of our equity shareholders to maximise return on equity whilst recognising that to do so requires access to the
debt capital markets. Our debt ratings are carefully managed and we maintain an inclusive relationship with the major rating agencies to ensure consistent ratings over the medium-term. Key credit ratios are closely monitored and reviewed as part of
our planning process.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group continually reviews its level of debt and equity. Following a four year period of debt reduction, Hanson commenced an on-market share buyback programme during October
2004. During the year ended December 31, 2005 8,335,000 shares were bought back and held as treasury shares for &#163;46.7m, of which &#163;45.1m was paid in 2005. At December 31, 2005 there were 14,685,000 ordinary shares in issue which are held in
treasury. The share buyback programme is a rolling return of that capital which we believe is in excess of our medium-term requirements and which is reviewed on a continuing basis in the context of our cash flow, capital expenditure and acquisition
plans. </FONT></P>
</div><br clear="all">
<hr size="1"  color="#b65b17" noshade>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD align=middle width="35%">&nbsp;</TD>
      <TD width="3%" align=left valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40</FONT></TD>
      <TD align=left valign="bottom"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
      review</FONT></TD>
      <TD width="15%" align=left valign="bottom"> <SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
      operations</FONT></TD>
    </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p41"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="float: left; width: 30%">
</div>
<div style="float: right; width: 65%">


<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net debt</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At
the end of 2005, the group&#146;s net debt of &#163;989.6m (&#163;695.2m) was represented by borrowings of &#163;2,072.6m (&#163;2,089.5m), offset by cash of &#163;1,083.0m
(&#163;1,394.3m).</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The maturity profile of the group&#146;s cash and debt, excluding undrawn balances on committed bank facilities, is set out in the table below. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Maturing
    net cash/(debt) &#150; &#163;m</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD rowspan="2" align=left><font size="1">&nbsp;</font> </TD>
  <TD align=left><font size="1">&nbsp;</font> </TD>
  <TD rowspan="2" align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font> </TD>
  <TD rowspan="2" align=left><font size="1">&nbsp;</font> </TD>
  <TD align=left><font size="1">&nbsp;</font> </TD>
  <TD rowspan="2" align=left><font size="1">&nbsp;</font> </TD>
  <TD align=right><b> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cumulative</FONT></b></TD>
  <TD rowspan="2" align=left><font size="1">&nbsp;</font> </TD>
</TR>
<TR valign="bottom">
  <TD align=right><b> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash</FONT></b></TD>
  <TD align=right><b> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Borrowings</FONT></b></TD>
  <TD align=right><b> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
        debt</FONT></b></TD>
  <TD align=right><b> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">net
        debt</FONT></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2006</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,083.0</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(911.0</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">172.0</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">172.0</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2007</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(86.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(86.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">85.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2008</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(200.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(200.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(114.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2009</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(114.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2010</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(460.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(460.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(575.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2011</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
&#8211;	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
&#8211;	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(575.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2012</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
&#8211;	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
&#8211;	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(575.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2013</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(414.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(414.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(989.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,083.0</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2,072.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(989.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In line with the group&#146;s financial risk policies, the amount of net debt and foreign exchange contracts denominated in US dollars was increased during the year to
&#163;1,090.1m (&#163;834.7m), representing 110% (120%) of net debt. The table below shows the effect on US dollar denominated profits and net debt of a 10% fall in the US dollar.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In US dollars only</FONT></b></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
    for 2005 &#163;m</FONT></b></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10%
    fall &#163;m</FONT></b></TD>
	<TD align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit before impairments<SUP><font size="1">&#134;</font></SUP></FONT>&nbsp;
	</font></TD>
	<TD width=11% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">232.5</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(21.1</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net debt and foreign exchange</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,090.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">99.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For further details, see note 29 of the Notes to the accounts.</FONT></p>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Balance sheet and provisions</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
equity is &#163;2,672.3m (&#163;2,411.0m) at December 31, 2005. The transfer to reserves from the income statement was &#163;387.6m less amounts for dividends paid of
&#163;136.2m. The effect of currency movements increased total equity by &#163;56.8m. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions totalled &#163;552.3m (&#163;541.8m) at December 31, 2005.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pensions and other post retirement benefits</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During
2005 Hanson, together with the relevant trustees, continued to monitor the funding
and asset allocation policies of the main UK and US defined benefit plans. The
group has adopted a funding policy that targets the accrued benefit obligation,
which is higher than applicable statutory minimum funding levels in each country.
Total contributions by the group for its pension and other post retirement obligations
were &#163;68.1m, principally in the USA, Canada, the UK and Australia. As at December 31, 2005, the net liability in relation to defined benefit pension plans was &#163;20.8m (&#163;48.5m) and the net liability relating to post-employment medical
benefits was &#163;103.3m (&#163;80.4m). Over recent years, movements in market value apart, the group&#146;s
defined benefit plans have generally moved toward asset allocations with lower
levels of risk. At the end of 2005, 58.3% (53.7%) of defined benefit plan assets
were in bonds, property and cash. Details of contributions to the pension plans,
market value of assets and amounts recognised in the balance sheet can be found
in note 28 of the Notes to the accounts.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Off balance sheet arrangements</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
group&#146;s off balance sheet arrangements consist of the following, as referred
to in the Notes to the accounts: </FONT></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%">&#8211;</td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">operating leases (notes 3 and 27)</FONT></td>
  </tr>
  <tr valign="top">
    <td>&#8211;</td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">commitments to capital expenditure (note 13)</FONT></td>
  </tr>
  <tr valign="top">
    <td>&#8211;</td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">guarantees, letters of credit and surety bonds (note 26)</FONT></td>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other than as disclosed, there are no off balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the group&#146;s
financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditure or capital resources.</FONT></P>
</div><br clear="all">
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR color=#b65b17 noshade size=1>
    </td>
    <td width="3%"><HR color=#b65b17 noshade size=1>
    </td>
    <td><HR color=#b65b17 noshade size=1>
    </td>
    <td><HR color=#b65b17 noshade size=1>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">41</font></td>
    <td width="47%"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
        review</font></FONT></td>
    <td width="15%"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
    operations</font></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p42"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Financial review </b><font color="#8c8a95">continued</font></FONT></p>
<HR color=#b65b17 noshade size=1>
<div style="float: left; width: 30%">
</div>
<div style="float: right; width: 65%">

<p><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital and financial obligations</FONT><br>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
table below sets out Hanson&#146;s capital and financial obligations due by period. Due to the nature of the group&#146;s
trading activities there are no significant
purchase obligations.</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Payments
    due by period &#163;m</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD rowspan="2" align=left>&nbsp;

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Less than</FONT></b></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">More than</FONT></b></TD>
    <TD rowspan="2" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></b></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1 year</FONT></b></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1-3 years</FONT></b></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3-5 years</FONT></b></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5 years</FONT></b></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital and financial obligations</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">at December 31, 2005</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Borrowings (note 20)<SUP>#</SUP></FONT>&nbsp;
	</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,072.6</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">911.0</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">286.9</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">460.3</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">414.4</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating and finance leases (note 27)<SUP>#</SUP></FONT>&nbsp;
	</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">239.4</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.5</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">47.8</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.6</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">128.5</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension commitments (note 28)<SUP>#</SUP></FONT>&nbsp;
	</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">25.2</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.4</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.8</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
&#8211;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
&#8211;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital expenditure contracted (note 13)<SUP>#</SUP></FONT>&nbsp;
	</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">123.1</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">123.1</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>&#8211;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
&#8211;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
&#8211;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,460.3</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,074.0</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">351.5</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">491.9</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">542.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top"><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">#&nbsp;&nbsp;&nbsp;</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
      to the accounts</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Risk management</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group Risk Committee, which includes all of the Executive Directors of the Company and other senior managers, is responsible, under delegated authority from the Board, for
reviewing the group risk position and ensuring appropriate risk mitigation is in place. In carrying out this role, the Risk Committee reviews audit reports, risk assessment returns, including those for Turnbull, as well as regular management
reports.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Funding, liquidity and treasury management</FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
group&#146;s financial risk policy identifies risks and sets out a control framework
for managing exposures. This policy is approved by the Board and covers interest
rate, foreign exchange and credit risks. It also sets out policies for funding
and liquidity management. The Risk Committee has delegated authority from the
Board to monitor and review these policies, approve the adoption of new instruments
in accordance
with group policies and approve any changes to policy implementation. Operating
within the strict controls of these policies, the Treasury department manages
these financial risks, ensuring in particular that sufficient funding and liquidity
is
available to meet the expected needs of the group. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In addition to the high level of free cash flow of the group, Hanson operates a prudent approach to liquidity management using a mixture of long-term debt together with
short-term cash and investments.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our core funding is provided by two US bond issues, each of &#36;750m, maturing in September 2010 and March 2013, respectively. A third US bond of &#36;750m matured in
September 2005. The group also has substantial committed bank facilities which total &#163;947.7m, the principal components of which are a new &#163;500m facility expiring in 2010 and a &#36;475m facility expiring in 2009. The new &#163;500m
facility replaced a five year &#163;519.2m facility due to expire in March 2006. At the balance sheet date, &#163;244.2m of committed bank facilities were utilised by way of letters of credit and cash drawings. The level of unused facilities,
together with other resources available to the group, is such that we believe that we have sufficient funding to satisfy our working capital requirements in the near to medium-term.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Committed
    bank facilities &#150; &#163;m</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expiring</FONT></b></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remaining</FONT></b></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">947.7</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2006</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">85.5</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">862.2</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2007</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">85.5</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">776.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2008</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">776.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2009</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">276.7</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">500.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2010</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">500.0</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group credit facilities contain a financial covenant broadly consistent with, but less restrictive than, the group&#146;s interest cover target. The group does not, therefore,
anticipate that this covenant will restrict funding or investment strategies in the foreseeable future.</FONT></P>
</div><br clear="all">
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    </td>
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    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">42</font></td>
    <td width="32%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
    review</font></td>
    <td width="30%">&nbsp;</td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p43"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<div style="float: left; width: 30%">
</div>
<div style="float: right; width: 65%">


<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Credit risk<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  Board&#146;s policy is that credit risk for financial transactions should be
  restricted to counterparties with a minimum A-/A3 credit rating for long-term
  transactions and F2/P-2/A2 for short-term transactions. In addition, there
are individual counterparty and country limits for cash and short-term investments.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson&#146;s credit ratings, which are a key determinant of the terms on which the group can issue debt, were unchanged during the year as shown below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
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  <TD align=right>&nbsp;</TD>
</TR>
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	<TD align=left>&nbsp;

	</TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Short-term</FONT></b></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remaining</FONT></b></TD>
    <TD align=right>&nbsp;</TD>
</TR>
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  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
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  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fitch</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">F2</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">BBB+</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
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  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Moody&#146;s</FONT>
</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">P-2</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Baa1</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
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  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Standard &amp; Poor&#146;s</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A2</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">BBB+</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right><HR color=#b65b17 noshade size=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Interest rate risk</FONT></I><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
group&#146;s policy for interest rate risk is designed to limit the group&#146;s
exposure to fluctuating interest rates. This is achieved by limiting the level
of floating interest rate exposure to a maximum determined by both the level
of debt and the level of operating profit of the group at any point in time.
This approach, which is consistent with our target for ongoing leverage, will
mean, other things being
equal, that for any given level of debt, a higher level of operating profit will
result in a higher limit on the level of floating rate debt in the group (and
vice versa). Consistent with this policy, at December 31, 2005, the group held
56% (77%) of net debt at fixed rates. For further details, see note 29 of the
Notes to the accounts.</FONT></P>
<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Foreign exchange risk</FONT></I><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Due to the nature of our products, which are generally uneconomic to transport long distances, there are few foreign exchange transaction exposures in the course of our
day-to-day business. However, the majority (67%) of our capital employed is in overseas locations and is denominated in foreign currencies, principally US dollars (42%). As a consequence, changes in exchange rates affect both reported profit and
asset values. The exposure of asset values to foreign exchange rates is controlled to an extent by matching a proportion of currency assets with currency liabilities, using both debt and foreign exchange contracts. This means that falling overseas
exchange rates will give rise to both falling asset values and lower levels of net debt in sterling terms. The interest cost of currency liabilities also provides a partial hedge for foreign currency income. </FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Critical accounting policies </FONT><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
following section explains where, in these financial statements, we have exercised
judgement in applying the group&#146;s key accounting policies and critical estimates in
areas which are by their nature inherently uncertain. Although we have used all of the information currently available to us in making such critical estimates, changes to our assumptions in these areas could materially affect the financial results
and position shown in this document. Hanson&#146;s significant accounting policies
in accordance with IFRS are set out on pages 74 to 77 of the Annual Report and
Form 20-F. Where estimates have been used, it is possible that over time the
actual
results upon which the judgement was based could differ from those estimates.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group considers the following are the critical policies where assumptions and judgements could have a significant impact on the consolidated financial statements.</FONT></P>
<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Legal and other disputes</FONT></I><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Various
of the group&#146;s subsidiaries are subject to a number of legal disputes, the
most significant being asbestos claims against a number of its US subsidiaries.
Provisions for anticipated settlement costs and associated expenses arising from
legal and other disputes are made where a reliable estimate can be made of the
probable outcome of the dispute. Where it is not possible to make such an estimate,
no
provision is made. Our approach to providing for asbestos is explained in note
26 of the Notes to the accounts.</FONT></P>
</div><br clear="all">
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    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">43</font></td>
    <td width="32%"> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
    review</FONT></td>
    <td width="30%">&nbsp;</td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p44"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Financial review </b><font color="#8c8a95">continued</font></FONT><font size="3"></font><b><font size="3"><BR>

</font>
</b>
<hr color="#b65b17" size="1" noshade>
<div style="float: left; width: 30%">
</div>
<div style="float: right; width: 65%">
<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Environmental obligations<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Various
of the group&#146;s subsidiaries are also subject to environmental obligations
for clean-up and remediation costs, pursuant to environmental laws and regulations.
Provisions are made for environmental obligations and related costs which are
probable and reliably estimable and where a legal or constructive obligation
to remedy-known exposures exists. The ultimate requirement for such actions,
and their costs
is inherently difficult to estimate and is based on current information on costs
and expected plans for remediation. Actual costs can differ from estimates over
time because of changes in existing laws and regulations, public expectations,
new sites
arising and unknown conditions being encountered.</FONT></P>
<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Impairment<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
group applies IAS 36 &#147;Impairment of Assets&#148; under IFRS and SFAS 144 &#147;Accounting for the impairment of long-lived assets and for long-lived assets to be
disposed of&#148; together with SFAS 142 &#147;Goodwill and other intangible assets&#148; under
US GAAP.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under IFRS, the group compares the carrying value of goodwill and tangible assets, with the higher of their net realisable value and value in use (explained below), to
determine whether an impairment exists. Under US GAAP, the group assesses the fair value and recoverability of goodwill by comparing the implied fair value of goodwill with the actual goodwill attributable to a reporting unit. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Value in use is calculated by discounting the cash flows expected to be generated by the asset/group of assets, being tested for evidence of impairment. The use of different
estimates, assumptions and judgements, in particular those involved in (a) determining a value based on our current expectations of future industry conditions and the associated cash flows from the group&#146;s operations, but also those involving
our future intentions for assets which are currently non-operational, (b) our determination of the level at which groups of assets can be reasonably tested for impairment separately from other parts of the business and (c) our treatment of centrally
held assets, could each result in materially different carrying values of assets and assessments of impairment. </FONT></P>
<P>
<I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Pensions and other post-retirement benefits<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
IFRS, the group applies IAS 19 &#147;Employee benefits&#148;. Under US GAAP, the Company applies SFAS 87 &#147;Employers&#146; Accounting for Pensions&#148; and SFAS 106
&#147;Employers&#146; Accounting for Post-retirement Benefits Other Than Pensions&#148;.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">These accounting standards require the group to make assumptions including, but not limited to, future asset returns, rates of inflation, discount rates, life expectancies and
health care costs. The use of different assumptions, in any of the above calculations, could have a material effect on the accounting values of the relevant assets and liabilities which could result in a material change to the cost of such
liabilities as recognised in the income statement over time. These assumptions are subject to periodic review. See note 28 of the Notes to the accounts for additional information regarding the group&#146;s pension and other post-retirement
benefits.</FONT></P></div>
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    <td><hr size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">44</FONT></td>
    <td align="left" valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
    review</FONT></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p45"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Principal risks and uncertainties</b></FONT></P>
<hr color="#b65b17" size="1" noshade>

<div style="float: left; width: 30%">
</div>
<div style="float: left; width: 5%">
</div>
<div style="float: left; width: 30%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our business, financial condition and results of operations, and consequently the price of the Hanson shares and the amount and timing of any dividends that we pay, will be
influenced by a range of factors, many of which are beyond the control of Hanson and its Board. The risk factors set out below and the other information in the Annual Report and Form 20-F should be considered carefully. There may be other risks
which are not known to the Company or which may not be material now but could turn out to be material.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Risk management<br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Board of Hanson PLC reviews the effectiveness of the system of internal control, covering, inter alia financial, operational, compliance and risk management, at least
annually.</FONT></P>
<P>
<FONT color="#b65b17"  size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Changes
in economic conditions could have a material adverse effect on the level of demand
for Hanson&#146;s products.</FONT><FONT  size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
Our
performance is affected significantly by changes in economic conditions, both
globally and in the particular countries in which we conduct our operations,
especially in the USA, the UK and Australia where we have our most significant
operations. The demand for our products, which are mainly
aggregates, concrete products, ready-mixed concrete, asphalt and clay bricks,
is closely linked to general economic conditions in each of the territories in
which we operate. As a result, depressed economic conditions could have an adverse
effect on demand for, and pricing of, our products, which could result in reduced
sales and reduced profits.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Changes
in government policy or legislation relating to public works expenditure and
housing could have a material adverse effect on the levels of demand for Hanson&#146;s
products.</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <br>
National governments&#146; policies with regard to the development of transport infrastructure and housing have a significant effect on demand for our products and, as a result, our profitability. Decreases in governmental funding or in
the allocation of those funds for transport infrastructure and housing projects could reduce the amount of money available for spending on our products, potentially thereby reducing sales and profits.</FONT></P>
</div>
<div style="float: right; width: 30%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For example, the move towards inner-city residential development in the UK, and consequently an increase in the number of apartments being built in place of houses, has reduced
the demand for bricks.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Inclement
weather conditions could significantly impact levels of construction activity
and hence demand for Hanson&#146;s products.<br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Extended
periods of inclement weather,  especially periods of heavy or sustained rainfall
during peak construction periods during the year and other acts of nature such
as hurricanes, can result in a material reduction in demand for our products
at important times, as well as impact our
ability to produce our products, and consequently result in reduced revenues
and profits. </FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
operates in an extremely competitive market.</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Most, if not all, of the markets in which we operate are extremely competitive. The competitive environment in which we operate can be significantly affected by local factors,
such as the number of competitors and production capacity in the local market, the proximity of natural resources to the local market and economic conditions and product demand in the local market. The pricing policies of competitors and the entry
of new competitors in the local markets in which we operate can have an adverse effect on the demand for, and price of, our products and on the results of our operations and profitability.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Changes
in government policy or legislation relating to planning, the environment, health
and safety and industry related tax could significantly affect Hanson&#146;s
industry
related regulatory compliance and other operating costs and Hanson&#146;s ability
to establish additional reserves.</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
Our performance is affected significantly by
national and/or local government policy and legislation in the regions and territories
 in which we operate. Many of our products are subject to government regulation
in various jurisdictions regarding their production and sale, and our operating
units are subject to extensive regulation by national and local agencies concerning
such
matters as planning and environmental and health and safety compliance. Numerous
governmental permits and approvals are required for our operations. We believe
that our operating units are currently operating in substantial compliance with,
or under
approved variances from, various</FONT></P>
</div>
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  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">45</FONT></td>
    <td align="left" valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Principal
    risks and uncertainties</FONT></td>
  </tr>
</table>

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<P>
<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Principal risks and uncertainties </b><font color="#8c8a95">continued</font></FONT></P>
<hr color="#b65b17" size="1" noshade>

<div style="float: left; width: 30%">
</div>
<div style="float: left; width: 5%">
</div>
<div style="float: left; width: 30%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">national and local regulations in all applicable jurisdictions. In the past, our subsidiaries have made significant capital and maintenance expenditures to comply with
planning, water, air and solid and hazardous waste regulations, and these subsidiaries may be required to do so in the future in order to ensure business continuity.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The existence of these national and local regulations in many jurisdictions in which we operate also means that it is often difficult to establish new greenfield aggregates
reserves and brick factories with clay reserves in areas where demand would justify the capital expenditure required.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The imposition of industry related taxes such as the Aggregates Levy and the Climate Change Levy in the UK increase our costs and encourage imports of competing products and
product substitution.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disruption
to, or increased costs of, the supply of materials, energy and fuel to Hanson
and the supply of finished products to Hanson&#146;s customers could significantly

reduce Hanson&#146;s profitability.</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
We are a significant purchaser of materials,
energy and fuel, including cement for use in our ready-mixed concrete and concrete
product operations, steel for use in our concrete product and steel pipe operations,
 bitumen for use in our asphalt activities, gas and other energy supplies for
use in our cement and brick manufacturing operations and fuel for the processing
and transport of our products. The cost of such materials, energy and fuel fluctuates,

sometimes by material amounts. Increases in the costs of such materials, energy
and fuel or their non-availability, can significantly impact our costs and disrupt
our operations. The profitability of our operations could be adversely affected
if we
are not able to recoup such costs in the prices of our products.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Transport logistics play an important part in the group&#146;s supply chain, whether by road, rail, sea or river, and any material disruption/or non-availability of such
transport support could significantly impact operating costs and reduce profitability.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Increased
employment costs could significantly reduce Hanson&#146;s profitability.</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
We are
a significant employer of labour and any increased costs of employment, including

pension and post-retirement healthcare costs, could significantly</FONT></P>
</div>
<div style="float: right; width: 30%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">impact operating costs and consequently reduce profitability. The group has several funded defined benefit pension plans, which cover a majority of the group&#146;s employees
who participate in the group&#146;s pension plans. Hanson also provides benefits from unfunded non-qualified plans in the USA and post-retirement employee benefits in the USA and Canada. Various assumptions are made in calculating our assets and
obligations under our pension plans which, if incorrect, could have a material adverse effect on our financial condition.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ineffective
implementation of computer software systems could significantly reduce Hanson&#146;s
profitability.</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The implementation of software to improve the efficiency and effectiveness of various business processes is an important contributor to our ongoing operations and growth
strategy. Failure to design, select appropriate suppliers or implement such systems effectively could result in unplanned costs or reduced levels of customer satisfaction which could adversely affect the results of our operations and
profitability.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson&#146;s
acquisition strategy may be unsuccessful due to an inability to identify suitable
acquisition targets and to integrate acquired companies into its business.</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We plan to continue making selective acquisitions to strengthen, develop and expand our existing aggregates, concrete products, ready-mixed concrete, asphalt, clay bricks and
related heavy building material activities. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The successful implementation of our acquisition strategy depends on a range of factors, including our ability to identify appropriate opportunities, complete acquisitions and
achieve an acceptable rate of return from those acquisitions, including past acquisitions. There may also be substantial challenges or delays in integrating and adding value to the businesses which we acquire. In addition, the costs of integration,
which are not presently capable of being estimated, could be material and the projected synergies resulting from such acquisitions may not be realised. Material costs or delays in connection with the integration of the operations that we acquire or
the inability to realise synergies from those acquisitions could result in increased expenditure and, consequently, reduced profitability and rates of return for us from such acquisitions.</FONT></P></div>
<br clear="all">
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  <tr>
    <td width="35%"><hr size="1" noshade></td>
    <td width="3%"><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46</FONT></td>
    <td align="left" valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Principal
    risks and uncertainties</FONT></td>
  </tr>
</table>


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<div style="float: left; width: 30%"></div>

<div style="float: left; width: 5%"></div>

<div style="float: left; width: 30%">
  <P> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    is subject to risks relating to changes in exchange rates.</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
    In the year ended December 31, 2005, approximately 76% of our operating profit
    before impairments</FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
    </FONT></SUP><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">was
    earned in currencies other than pounds sterling, and a significant portion
    of our revenue is denominated in US dollars. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31, 2005, approximately 67% of our capital employed was located outside the UK, and approximately 148% of our net debt and foreign exchange contracts were
denominated in currencies other than pounds sterling. Since our results are reported in pounds sterling, exchange rate movements affect our reported profits, assets, cash and debt balances. This effect may be positive or negative depending on the
nature of the actual exchange rate movement and the nature of any currency hedging instruments that we have put in place. Fluctuations in exchange rates could have a material adverse effect on our financial condition and results of operations to the
extent that we have not effectively hedged against those exchange movements. </FONT></P>
  <P> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Adverse
    changes in tax legislation may affect Hanson&#146;s ability to maintain its
    tax rate below the UK statutory rate.</FONT><br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    underlying effective group tax rate for 2005 was 14.9% compared to a UK statutory
    rate of 30%. Hanson&#146;s tax charge is subject to changes in legislation.
    Such changes in legislation may be implemented at short notice and may affect
    Hanson&#146;s ability to maintain its underlying tax rate below the UK statutory
    rate of 30%.</FONT></P>
  <P> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
    are unable to reliably estimate all costs associated with asbestos-related
    claims.</FONT><br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">With
    respect to asbestos related claims, the Company&#146;s approach to accounting
    for the asbestos claims against its US subsidiaries is to provide for those
    costs of resolution which are both probable and reliably estimable. The costs
    of resolving possible claims are disclosed as contingent liabilities. At present,
    based on detailed analysis and the assumptions contained in note 21 of the
    Notes to the accounts, the provision for those costs which are both probable
    and estimable equates to approximately eight years of gross cost, assuming
    a cost level of &#36;60m per annum. Whilst further claims are likely to be
    resolved beyond this eight year period, the associated costs of resolution
    cannot be reliably estimated and hence no provision has been made to cover
    these possible liabilities. Factors which could</FONT></P>
</div>


<div style="float: right; width: 30%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">cause actual results to differ from these estimates and expectations include: (i) adverse trends in the ultimate number of asbestos claims filed against the Company&#146;s US
subsidiaries; (ii) increases in the cost of resolving current and future asbestos claims as a result of adverse trends relating to settlement costs, dismissal rates, legal fees and/or judgment sizes; (iii) decreases in the amount of insurance
available to cover asbestos claims as a result of adverse changes in the interpretation of insurance policies or the insolvency of insurers; (iv) the emergence of new trends or legal theories that enlarge the scope of potential claimants; (v) the
impact of bankruptcies of other companies whose share of liability may be imposed on the Company&#146;s US subsidiaries under certain state liability laws; (vi) the unpredictable aspects of the US litigation process; (vii) adverse changes in the mix
of asbestos-related diseases with respect to which asbestos claims are made against the Company&#146;s US subsidiaries; and (viii) potential legislative changes. In light of such factors, the liability of the Company&#146;s US subsidiaries for
resolving asbestos claims may be materially different from current estimates and the impact of such claims might have a material adverse effect on the Company&#146;s consolidated financial condition, results of operations and cash flow. However,
assuming that current trends continue, the Company does not expect that the liability and costs associated with these asbestos claims will have such a material adverse effect and, even assuming a material deterioration in current trends, based on
the evidence available to it, the Company does not expect that such claims would impact the ability of the Company to continue as a going concern.</FONT></P>
  <P> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson&#146;s
    insurance may be insufficient to cover its obligations related to Koppers&#146;
    environmental liabilities.</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
    Koppers&#146; environmental clean-up/ remediation obligations and related
    costs refer primarily to certain former US discontinued chemical and related
    operations carried on by the Koppers company. Members of the group remain
    contractually and statutorily liable for certain environmental clean-up/ remediation
    costs relating to these discontinued operations. The Company considers current
    insurance cover to be sufficient to meet the related future costs of this
    liability, on the basis of its estimates and assumptions regarding future
    developments. Factors which could cause actual costs to differ from these
    estimates and assumptions</FONT></P>
</div><br clear="all">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left>&nbsp;</TD>
    <TD width=3% align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">47</font></TD>
    <TD width=47% align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Principal
      risks and uncertainties</font></TD>
    <TD width=15% align=left> <SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
      operations</FONT></TD>
  </TR>
</TABLE>
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<P> <FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Principal
  risks and uncertainties</b> <font color="#8c8a95">continued</font></FONT></P>
<hr size="2" noshade color="#b65b17">

<div style="float: left; width: 30%"></div>

<div style="float: left; width: 5%"></div>

<div style="float: left; width: 30%">
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">include:
  (i) unknown adverse conditions arising at sites; (ii) third party claims in
  excess of estimates; (iii) changes to regulatory requirements; (iv) changes
  in remediation techniques and; (v) any other significant variations to assumptions
  made in support of these estimates. Should the current insurance cover be insufficient
  to meet the related future costs this could have a material impact on our financial
  condition, results of operations and cash flow.</FONT></P>
  <P> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As
    a consequence of its significant present and former activities in the USA,
    the group is subject to litigation claims arising out of both former businesses
    and activities, (in addition to those relating to asbestos and Koppers&#146;
    environmental liabilities referred to above) as well as its existing operations.</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
    Former and existing subsidiaries have engaged in businesses and activities,
    unrelated to the business and activities presently carried on by our group,
    which give rise to bodily injury and property damage claims concerning environmental
    and health issues. In particular, claims and lawsuits have been filed against
    our US subsidiaries, either directly or as a result of indemnity obligations,
    relating to products incorporating coal by-products and other chemicals, in
    particular for the wood treating industry. With respect to those claims involving
    coal by-products and other chemicals, the US subsidiary involved has not entered
    into a material settlement or been subject to a material adverse judgment
    since the demergers as described below. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In addition, existing operations suffer, from litigation claims which may be uninsured or fall within deductible levels. In many cases the relevant subsidiary believes it has
good defences against these claims. Nevertheless, in light of the uncertainties involved in litigation and in particular in the USA, where there is the added potential for punitive damages, our subsidiary may be required to participate in
settlements or be subject to judgments in future, which may not be covered by insurance and consequently have a material impact on our financial condition, results of operations and cash flow.</FONT></P></div>


<div style="float: right; width: 30%">
  <P> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Demergers</FONT><br>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Four
    companies into which former Hanson businesses were demerged agreed in connection
    with their respective demergers to indemnify us against liabilities of the
    businesses transferred to those companies. We have not incurred any liability
    in respect of any claim that related to the above mentioned businesses; any
    such liability being borne by the relevant demerged company. The Energy Group
    plc, one of the demerged companies, was acquired by TXU Corp. in 1998. In
    November 2002, TXU Corp. announced that several of TXU Corp.&#146;s UK subsidiaries
    had been placed under the administrative process in the UK (similar to bankruptcy
    proceedings in the USA), including The Energy Group. The Energy Group is,
    therefore, unlikely to be able to fulfil its indemnification obligations to
    Hanson if it were required to do so. We are, however, not aware of any claim
    against us or our subsidiaries that would give rise to an indemnity obligation
    on the part of The Energy Group.</FONT></P>
</div><br clear="all">

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
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    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left>&nbsp;</TD>
    <TD width=3% align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">48</font></TD>
    <TD width=27% align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Principal
      risks and uncertainties</font></TD>
    <TD width=35% align=right> <font color="#b65b17">&nbsp;</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

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<p><b><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
  responsibility</font></b></p>
<hr size="2" noshade color="#b65b17">

<div style="float: left; width: 30%">
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><IMG src="b821007-20fx51x1.jpg" width="100%" border=0> </p>
<P> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Managing
  the environment is an integral part of our business strategy.</FONT></P></div>

<div style="float: left; width: 5%"></div>

<div style="float: left; width: 30%">
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
  recognise the need to act in a responsible manner and to demonstrate our corporate
  responsibility in many ways: the way in which we trade, develop new products
  and manage and restore our sites and in the way we treat and respect our employees,
  neighbours and customers. Corporate responsibility is integral to good business
  management.</FONT></P>
  <P> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Health
    and safety<br>
    </FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
    continue to consider health and safety to be a top priority and a fundamental
    element of being a successful business. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We are committed to achieving the highest reasonably practicable standards of health, safety and welfare for our employees, contractors, customers and visitors. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson companies around the world actively engage with government agencies, trade associations and other similar bodies to promote the benefits of a safe and healthy working
environment and develop best practice.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2006, the Board will formally endorse its approach to health and safety with a group policy statement. Our divisional Chief Executives/Managing Directors will remain
responsible for establishing formal policies and procedures, for ensuring that arrangements are made for the fulfilment of those policies and for monitoring their implementation and effectiveness.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  divisional Chief Executives/ Managing Directors are supported by a network of
  safety professionals, who share information and best practice to ensure that
  lessons learnt from accident investigations are applied across the group.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left" valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">To
      prevent injuries and other incidents from occurring we:</font></td>
  </tr>
  <tr>
      <td width="6%" align="left" valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">train
      our employees to work safely and to eliminate the causes of unsafe behaviour</font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">seek
      to provide safe systems of work and encourage a safety culture</font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;
      </font></td>
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continually
      strive for improved safety performance</font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">look
      to adopt best practice and to commit to industry improvement initiatives
      and targets.</font></td>
  </tr>
</table>
</div>


<div style="float: right; width: 30%">
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
  2005, recognising that the improvement in group statistics was probably optimised
  based on traditional training and evaluating methods, we increased our focus
  on identifying and eliminating unsafe behaviour. This is being implemented through
  programmes of training and performance monitoring against targets. We believe
  that, working interdependently with our employees, we can change their perception
  and acceptance of risk. The message we have used is that no job is so important
  for safety to be compromised. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A key tool, supported and led by Alan Murray, Chief Executive and the director responsible for health and safety, and the divisional Chief Executives/Managing Directors, is a
sustained exercise in &#145;safety observations&#146; by managers. We believe that we will only communicate the importance of creating a safe working environment with visibility on site of senior managers and Directors.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In a safety observation, a manager observes employees working and then discusses the safety aspects of their work. In this conversation the manager:</FONT></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
      <td width="6%"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">seeks
      the employee&#146;s comments on safety
      in his/her own workplace and his/her ideas on how
      to improve this</FONT></tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">praises
      the employee for safe working</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">practices
      which have been observed </FONT></tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ensures
      that any unsafe acts are</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">discussed
      and action taken to prevent</FONT> <FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">their reoccurrence.</FONT></tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Data is collected on the number, type and frequency of accidents and of the amount of time which is lost as a result of workplace accidents. We analyse this information to
identify where we need to focus particular attention and to assess the effectiveness of our management of health and safety. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The progress of safety performance throughout our businesses worldwide is tracked and reported quarterly to the Board using standard measures. </FONT></P>
</div><br clear="all">


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    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
    <TD align=right><hr size="1" noshade color="#b65b17"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=35% align=left>&nbsp;</TD>
    <TD width=3% align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">49</font></TD>
    <TD width=27% align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
      responsibility</font></TD>
    <TD width=35% align=right> <font color="#b65b17">&nbsp;</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

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<P><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Corporate
responsibility</b> <font color="#8c8a95">continued</font></font></P>
<HR align=center color=#b65b17 noShade SIZE=1>
<div style="float: left; width:30%"> </div>
<div style="float: left; width:5%"></div>
<div style="float: left; width:30%">
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td colspan="3"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        uses the following indicators to provide a consistent measure of its
        performance. According to best international practice the frequency measures
        are per 200,000 hours
worked:</FONT>    </td>
    </tr>
  <tr valign="top">
    <td width="3%">&#8211;</td>
    <td width="3%">&nbsp;
    <td width="94%">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Lost time incidence rate: this is the</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">frequency rate of injuries resulting</FONT> <FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in an employee being absent for one or more shifts.</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;
  </font></tr>
  <tr valign="top">
    <td>&#8211;</td>
    <td>&nbsp;
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Lost
day incidence rate: this is</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the
frequency rate for days lost as a result of accidents.</FONT>  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The overall safety statistics for the group showed continued improvement in 2005 for the sixth consecutive year since consolidated records began in 2000. There were no employee
work-related fatalities and, although the incidence of lost time injuries remained the same as for 2004, the number of lost work days (shifts) per lost time incident was reduced slightly (see page 12 for data). Over the past six years, the incidence
of lost time injuries has reduced by 37% and the number of lost work days per lost time incident has reduced by 55%. Regrettably, however, there was one contractor fatality during the year.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We encourage people to become safety representatives from all areas of our business. They receive training to assist them in their roles. We were delighted that Colin Evans, a
safety representative from Penderyn Quarry in South Wales, received a well deserved MBE for his contribution to health and safety in the quarrying industry.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The environment</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson understands that its reputation for managing environmental issues carefully and managing the impact of our activities on the environment is a valuable asset. As such, it
is an integral part of our business strategy. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We seek continual improvement in environmental performance and endeavour to make a positive contribution to society through our products and our land and marine management
programmes.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Significant environmental issues &#150;legislative, risk, performance, product development and opportunities &#150; are reported quarterly to the Board. </FONT></P></div>
<div style="float: right; width:30%">


<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our environmental policy provides the framework for setting and reviewing environmental objectives and targets. It is applied as the minimum standard across our business. Where
businesses identify a need for additional, more stretching requirements, they actively build upon this policy. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our environmental management in the UK was developed through the publication, on August 30, 2005, of the Hanson UK biodiversity and geodiversity action plan. This was devised
in consultation with English Nature and the Countryside Council for Wales. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Additionally, under an earlier memorandum of understanding, Hanson committed to work to improve standards of conservation management in its quarries with the aim of maintaining
and enhancing its sites of special scientific interest (SSSIs). We are currently responsible for 60 such sites in the UK. Our bio and geo-diversity plans are a development of this work.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Community relations<br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson operates internationally but is focused locally. Our products, because of a high weight to value ratio, do not travel far, so our businesses are closely connected with
the communities in which they are located. Many of our sites are in rural areas where, often as the largest commercial enterprise within the area, we contribute to the local economy, through the goods and services we purchase and the people we
employ. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Local management teams have overall responsibility for engagement with the communities in which we are located. This ensures that we respond appropriately to the differing
needs and interests of communities. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We closely identify with our neighbourhoods and our staff often initiate regular meetings with local people. These meetings provide a forum for discussing and resolving any
issues and concerns at an early stage. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We encourage organised school groups to visit our sites and also hold open days for members of the community, including the families of our employees. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We have developed educational packs and other supporting material for teachers to use in conjunction with a visit to one of our quarries.</FONT></P></div><br clear="all">

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      <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50</font></TD>
      <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
      responsibility </font></TD>
    </TR>

</TABLE>

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<div style="float: left; width:30%">
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<P><IMG src="b821007-20fx53x1.jpg" width="100%" border=0>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Criggion hard rock quarry, Shropshire, UK.</FONT></P></div>
<div style="float: left; width:5%"></div>
<div style="float: left; width:30%">


<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The workplace</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Employees, franchise workers and contractors are all key players in delivering our business performance in a safe, efficient and socially responsible manner.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We therefore ensure that they understand their part in achieving the objectives of the business. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">To ensure we have an ongoing pipeline of managers capable of taking on larger job roles, attention is given to the development of employees. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Communications, training and the development of our business management capability through basic skills/vocational training, in-house management development and leadership
programmes ensures we have a committed and focused work force.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We have a quarterly employee magazine called Foundation which is available to each employee. This provides commercial and operational news; information about our local
communities and our health, safety and environmental management as well as news about our employees&#146; achievements. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We also use a range of meetings to encourage our employees to contribute to improving our business. These include regular safety groups; works councils; employer/union work
parties and Euro forum meetings are also held seeking input and comment from our UK and Continental European employees. Additional meetings are held locally and regionally to inform employees of company performance and how they can improve
this.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Employee surveys have also been undertaken during the year, covering areas such as communication, safety, job clarity and satisfaction, customer service and the understanding
of the Hanson guiding principles. Feedback was given to the employees and follow-up actions were agreed. It is our intention to undertake further employee surveys during 2006.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Additionally, in our aim to create a better and safer workplace, an anonymous incident reporting system, MySafeWorkplace, provides employees with a confidential, easy-to-use
tool to report workplace incidents. All concerns, covering a wide range of issues that can be reported, are brought to the attention of the Head of Internal</FONT></P>
</div>
<div style="float: right; width:30%">



<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Audit and handled with appropriate concern and attention according to Company policies. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Recruiting the right people into the organisation is an important part of development management. During 2005, the Hanson careers website was developed for e-recruitment as a
further means of attracting people to work for Hanson.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group employment policies include those which cover role and goal clarity, performance management, employee development, succession planning and recruitment. Hanson requires
each of the divisions to have an Equal Opportunities Policy which complies with group expectations and local legislation. Full consideration is given to applications for employment, the continuing employment, training and career development of
disabled persons.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration and terms and conditions of employment are maintained at a competitive level in the areas in which we operate. The Company operates with low levels of employee
turnover. Hanson recognises the value of diversity.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Performance management based on our people having a clear understanding of their roles and goals has also been a key area of focus for the year.</FONT></P>
<P>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Charitable donations and sponsorship</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
We get involved in fundraising and sponsorship and make donations and gifts in kind to the communities in which we operate. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our products are such an essential part of our modern lives that we are often asked to support local projects by donating materials. We have a general policy of supporting
community projects in this way, particularly close to our operations.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Along with many people around the world, we were shocked and dismayed by the impact of Hurricane Katrina on New Orleans where a number of our employees were affected. Hanson
donated &#36;100,000 to the Red Cross to help support those affected by the catastrophe. In addition, employees of the Company and suppliers established a relief fund for Hanson employees affected by the hurricane, with the Company matching
donations made.</FONT></P></div>
<br clear="all">
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      <TD align=middle width="35%">&nbsp;</TD>
      <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51</font></TD>
      <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Corporate
          responsibility </font></TD>
    </TR>

</TABLE>

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<div style="page-break-before:always"></div><page><a name="p52"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><b><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Board
of Directors</font></b></p>
<HR align=center color=#b65b17 noShade SIZE=1>
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<div style="float: left; width:5%"></div>
<div style="float: left; width:30%">

<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="10%"><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.</FONT></td>
    <td><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Mike
        Welton <br>
Chairman (59)</FONT><font color="#b65b17" size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">#</FONT></SUP> </font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Appointed
        Chairman in April 2005 having served </font><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">as
        a Non-executive Director since January 2005.</font> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">From
        1995 to December 2004 he was Chief</font> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Executive
        of Balfour Beatty plc, which he joined </font> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in
        1978. He is a chartered civil engineer, a Fellow </font> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of
        the Royal Academy of Engineering and a Fellow</font> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of
        the Institution of Civil Engineers. He is a past</font> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Chairman
        of both the Turkish/British Business</font> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Council
        and the UK government&#146;s Railway Sector</font> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Advisory
        Group. He is also the Chairman of Global</font> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Solutions
        Ltd and in October 2005 was appointed</font> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">to
      the advisory board of Montrose Associates.</font></font></td>
    </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD>&nbsp;  </TR>
  <TR>
    <TD width="10%" valign=top> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.</FONT>  </TD>
    <TD> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Alan
        Murray<br>
        Chief
        Executive (52)<sup><font size="1"># &#135;</font></sup></font>  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Joined
        Hanson PLC in 1988. He held various senior</FONT><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">divisional
financial roles and became Assistant</FONT> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance
Director in 1995 and Finance Director in</FONT> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1997.
He was appointed Chief Executive of Hanson</FONT> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Building
Materials America in June 1998 and Chief</FONT> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Executive
of Hanson in April 2002. He serves on </FONT> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the
National Stone, Sand and Gravel Association</FONT> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Board
in the USA.</FONT></font></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="10%" valign=top> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.</FONT>  </TD>
    <TD> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Jonathan
        Nicholls<br>
        Finance Director (48)</font>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Joined
        Hanson PLC in 1996 as Group Treasurer.</FONT><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">He
        was
appointed to the position of Finance</FONT> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Director
of Hanson in June 1998. He previously</FONT> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">worked
for Abbey National plc where he held</FONT> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">several
treasury and financial roles from 1985-96.</FONT> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">He
is
a Non-executive Director of Man Group plc</FONT> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and
sits on the Advisory Board of the Oxford</FONT></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> University
Centre for Business Taxation.</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="10%" valign=top>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.</FONT> 	</TD>
	<TD>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Graham Dransfield<br>
Legal Director (54)</FONT>
</TR>
<TR>
<TD colspan=2><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Joined
      Hanson PLC as a Solicitor in 1982 from</font><font size="2">     <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Slaughter
    and May where he qualified in 1976. </font>    <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">He
    became Company Secretary in 1986 and,</font>    <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">after
    serving as Senior Solicitor from 1987, was</font>    <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">appointed
    to Hanson&#146;s Board in 1992.</font></font></TD>
</TR></TABLE>
</div>
<div style="float: right; width:30%">
    <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
      <TR>
        <TD width="10%" valign=top> <FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5</FONT> </TD>
        <TD> <p><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Frank
              Blount<br>
        Non-executive
          Director (67)</font><font color="#b65b17" size="2"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><sup>&#134; # &#135;</sup> </font></font> </p>
      </TR>
      <TR>
        <TD colspan=2><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Non-executive
            Director since 2000 and previously a Non-executive Director of Pioneer
            International Ltd. He is currently Chairman and Chief Executive of
            JI Ventures, Inc. and TTS Management Corporation and a Non-executive
            Director of Caterpillar, Inc., Entergy Corporation, Adtran, Inc.
            and Alcatel, SA. He has also served as Chief Executive and a Director
            of Telstra Corporation, Ltd from 1992-99 and as Chief Executive and
            Chairman of Cypress Communications, Inc. from 2000-2002. He was Group
            President of AT&amp;T Corp. from 1988-91.</font></TD>
      </TR>
      <TR>
        <TD colspan=2>&nbsp;</TD>
      </TR>
    </TABLE>
    <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="10%" valign=top>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.</FONT>  	</TD>
	<TD>
      <p><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">John Brady<br>
      Non-executive
     Director (54)</FONT><font color="#b65b17" size="2"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><sup>&#134; # &#135;</sup> </font></font></p>
      </TR>
<TR>
  <TD colspan=2><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Appointed
      a Non-executive Director in August 2005. He is also a Non-executive Director
      of Greene King plc. From 1994 until 2004 he was a Director of McKinsey &amp; Company,
      which he joined in 1980.</font></TD>
  </TR>
<TR>
  <TD colspan=2>&nbsp;</TD>
</TR>
</TABLE>
    <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="top">
    <TD width="10%"> <font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.</font> </TD>
    <TD><font color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sam
      Laidlaw</font><font color="#b65b17" size="2"><br>
      <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Non-executive
      Director (50) <sup><font size="1"># </font></sup><font size="1">* <sup>&#135;</sup></font></font><font size="1"> </font></font></TR>
  <TR>
    <TD colspan="2"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Non-executive
        Director since 2003 and Chairman of the Remuneration Committee. Currently
        Executive Vice President of Chevron Corporation. He is Chairman of the
        United Kingdom Council of INSEAD and a trustee of the medical charity
        RAFT. He previously served as President and Chief Operating Officer of
        Amerada Hess Corporation and Chief Executive Officer of Enterprise Oil
      plc.</font></TD>
    </TR>
  <TR>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>
    <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
	<TD width="10%">
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.</FONT> 	</TD>
	<TD><font color="#b65b17" size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Jim Leng</FONT><br>
<font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Senior
Non-executive Director (60)<sup><font size="1"># </font></sup><font size="1">*</font> </font></font></TR>
<TR valign="top"><TD colspan=2><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Non-executive
      Director since June 2004 and Senior Independent Director. Currently Chairman
      of Corus Group PLC, he is also a Non-executive Director of Pilkington plc
      and Alstom SA. From 1995-2001 he was Chief Executive of Laporte plc and
  before that Chief Executive of Low &amp; Bonar plc.</font></TD></TR>
<TR>
  <TD colspan=2>&nbsp;</TD>
</TR>
  </TABLE>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="10%" valign=top>
<FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.</FONT> 	</TD>
	<TD><font color="#b65b17" size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
Baroness Noakes DBE<br>
Non-executive Director (56)<SUP><font size="1">&#134;</font></sup></font><font size="1"><SUP> # *</sup>
    </font></font></TR>
<TR><TD colspan=2><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Non-executive
      Director since 2001 and Chairman of the Audit Committee. Formerly a Partner
      at KPMG, she is a Non-executive Director of Imperial Chemical Industries
      plc, the Senior Independent Director of Carpetright Plc and SThree plc,
      and a Trustee of the Reuters Founders Share Company. She was formerly the
      Senior Non-executive Director of the Court of the Bank of England. She
      is a Fellow of the Institute of Chartered Accountants in England and Wales
      and was President of that institute in 1999-2000. She is a Director of
      the English National Opera. </font></TD>
</TR></TABLE>
<P><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration Committee member<br>
  *Audit Committee member<br>
  </FONT><SUP><FONT size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">#</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Nominations Committee member<br>
  </FONT><SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#135;</FONT></SUP><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Proposed for election/re-election at the AGM</FONT></P>
</div>
<br clear="all">
<p>&nbsp;</p>
<p><IMG src="b821007-20fx54x1.jpg" width="100%" border=0></p>
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    <TR>
      <TD align=middle width="35%">&nbsp;</TD>
      <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 52</font></TD>
      <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Board
      of Directors</font></TD>
    </TR>

</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p53"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Report of the Directors</b></FONT></P>
<HR color=#b65b17 noshade size=1>
<div style="float: left; width: 48%">

<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Directors submit their report together with the consolidated accounts of Hanson PLC and its subsidiary undertakings for the year ended December 31, 2005.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Incorporation and name</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
Company (&#147;New Hanson&#148;) was incorporated in England and Wales (No. 4626078) on December 31, 2002 as Broadcast Sales Limited, changed its name to Hanson Building
Materials Limited on June 4, 2003, re-registered as a public limited company, Hanson Building Materials PLC, on July 10, 2003 and changed its name to Hanson PLC on October 14, 2003. The Company, formerly known as Hanson PLC (&#147;Old Hanson&#148;),
re-registered as a private limited company and changed its name to Hanson Building
Materials Limited on October 14, 2003.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Following shareholder approval on September 19, 2003 and Court sanction on October 13, 2003 and October 20, 2003, a scheme of arrangement (the &#147;Scheme&#148;) and share
capital reduction were implemented whereby shareholders in Old Hanson received, in substitution for each ordinary share of &#163;2, one ordinary share of 10p in New Hanson. The Scheme became effective on October 14, 2003 and the reduction in nominal
value of the new ordinary shares to 10p each became effective on October 21, 2003.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Scheme and the reduction in nominal value were implemented in order to increase the distributable reserves available to the Company.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Results and dividends</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
profit for the year was &#163;387.6m. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">An interim dividend of 5.85p per ordinary share was paid on September 16, 2005. The Directors recommend a final dividend of 14.15p per ordinary share which will, if approved at
the AGM, be paid on May 5, 2006, to ordinary shareholders on the register at close of business (London time) on April 7, 2006. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends of &#163;136.2m were paid during the year. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A financial review of 2005 and prospects for the year 2006 are included within the Chairman&#146;s statement, the Chief Executive&#146;s overview, the Review of operations and
the Financial review.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Activities</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
is a focused heavy building materials company with operations in North America,
the UK, Australia, Asia Pacific and Continental Europe. A detailed description
of the
group&#146;s industry, market and products is set out on pages 5 to 8 of the
Review of operations.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Details
of movements in Hanson&#146;s property, plant and equipment are shown in note
13 of the Notes to the accounts.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Subsequent events</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Material post balance sheet events are described in note 31 of the Notes to the accounts.</FONT></P>
</div>
<div style="float: right; width: 48%">

<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Research and development</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The development and improvement of new and existing products is an essential continuing process in our companies. Expenditure that does not meet the capitalisation criteria of
an intangible asset is expensed as occurred. Research costs are also expensed as occurred.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share capital</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Details of changes in share capital during the year and the number of ordinary shares reserved for issue at December 31, 2005 are shown in note 23 of the Notes to the accounts.
</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Details of shares purchased by the Company are shown in note 24 of the Notes to the accounts. </FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Substantial shareholdings</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Details
of substantial interests (3% or more) in Hanson&#146;s share capital, as notified
to Hanson, are shown in the Investor information section.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Annual General Meeting</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The AGM will be held at 11.00am on April 26, 2006, at the Institute of Electrical Engineers, 2 Savoy Place, London WC2R 0BL. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Shareholders being sent this document will also be sent a separate notice of the AGM incorporating explanatory notes of the resolutions to be proposed at the meeting.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Directors</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The names and biographical details of the Directors are given on page 52. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During the year, C D Collins retired as a Director and Chairman at the conclusion of the AGM in 2005 and M W Welton became Chairman from that time, having been appointed to the
Board on January 4, 2005. S L Keswick and the Rt Hon. Lord Baker of Dorking also retired from the Board at the conclusion of the AGM.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C J Brady was appointed to the Board on August 1, 2005.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A J Murray, W F Blount and W S H Laidlaw will retire by rotation and, being eligible, offer themselves for re-election at the forthcoming AGM. C J Brady, having been appointed
since the last AGM, will seek election to the Board.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Directors&#146; interests</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Details
of the Directors&#146; service contracts, emoluments and share interests at December
31, 2005, appear in the Remuneration report on pages 61 to 67.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Following the introduction of the Companies (Audit, Investigations and Community Enterprise) Act 2004 in April 2005, at the AGM held in 2005, shareholders passed a resolution
to a change in the Articles of Association of Hanson in relation to the indemnification of Directors. The new article expanded the circumstances in which a Director can be indemnified by the Company. The terms of appointment of the Directors in
office at the time of the AGM in 2005 have been changed to entitle them to benefit from the provisions contained in the new article.</FONT></P>
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    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Report
    of the Directors</FONT></td>
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<hr noshade align="center" width="100%" size="2">

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<P>
<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Report of the Directors </b><font color="#8c8a95"><b>continued</b></font></FONT></P>
<HR color=#b65b17 noshade size=1>
<div style="float: left; width: 48%">

<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
    addition to providing this indemnification and any other indemnification
    pursuant to the articles of association, charter or by-laws of Hanson&#146;s subsidiaries, Hanson
maintains directors&#146; and officers&#146; liability insurance for Directors
and officers of Hanson and its subsidiaries. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Except for such indemnification and insurance and except for the respective terms of service of such Directors and officers, no Director or officer of Hanson or any of their
respective relatives or spouses either had an interest in any contract or transaction which was material to Hanson or such related party or unusual in its nature or conditions or had any outstanding indebtedness of a material nature owing to Hanson
at any time during the last three years. </FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Charitable and political donations</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During
the year, the group made worldwide charitable donations of &#163;309,000 (2004 &#150; &#163;321,000), including &#163;93,000 (2004 &#150; &#163;183,000)
in the UK. As in
the previous year, no political donations were made.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Policy on payment of suppliers</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The holding company, Hanson PLC, has no trade creditors. The policy of Hanson companies is to agree payment terms with their suppliers and abide by those terms, subject to
satisfactory performance by the supplier.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Auditors</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ernst &amp; Young LLP are the independent auditors of Hanson and, having expressed their willingness to continue in office, a resolution proposing their re-appointment will be
submitted at the AGM. The Auditors&#146; reports on the accounts are on pages
68, 69 and 140.</FONT></P>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">By order of the Board</FONT><BR>
    <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Paul Tunnacliffe</FONT></B><BR>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Company Secretary</FONT><BR>
    <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">February 23, 2006</FONT></p>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Registered Office</FONT><BR>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1 Grosvenor Place</FONT><BR>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">London SW1X 7JH</FONT><BR>
</p>
<p>  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Registered in England and Wales (No 4626078)</FONT></p>
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    of the Directors</FONT></td>
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<a name="p55"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Corporate governance</b></FONT></P>
<HR color=#b65b17 noshade size=1>
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<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    Board is accountable to shareholders for good business governance and is
    committed to high standards of corporate governance, recognising that Hanson&#146;s good reputation
is one of the Company&#146;s most valuable assets.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">To maintain and enhance this reputation Hanson requires its officers and employees to act in accordance with the laws and customs of each country in which we do business; be
honest and act ethically; operate with integrity; observe and respect the culture and traditions of each country in which we operate; and not to offer, pay or accept bribes or favours in any form whatsoever.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Within adopted business principles, divisional codes of conduct and supporting policies are in place.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A code of ethics for the purposes of the Sarbanes-Oxley Act of 2002 (US) (SOX), which applies to Hanson as a company listed on the NYSE, covering Hanson&#146;s Chief Executive,
Finance Director, Legal Director, Divisional Chief Executives and other identifiable persons in the group, including those performing senior accounting and controller functions, is in place. This code is available on request from the Company
Secretary or on Hanson&#146;s website.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The way in which Hanson applies the principles set out in the Combined Code on Corporate Governance issued by the Financial Reporting Council in July 2003 (the
&#147;Code&#148;) is described within this Corporate governance section and in the Remuneration report. The Board considers that Hanson has been in full compliance with the Code throughout the year under review.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As well as being subject to UK legislation and practice Hanson, as a company listed on the NYSE, is subject to the listing requirements of the NYSE and the rules of the SEC.
Compliance with the provisions of SOX, as it applies to foreign issuers, is continually monitored. Whilst the Directors believe that the group&#146;s corporate governance policies are robust, changes have been and will continue to be made to ensure
compliance with the rules that are in place at any point in time. Hanson follows UK corporate governance practice, which does not differ significantly from the NYSE corporate governance standards, except that the Nominations Committee is required to
be comprised of a majority, rather than entirely, of independent directors and there is no requirement in the UK for a comprehensive code of business conduct and ethics.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The Board of Directors</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Board currently comprises the Chairman, the Chief Executive, two other Executive Directors and five Non-executive Directors. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">There is a clear separation of the roles of the Chairman and Chief Executive. The division of responsibilities between Chairman and the Chief Executive is set out in writing
and has been agreed by the Board. As Chairman, M W Welton has the responsibility for the running of the Board and for ensuring that all Directors are fully informed of matters relevant to their roles. As Chief Executive, A J Murray has
responsibility for implementing the strategy agreed by the Board and for managing the group.</FONT></P>
</div>
<div style="float: right; width: 48%">

<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During the year and following his appointment as Chairman, M W Welton was appointed to the advisory board of Montrose Associates. His other commitments did not change.
</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">All of the Non-executive Directors are, in the opinion of the Board, considered to be independent of management and free from any business or other relationships which affect
their ability to exercise independent judgement. J W Leng is the Senior Independent Director.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Board considers that the current Non-executive Directors bring a wide range of business and financial experience required for the successful direction of Hanson as an
international force in the heavy building materials industry and provide a solid foundation for good corporate governance, ensuring that no individual or group dominates the Board&#146;s decision making. Through the Nominations Committee, the Board
ensures that plans are in place for the succession of Executive and Non-executive Directors.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Chairman and the Company Secretary work closely together in planning the annual programme and agendas for meetings. During the year, there were six Board and strategy
meetings held. The attendance records of individual Directors is set out below:</FONT></P>
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	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Attendance</FONT></TD>
<TD align=left>

	</TD>
</TR>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">M W Welton</FONT></TD>
	<TD width="12%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6/6</FONT></TD>
<TD width="2%" align=left>

	</TD>
</TR>
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  </TD>
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</TR>
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	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A J Murray</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6/6</FONT></TD>
<TD align=left>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
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</TR>
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	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">G Dransfield</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6/6</FONT></TD>
<TD align=left>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
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	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">J C Nicholls</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6/6</FONT></TD>
<TD align=left>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">W F Blount</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5/6</FONT></TD>
<TD align=left>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C J Brady</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4/4</FONT></TD>
<TD align=left>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">W S H Laidlaw</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5/6</FONT></TD>
<TD align=left>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">J W Leng</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6/6</FONT></TD>
<TD align=left>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Baroness Noakes</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6/6</FONT></TD>
<TD align=left>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C D Collins (retired April 20, 2005)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1/1</FONT></TD>
<TD align=left>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Rt Hon. Lord Baker of Dorking (retired April 20, 2005)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1/1</FONT></TD>
<TD align=left>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">S L Keswick (retired April 20, 2005)</FONT></TD>
<TD align=left><div align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>&#150;/1</div></TD>
	<td align="center" valign="middle"><font size="2">
  <div align="right"></div>
</font></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <td align="center" valign="middle"><hr size="1" noshade>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">There are clearly occasions when circumstances arise which prevent Directors from attending meetings. It is the usual practice in these circumstances for the Director concerned
to review the Board papers with the Chairman and convey any views.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">All Directors then in office attended the AGM in 2005.</FONT></P>
</div><br clear="all">
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><HR color=#b65b17 noshade size=1>
    </td>
  </tr>
  <tr>
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55</font></td>
    <td><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
    governance</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p56"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Corporate
governance</b> <font color="#8c8A95"><b>continued</b></font></FONT></P>
<hr align=center width="100%" color=#b65b17 noShade size=1>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Board manages overall control of the Company&#146;s affairs with reference to the schedule of matters reserved for its authorisation and approval, review and
responsibility. This schedule was reviewed and updated during the year.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Matters reserved for authorisation and approval include the Company&#146;s objectives and long-term strategy, the annual operating budget, financial statements and significant
changes in accounting policy, dividend recommendations, treasury activities, major acquisitions and disposals, major capital projects or expenditure, appointment and removal of Directors and the Company Secretary, risk management policies and major
changes in the group&#146;s pension arrangements.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Matters for which the Board has responsibility include compliance with the group&#146;s corporate responsibility policies, including environmental and health and safety and, as
set out below, the group&#146;s system of internal control.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Matters which the Board reviews include quarterly results and performance against budget, the group&#146;s management resource planning and development, charitable donations,
the Company&#146;s corporate governance arrangements and the effectiveness of the group&#146;s system of internal control, as set out below.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">All Directors are equally accountable for the proper stewardship of the Company&#146;s affairs. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Non-executive Directors have a particular responsibility for ensuring that the business strategies proposed are fully discussed and critically reviewed. This enables the
Directors to act in the best long-term interest of shareholders, whilst taking account of the interests of employees, customers, suppliers and the communities in which the businesses operate.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Non-executive Directors also oversee the operational performance of the whole group. To do this they have full and timely access to all relevant information, with updates
also provided on governance and regulatory matters affecting the Company. In addition, senior executives below Board level are invited, as appropriate, to Board and strategy meetings to make presentations on their areas of responsibility.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As part of the initial induction process for those Non-executive Directors newly appointed, documents describing the Company and its activities are provided. An element of the
induction focuses on relevant corporate responsibility matters and management resource planning and development. Site visits are arranged, with all Directors provided with the opportunity and encouragement for training to ensure they are kept
up-to-date on relevant new legislation and best practice and changing commercial and other risks. </FONT></P>
</div>
<div style="float: right; width: 48%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In order to fulfil their duties, procedures are in place for Directors to seek both independent advice and the advice and services of the Company Secretary who is responsible
for advising the Board, through the Chairman, on all governance matters.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During the year, an evaluation of the Board&#146;s effectiveness, including the effectiveness of Committees of the Board, was undertaken by the Chairman by way of a written
questionnaire to, and individual meetings with, all Directors. A report was prepared for the Board by the Chairman. The results of the evaluation showed a high level of satisfaction that the Board and its Committees were operating effectively. The
Board&#146;s focus was on identifying improvements in such areas as the process for developing strategy; the balance between strategic and operational issues at meetings; the process for reporting Committee work to the Board and inter-meeting
information to the Non-executive Directors. Identified improvements will be introduced in 2006.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Board plans to conduct evaluations on an annual basis and may use alternative approaches in future years.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As part of the evaluation process, the Chairman considered the performance, including time commitments, of each individual Non-executive Director and concluded that the
performance of each continues to be effective.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Also during the year and in the absence of the Chairman, the Non-executive Directors, led by J W Leng, conducted a review of and discussed the performance of the Chairman taking into account the views of the Executive
Directors. The conclusion reached, which was fed back to the Chairman by J W Leng, was that the Chairman&#146;s performance was effective. Similarly, during the year, the Chairman met separately with the Non-executive Directors to consider the
performance of the Chief Executive in the discharge of his duties. It was concluded that the performance of the Chief Executive continues to be effective.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Non-executive Directors fulfil a key role in corporate accountability. The remits and membership of the Remuneration, the Nominations and the Audit Committees of the Board
are set out below. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The terms of reference of the Committees are available on request from the Company Secretary, who acts as secretary to all of these Committees, or on Hanson&#146;s
website.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Remuneration Committee</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Remuneration Committee comprises four independent Non-executive Directors; W S H Laidlaw (Chairman), W F Blount, The Baroness Noakes and C J Brady. Its role is described in
the Remuneration report.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2005, the annual fees for chairing the Committee and for acting as a member were &#163;12,500 and &#163;5,500, respectively. There has been no change to the fee arrangements
for 2006.</FONT></P>
</div><br clear="all">
<HR align=center color=#b65b17 noShade SIZE=1>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR valign="bottom">
    <TD width="3%" align=left><font color="#000000" size="1" face="AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif">56</font></TD>
    <TD align=left><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
    governance</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p57"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>

<div style="float: left; width: 48%">
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Nominations Committee</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Nominations Committee consists of M W Welton as Chairman, A J Murray and the independent Non-executive Directors.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Committee&#146;s terms of reference include the review of the structure, size and composition of the Board, with recommendations to the Board on any changes, and planning
for the orderly succession of Executive and Non-executive Directors.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">There were no fees payable for chairing or acting as a member of the Committee in 2005. There has been no change to the fee arrangements for 2006.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During the year, on behalf of the Board, the Committee undertook a search for the appointment of a new Non-executive Director. Having considered the balance of skills and
experience on the Board, a candidate profile for the search was agreed. The Committee then appointed an external search consultancy and met with candidates prior to making a recommendation to the Board, which resulted in the appointment of C J Brady
as a Non-executive Director of the Company on August 1, 2005. It is anticipated that, for the appointment of further Non-executive Directors, a similar procedure will be adopted.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During the year the Committee met once formally in full, and on a number of other occasions, principally in the search for a new Non-executive Director and in order to make
recommendations to the Board on membership of the Remuneration Committee.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Following appointment by the Board, new Directors must submit themselves for election by the shareholders at the AGM following their appointment. Thereafter, subject to the
Articles of Association in relation to the re-election of Directors, all Directors are subject to re-election every three years. Recommendations to shareholders on the re-appointment of the Directors is not automatic and is subject to consideration
by the Committee, prior to approval by the Board.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Audit Committee</FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Audit Committee comprises three independent Non-executive Directors; The Baroness Noakes (Chairman), W S H Laidlaw and J W Leng.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2005, the annual fees for chairing the Audit Committee and for acting as a member of the Committee were &#163;20,000 and &#163;5,500, respectively. There has been no change
to the fee arrangements for 2006.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Regular attendees at Committee meetings, at the invitation of the Committee, include the Chairman, the Finance Director, the Head of Internal Audit, the Group Financial
Controller, the Group Chief Accountant and representatives from the external auditors.</FONT></P>
</div>
<div style="float: right; width: 48%">
  <table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top"> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      Committee&#146;s duties include:</font>  </td>
    </tr>
  <tr>
    <td valign="top"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150; </font></td>
    <td valign="top"> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">review
        of the effectiveness of systems for internal financial control, financial
    reporting and risk management</font>    </tr>
  <tr>
    <td width="3%" valign="top"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></td>
    <td valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the review and monitoring of the Company&#146;s</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">financial statements, accounting policies,
financial and other reporting procedures</FONT>
  </tr>
  <tr>
    <td valign="top"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></td>
    <td valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the
review of the Company&#146;s statement on internal control prior to endorsement
by the
Board</FONT>
  </tr>
  <tr>
    <td valign="top"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></td>
    <td valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">review of the internal audit programme</FONT>
  </tr>
  <tr>
    <td valign="top"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></td>
    <td valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the establishment of whistleblowing procedures</FONT>
  </tr>
  <tr>
    <td valign="top"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></td>
    <td valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">recommendations on the appointment of, and an</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">assessment of the independence and objectivity
of, the auditors</FONT>
  </tr>
  <tr>
    <td valign="top"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></td>
    <td valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pre-approval of audit, review and attest services and permitted non-audit services;
and</FONT>
  </tr>
  <tr>
    <td valign="top"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></td>
    <td valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ensuring the objectivity and independence of the auditors is maintained.</FONT>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Committee meets at least four times a year. During the year the Committee met five times, which all of the then current Committee members attended, other than on one
occasion when W S H Laidlaw was unable to attend.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Board considers that each of the members of the Committee has experience of corporate financial matters. The Baroness Noakes, who is a Chartered Accountant, is considered
by the Board to have recent and relevant financial experience and is also identified as the Audit Committee financial expert for the purposes of SOX.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Committee discharges its responsibilities through a series of Committee meetings throughout the year at which detailed reports are presented for review. The Committee
commissions reports either from the external auditors, the Head of Internal Audit or Company management, after consideration of the Company&#146;s major risks or in response to developing issues. The Committee meets privately with the external
auditors and the Head of Internal Audit as appropriate. It has authority to seek any information it requires from any employee, authority to obtain outside legal or other independent professional advice on any matter within its terms of reference
and to secure the attendance of outsiders with relevant experience and expertise if it considers it necessary. There were no occasions during the year when it considered the attendance of such outsiders was necessary.</FONT></P>
</div><br clear="all">
<HR align=center color=#b65b17 noShade SIZE=1>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR valign="bottom">
    <TD width="3%" align=left><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">57</font></TD>
    <TD align=left><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
    governance </font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p58"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Corporate governance</b> <font color="#8c8A95"><b>continued</b></font></FONT></P>
<HR align=center color=#b65b17 noShade SIZE=1>
<div style="float: left; width: 48%">
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td colspan="2"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During
        the year, the Committee&#146;s meetings considered or addressed, as appropriate,
      the following principal matters:</FONT>  </td>
    </tr>
  <tr valign="top">
    <td width="3%"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the interim and full year financial results, including</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">monitoring their integrity, prior to
consideration by the Board</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the annual internal audit plan and its resourcing</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the auditors&#146; interim and full year reports</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the auditors&#146; report to management</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">compliance with the group&#146;s code of ethics</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the monitoring of the group&#146;s International Financial Reporting Standards conversion
exercise</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">changes to the group&#146;s accounting policies</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the overseeing of the group&#146;s SOX compliance work</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the overseeing of the whistleblowing programme</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">minutes of the Risk Committee, which monitors and</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">reviews significant financial and
non-financial risk, as</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">well as reviewing and reporting on the effectiveness of the
group&#146;s system of internal control</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the
proposed introduction by UK government</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of
an Operating and Financial Review,
subsequently withdrawn</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the scope and cost of the external audit</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">any non-audit work carried out by the auditors; and
 </FONT> </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">an evaluation of the effectiveness of the auditors,</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">which included feedback from management on
the</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quality of the audit and the working relationship</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">between management and the
auditors, and</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">consideration of their reappointment.
</FONT>  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Committee also undertook a review of its terms of reference and its own work and effectiveness, and reported back to the Board.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Having overseen the establishment of a groupwide whistleblowing programme, MySafeWorkplace, through which employees may in confidence raise concerns about possible wrongdoing
in financial reporting or other matters, the Committee received reports during the year to ensure proportionate and independent investigation of such matters with appropriate follow-up action.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Additionally, to safeguard the objectivity and independence of the auditors and to ensure that the independence of the audit work undertaken by the auditors is not compromised,
the Committee considered the auditors&#146; own assessment of independence and compliance with relevant professional and regulatory requirements. The views of management were also taken into consideration.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Committee also has a policy for the provision of non-audit services by the auditors. The policy defines services which can be provided by the auditors and requires all
non-audit services to be approved in advance by the Committee, which has delegated this task to the Head of Internal Audit. The approval process requires full disclosure of the objective and the scope of services to be performed in addition to the
fee structure. The Committee reviews all approved services and level of expenditure at subsequent meetings. The auditors are permitted to perform non-audit services only if the scope of work is within the terms of the policy and there is a business
benefit to the group in these services being performed by them rather then an alternative supplier. </FONT></P>
</div>
<div style="float: right; width: 48%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Committee considered that the independence and objectivity of the auditors was unimpaired and that Ernst &amp; Young LLP were effective in conducting the audit and work on
SOX compliance during the year.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Internal control </FONT></B><br>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
Board recognises that it is responsible for the group&#146;s system of internal
control and for reviewing its effectiveness. The Code requires the Board to review
the effectiveness of the system of internal control, including financial, operational,
compliance and risk management, at least annually. In addition, Internal Control:
Guidance for Directors on the Combined Code was published in September 1999,
to
provide guidance to Directors in respect of this requirement. Revised guidance
for Directors, which comes into effect for financial years commencing on or after
January 1, 2006, has been issued and the Company will take this guidance into
consideration during 2006.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Board confirms that procedures, which accord with the original guidance, have been in place for the year to December 31, 2005 and up to the date of approval of the Annual
Report and Form 20-F by the Board. These procedures ensure that the Board is aware of the key risks facing the group and that the system of internal control is regularly reviewed for effectiveness and adequacy. Such a system can only provide
reasonable and not absolute assurance against material misstatement or loss, as it is designed to manage rather than eliminate the risk of failure to achieve business objectives. In seeking to achieve these objectives, many of which are already
features of the existing processes and procedures within the Company, the Board has specifically instituted the following processes, which have been in effect throughout the reporting period and up to the date of approval of the Annual Report and
Form 20-F by the Board.</FONT>
</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><i><font size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Policies</font></i>  </td>
    </tr>
  <tr valign="top">
    <td width="3%"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A planning framework which incorporates a four year</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plan approved by the Board, with objectives
for each business unit.</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A mechanism for reporting weaknesses in internal control systems and for monitoring corrective </FONT>
action.
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;
  </tr>
  <tr valign="top">
    <td colspan="2"><i><font size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Processes</font></i>  </td>

  <tr valign="top">
    <td width="3%"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Appointment of experienced and professional staff,</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">both by recruitment and promotion, of the
necessary calibre to fulfil their allotted responsibilities.</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A comprehensive system of financial reporting to the</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Board, based on an annual budget with
monthly</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">reports against actual results, analysis of variances,</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">scrutiny of key
performance indicators and regular re-forecasting.</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Formal business risk reviews performed by</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">management which evaluate the potential
financial</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and non-financial impacts of identified risks and</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">possible new risk areas, set
control, mitigation and</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">monitoring procedures and review actual occurrences identifying
lessons to be learnt.</FONT>
  </tr>
  <tr valign="top">
    <td><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></td>
    <td>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Regular treasury reports to the Board which analyse</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the funding requirements of each class of
assets,</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">track the generation and use of capital and the volume</FONT> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of liquidity, measure the
group&#146;s exposure to interest and exchange rate movements and record the level of</FONT>
<font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">compliance
with the group&#146;s funding objectives.</font></font>  </tr>
</table>
</div><br clear="all">
<HR align=center color=#b65b17 noShade SIZE=1>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 58</font></TD>
    <TD align=left><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
    governance</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><page><a name="p59"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font><div style="float: left; width: 48%">
    <table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="6%" align="left"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Well-defined
          procedures governing the appraisal and approval
          of investments, including
detailed investment and divestment approval procedures incorporating
appropriate levels
of authority and regular
post investment reviews.</font><font size="2">&nbsp;</font></td>
</tr>
  <tr valign="top">
    <td align="left"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td colspan="2" align="left"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><i><font size=2>Verification</font></i></font></td>
    </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
    An internal audit function within the business operations which undertakes periodic
examination of business units and processes and recommends improvements in controls to
management.</font></td>
</tr>
  <tr valign="top">
    <td align="left"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
The external auditors who are engaged to express an opinion on the accounts.</font></td>
</tr>
  <tr valign="top">
    <td align="left"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
    An Audit Committee of the Board, consisting of Non-executive
    Directors, which considers
    significant control matters and receives reports on internal
    controls from both the internal and
external auditors on a regular basis.</font></td>
</tr>
  <tr valign="top">
    <td align="left"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
    A Risk Committee of the Board, consisting of the Chief Executive, Finance Director, Legal
Director and other senior executives, which monitors and reviews significant financial
and non-financial risk.</font></td>
</tr>
</table>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<B><FONT size=2>Evaluation of disclosure controls and procedures<br>
</FONT></B></font><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=2>The
Company has a Disclosure Committee, which includes amongst its members, the Chief
Executive, the Finance Director and the Legal Director. The
Committee monitors and reviews
the group&#146;s disclosure controls and procedures to ensure these are satisfactory
for the purpose. The review includes the evaluation of the effectiveness as at
December 31, 2005 of these disclosure controls and procedures to permit the signing
of the certifications required by the Chief Executive and the Finance Director
in accordance with the requirements of section 302 of the US Sarbanes-Oxley Act
of 2002. Based on this evaluation, the Chief Executive and the Finance Director
concluded
that the disclosure controls and procedures are effective in all material respects
to ensure that material information relating to the group would be made known
to them by others within the group.</FONT></font></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<B><FONT size=2>Management&#146;s annual report on internal control over financial
reporting<br>
</FONT></B></font><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=2>In
accordance with the requirements of section 404 of the US Sarbanes-Oxley Act
of 2002, the following report is provided by management in respect of the
Company&#146;s
internal control over financial reporting (as defined in Rules 13a-15(f) and
15d-15(f) under the US Securities Exchange Act of 1934): </FONT></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="6%"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson&#146;s
        management is responsible for establishing and maintaining adequate internal
    control over financial reporting for the group.</font></td>
	</tr>
  <tr valign="top">
    <td><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=2>Hanson&#146;s management has used the Committee of Sponsoring Organisations of the
Treadway Commission (&#147;COSO&#148;) framework to evaluate
the effectiveness of our
internal control over financial reporting. Management believes that the COSO framework is
a suitable framework for its evaluation of our internal control over financial reporting because it is free from bias, permits reasonably consistent qualitative and quantitative measurements of our internal controls, is sufficiently complete
so that those relevant factors that would alter a conclusion about the effectiveness
of our </FONT></font></td>
  </tr>
</table>
</div>
<div style="float: right; width: 48%">
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="6%" align="left" valign="top">&nbsp;</td>
    <td><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=2>internal
          controls are not omitted and is relevant to an</font> <font size=2>evaluation
    of internal control over financial reporting. </font></font> </td>
  </tr>
  <tr>
    <td align="left" valign="top"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=2>Management
          has assessed the effectiveness of our internal control over financial
          reporting, as at December 31, 2005, and has concluded that such internal
          control over financial
reporting is effective. </font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</font></td>
    <td><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=2>Ernst &amp; Young
          LLP, which has audited the consolidated financial statements of the
          group
for the year ended December 31, 2005, has also audited management&#146;s assessment
of the effectiveness of internal control over financial reporting under Auditing
Standard No. 2 of the Public Company Accounting Oversight Board (United States).
See the
Auditors&#146; report on page 69.</font></font></td>
  </tr>
</table>
<P>
  <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Changes
  in internal control over financial reporting<br>
  </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During
  the period management has continued to improve its control environment to respond,
  in particular, to changes in accounting practice (IFRS)
  and to reflect enhancements to information systems and procedures. There have
  been no changes in the group&#146;s internal controls or in other factors during the period that have materially affected, or are reasonably likely to materially affect, the group&#146;s
  internal control over financial reporting.</FONT></P>
<P>
  <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Internal Audit<br>
  </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Each
  major operating division has internal audit capability and these are co-ordinated
  centrally by the Head of Internal Audit under the guidance
  of the Audit Committee. The Audit Committee reviews internal audit reports
  and considers the overall effectiveness of the function. Priority in 2005 has
  once again been on financial statement risks identified through existing risk
  management procedures and through the
  assessment of internal control over financial reporting, required by SOX. The
  Board is once again pleased that this has resulted in Hanson being able to
  report fully under section 404 of SOX this year. Planning for 2006 will, however,
  continue to broaden the agenda and expand the scope of internal audit. A greater
  emphasis on operational risks, as the SOX requirements become further embedded
  in the organisation, will help to promote the overall effectiveness of the
  group&#146;s risk
  management and internal controls.</FONT></P>
</div><br clear="all">
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><hr noshade align="center" width="100%" size="1"></td>
  </tr>
  <tr>
    <td width="3%"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=1>59</font></font></td>
    <td><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
          governance</FONT><font size=1>      </font></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><page><a name="p60"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<P><font size="3"><b>
Corporate governance </b><font color="8C8A95"><b>continued</b></font></font></P>
</font><b>
</b>
<hr size="2" noshade>
<font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
</font>
<div style="float: left; width: 48%">
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>Shareholder communications<br>
  </FONT></B><FONT size=2>Hanson values its dialogue with both institutional and private investors and, based on publicly available information, constructive two-way communication with fund managers,
  institutional investors and analysts is promoted and encouraged. </FONT></font></P>
<P>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The views of major shareholders are reported to the Board, with
  independent surveys undertaken by the Company&#146;s brokers on specific issues
of relevance to the Company. </FONT></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
  <FONT size=2>Following his appointment as Chairman, M W Welton met with the
Company&#146;s major shareholders. </FONT></font><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=2>Arrangements
are also in place for the Senior </FONT></font><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=2>Independent Director and other Non-executive Directors to meet with major shareholders, if they so request. </FONT></font></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<FONT size=2>Additional forms of communication include presentations of the interim and annual results, and of the trading statements.</FONT></font></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
  <FONT size=2>The Hanson website at www.hanson.biz provides access to information on the Company and its businesses. Further details of the website can be found in the Investor information
section. It is not intended for the website address to be an active link or to otherwise incorporate the contents of the website into this document.</FONT></font></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<FONT size=2>At the AGM (see page 53 for details), the Chief </FONT></font><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=2>Executive will present a review of the results and current business activity. Shareholders are invited to ask questions on items of business put before the meeting and will
  have the opportunity to vote separately on each resolution. The Chairman will indicate the level of proxy votes lodged in respect of each resolution following each vote on a show of hands and details of those abstaining from voting will also be
disclosed. As for the prior year, this information will also be posted on the Hanson website after the meeting. Following the meeting, the Directors will be available to meet with shareholders.</FONT></font></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<B><FONT size=2>Going concern<br>
</FONT></B><FONT size=2>The Directors confirm that, after meeting appropriate enquiries, they have a reasonable expectation that Hanson has adequate resources to continue in operational existence for
the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts.</FONT></font></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<B><FONT size=2>Directors&#146; responsibilities for the accounts<br>
</FONT></B><FONT size=2>Company law requires the Directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Company and of the group and of
  the profit or loss of the group for that year. In preparing these accounts, the Directors consider that they have: selected suitable accounting policies, and applied them consistently; made judgements and estimates that are reasonable and prudent;
and followed applicable international accounting standards.</FONT></font></P>
</div>
<div style="float: right; width: 48%">
<P>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Directors are responsible for ensuring that the group keeps proper accounting records which disclose with reasonable accuracy at any time the financial position of the
group and enable them to ensure that the accounts comply with the Companies Act 1985. They are responsible for taking reasonable steps to safeguard the assets of the group and to prevent and detect fraud and other irregularities.</FONT></P>
<P><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
  A copy of the Annual Report and Form 20-F of the Company is placed
  on the Company&#146;s website www.hanson.biz. The Directors are responsible for the maintenance and integrity
  of statutory and audited information on the Company&#146;s website. Information
  published on the internet is accessible in many countries with different legal
  requirements. Legislation in the UK governing the preparation and dissemination
of accounts may differ from legislation in other jurisdictions.</font></P>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">By order of the Board<BR>
Paul Tunnacliffe<BR>
Company Secretary<BR>
February 23, 2006</FONT><BR>
</div>
<br clear="all">
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td colspan="2"><hr noshade align="center" width="100%" size="1"></td>
  </tr>
  <tr valign="bottom">
    <td width="3%"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=1>60</font></font></td>
    <td><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=1>Corporate
          governance
      </font></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><page><a name="p61"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font>
<p><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b><font size="3">Remuneration report</font></b></font></p>
<hr size="2" noshade>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration Committee membership and terms of reference<br>
</FONT></B><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=2>The
  Remuneration Committee (the &#147;Committee&#148;) is comprised
exclusively of Independent Non-executive </FONT></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Directors and its members are: W S H Laidlaw (Chairman), W F Blount, The Baroness Noakes DBE and C J Brady. WSH Laidlaw was appointed to the Committee as Chairman on May 11,
2005, replacing The Rt Hon. Lord Baker of Dorking, and C J Brady was appointed as a member on November 16, 2005.</FONT></P>
<P>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The role of the Committee is to consider and make recommendations
  on the framework of executive remuneration (the &#147;policy&#148;) for approval by the Board. In accordance
  with the policy, the Committee will consider, recommend as appropriate and approve the conditions of service of the Chairman, the Executive Directors and the Company Secretary, including the duration of any service agreements, and the emoluments and
  other benefits payable under such agreements, including pension entitlements and participation in incentive arrangements. The Committee also recommends and monitors the level and structure of remuneration for senior management and oversees the
Company&#146;s and Old Hanson&#146;s long-term incentive plans and option schemes. </FONT></P>
<P>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During the year under review, other than from its independent advisor, the Committee also sought the assistance of the Chairman, the Chief Executive, the Company Secretary and
the Head of Corporate Human Resources on matters relating to remuneration. </FONT></P>
<P>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">There were three formal meetings held by the Committee during the year and all the then members attended each meeting, other than C J Brady, who, having been appointed to the
  Committee on November 16, 2005 was unable to change his commitments to attend the Committee meeting on November 22, 2005. The Committee also dealt with other matters under its terms of reference by written correspondence. The Chairman, Chief
Executive and the Company Secretary were present at all the meetings of the Committee but each were respectively excluded when their own performance and remuneration were being discussed. </FONT></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<FONT size=2>The Committee also undertook a review of its terms of reference and its own work and effectiveness, and reported back to the Board.</FONT></font></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
  <FONT size=2>Committee members receive fees as Non-executive Directors, including a fee for acting as a Committee member as outlined in the Corporate governance section on page 56, but do
  not receive any pension entitlements nor any short- or long-term performance related incentives. No member of the Committee has any personal financial interest, other than as a shareholder in the Company, in the matters to be decided or for the
day-to-day management of the business. </FONT></font></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
  <FONT size=2>The fees payable to Non-executive Directors are determined by
  the Board as a whole within the limits set by the articles of association and
  for the year ending December 31, 2005 the basic fee was &#163;36,000. In 2006, this will be &#163;40,000.
  The Non-executive Directors do not participate in or vote on any discussion
relating to their own remuneration.</FONT></font></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
  <FONT size=2>The Committee has appointed Mercer Human Resource Consulting (&#147;Mercer&#148;)
  to act on behalf of the Committee in providing independent market information
  and remuneration advice on an ongoing basis. Mercer also provides actuarial
and consulting services to the Company.</FONT></font></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration policy<br>
</FONT></B><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=2>Hanson operates in competitive and international markets. To secure the long-term performance of the business it is essential that the Company implements an integrated system
  of remuneration which rewards sustained high performance well enough to attract and retain high-performing executives and directors. To ensure that its remuneration rates are competitive, whilst not being excessive, the Committee keeps remuneration
under regular review in light of emerging best practice.</FONT></font></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
  <TD colspan="2" nowrap><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>The
        remuneration policy is designed to provide packages, which take account
    of individual performance:</FONT></font></TD>
  </TR>
<TR align="left" valign="top">
	<TD width="3%" nowrap><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<FONT size=2>i)</FONT></font></TD>
	<TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in the knowledge of what comparable, in terms of size and complexity, UK and international companies are paying;</font></TD></TR>
  <TR align="left" valign="top">
	<TD nowrap><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<FONT size=2>ii)</FONT>&nbsp;</font></TD>
	<TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in the context of packages offered throughout the Hanson group; and</font></TR><TR align="left" valign="top">
	<TD height="34" nowrap><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<FONT size=2>iii)</FONT>&nbsp;</font></TD>
	<TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">to include short- and long-term performance related elements, potentially a significant portion of total rewards, to motivate the highest performance and to align the interests
of the Executive Directors and shareholders.
</font></TD>
</TR>
</TABLE>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<FONT size=2>As shareholder approval for conditional awards to be made under
the Company&#146;s long-term incentive arrangements expires in 2006, the Company
undertook a review in 2005 of its long-term incentive arrangements and proposals
on these new arrangements will be submitted to shareholders at the forthcoming
AGM. Details of the proposed new arrangements are outlined in a separate letter
to shareholders.</FONT></font></P>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<FONT size=2>Share incentives are considered to be an important part of the incentive
policy for Executive Directors.</FONT></font><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=2>A shareholding requirement has been introduced for the Executive Directors. For the Chief Executive this will be to hold shares to the value of two times salary and for the
other Executive Directors to the value of one times salary. For any new Chief Executive or Executive Director, the expectation would be that the shareholding requirement would be achieved within five years of the individual becoming a Director. The
current Chief Executive and other Executive Directors already satisfy these shareholding requirements.</FONT></font></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="3%"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=1>61</font></font></td>
    <td><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=1>Remuneration
          report
</font></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div><page><a name="p62"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Remuneration report <font color="#8C8A95">continued</font></b></FONT></p>
<HR align=center color=#b65b17 noShade SIZE=1>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Basic salary<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
setting the basic salary for each Executive Director, the Committee reviews relevant
market data and considers the Director&#146;s experience, performance and
responsibilities. Basic salaries are generally reviewed on an annual basis or
following a significant change in responsibilities. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Increases in basic salary of between 4-5% have been granted to the Executive Directors for the year commencing January 1, 2006.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Committee also determines the fee for the Chairman and undertook a full review prior to the appointment of M W Welton as Chairman, whose fee as Chairman is &#163;220,000
per annum. </FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Annual bonus scheme<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
annual bonus scheme for the Executive Directors and other senior executives is
aligned with changes in shareholder value through the economic value added methodology.
The main principle of economic value added is to recognise that over time a company
should generate returns in excess of its cost of capital &#150; the return that
lenders and shareholders expect of the Company each year.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The annual bonus scheme is calibrated by reference to target levels of bonus and, for the Executive Directors and other senior executives, works on a bonus banking arrangement
whereby each year the improvement in the group&#146;s overall economic value added for that year determines whether there is a bonus bank addition or deduction. Following the addition or deduction, the participant receives one-third of the
accumulated bonus bank. There is neither a cap (maximum addition into the bonus bank each year) nor a floor (maximum deduction from the bonus bank each year).</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The bonus bank has two main functions; firstly it ensures that individuals do not make short-term decisions such as deferring essential expenditure from one year to the next
and receive a bonus for doing so; and secondly, the bonus bank can act as a retention tool.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For 2005, the target level of bonus for A J Murray was 62.5% of basic salary, for J C Nicholls 50% of basic salary and for G Dransfield 37.5% of basic salary.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Improvement
in the group&#146;s overall economic value added for the year to December 31,
2005 determined the bonus bank addition for the Executive Directors. The strong
 operating and profit performance in 2005 led to significant improvement in the
group&#146;s economic value added and resulted in additions to the bonus bank
of 118% of basic salary for A J Murray, 95% of basic salary for J C Nicholls
and 71% of
basic salary for G Dransfield.</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
bonuses paid in respect of the year to December 31, 2005 to the Executive Directors
were &#163;511,680 for A J Murray, &#163;276,486 for J C Nicholls and &#163;165,994
for
G Dransfield.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Performance targets under the annual bonus scheme, based on improvements in economic value added, are set by the Committee, after taking advice from Mercer.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bonuses payable to Executive Directors are not pensionable.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Long Term Incentive Plan (&#147;LTIP&#148;)<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Executive
Directors and certain senior executives and managers from the Company&#146;s
worldwide operations participate in the LTIP. Under this plan, participants are
conditionally awarded shares in the Company at nil cost with the proportion of
those shares which may vest subject to the achievement of performance targets
over a performance period set by the Committee.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2005, a conditional award of shares was made to A J Murray of 150% of basic salary and to the other Executive Directors of 100% of basic salary. The conditional awards made
in 2005 are subject to performance criteria and the Committee determined that 50% of the conditional award should be subject to the attainment of an economic value added target and 50% to a total shareholder return (&#147;TSR&#148;) target. TSR is
the aggregate of share price growth and dividends paid, on the assumption that such dividends are reinvested in Hanson shares during the performance period. The Committee selected these performance measurements as it believed they correlated clearly
with the creation of shareholder value.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For the conditional award made in 2005, the economic value added target requires an improvement in economic value added over a period of three years based on the results for
the year to December 31, 2004. For this measurement, a linear vesting schedule applies in order that 25% of the award will vest at the minimum performance level with the maximum award vesting only on the achievement of substantial performance
improvement. A similar economic value added target is in place for the awards made in 2003 and 2004. On attaining the minimum economic value added improvements of &#163;13.4m for the 2003 award, &#163;14.0m for the 2004 award and &#163;14.5m for the
2005 award, 25% of the respective awards, subject to the economic value added measurement criteria, will vest. 100% of the awards subject to this measurement will vest on the attainment of economic value added improvements of &#163;35.6m,
&#163;37.2m and &#163;38.8m for the 2003, 2004 and 2005 awards, respectively.</FONT></P>
<HR align=center color=#b65b17 noShade SIZE=1>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">62</FONT></TD>
      <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration
      report</FONT></TD>
    </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p63"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For the TSR measurement in 2005 (and similarly for the awards made in 2003 and 2004), the conditional awards made will vest only if Hanson achieves a TSR over the three year
performance period, from the date of the award in March 2005, which is greater than the TSR achieved by at least 50% of the members of a comparator group of international building materials companies at the date of the award (the &#147;comparator
group&#148;) over the same period. If so, 30% of the award will vest. All of the award will vest if the Company achieves a TSR over the performance period which is greater than that achieved by 80% of the comparator group. Between these two points
the award will vest in the proportion of 2.33% of the award for each 1% improvement in the Company&#146;s ranking.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2003, the comparator group consisted of 21 companies, including Hanson. These included nine UK building materials companies in the FTSE 350 Index (Aggregate Industries, BPB,
Hanson, Novar, Pilkington, RMC, Travis Perkins, Ultraframe and Wolseley), six European building materials companies in the Euro Top 300 Index (CRH, Dyckerhoff, Heidelberger, Holcim, Lafarge and Wienerberger), four North American businesses (Florida
Rock, Martin Marietta, Texas Industries and Vulcan) and two Australian building materials companies (Boral and CSR).</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Following the demerger of Rinker Group Limited from CSR in March 2003, the performance measurement of the comparator group for the 2003 award has been modified to substitute
Rinker for CSR using the methodology of re-investing a notional holding of CSR shares in Rinker from April 1, 2003 onwards. In addition, the Committee removed Novar, Aggregate Industries, RMC, BPB, Heidelberger and Dyckerhoff following changes of
control or takeover of these companies.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For the 2004 award, the comparator group consists of 15 companies, including Hanson. These include five UK building materials companies in the FTSE 350 Index (Hanson,
Pilkington, Travis Perkins, Ultraframe and Wolseley), four European building materials companies in the Euro Top 300 Index (CRH, Holcim, Lafarge and Wienerberger), four North American businesses (Florida Rock, Martin Marietta, Texas Industries and
Vulcan) and two Australian building materials companies (Boral and Rinker).</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For the 2005 award, the comparator group consists of 16 companies, including Hanson. These include four UK building materials companies in the FTSE 350 Index (Hanson,
Pilkington, Travis Perkins and Wolseley), five European building materials companies in the Euro Top 300 Index (Buzzi Unicem, CRH, Holcim, Lafarge and Wienerberger), four North American businesses (Florida Rock, Martin Marietta, Vulcan and Cemex)
and three Australian building materials companies (Boral, Rinker and James Hardie).</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">There is no retesting of performance under either the economic value added measurement or the TSR measurement.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The table below shows the conditional interests in shares of Executive Directors relating to awards made under the LTIP in 2002, 2003, 2004 and 2005. For the conditional award
made in 2002 to Executive Directors, none of the award subject to a TSR performance measurement criteria and 50% of the award subject to an economic value added performance measurement criteria vested following the end of the three year performance
period. This resulted in a total vesting of 25% of the maximum number of shares under the conditional awards.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For the conditional award made in 2003, it is anticipated that 47% of the award subject to a TSR performance measurement and 65% of the award subject to an economic value added
performance measurement criteria will vest following the end of the three year performance period. This would result in a total vesting of 56% of the maximum number of shares under the conditional awards.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Balance at</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Awarded</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Lapsed</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Vested</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Balance at</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Date of award</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Jan 1, 2005</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">during year</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">during year</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">during year</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dec 31, 2005</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A J Murray</FONT></TD>
	<TD width=15% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2002</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">194,806</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">146,105</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">48,701</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2003</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">278,926</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">278,926</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2004</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">204,732</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">204,732</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">181,994</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">181,994</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">G Dransfield</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2002</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">64,970</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">48,728</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16,242</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2003</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">103,306</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">103,306</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2004</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70,974</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70,974</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">63,192</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">63,192</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">J C Nicholls</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2002</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">79,860</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">59,896</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19,964</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2003</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">146,780</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">146,780</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2004</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">102,794</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">102,794</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">91,454</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">91,454</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
</TABLE>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left"><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Notes</font>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%" align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1)</FONT></td>
    <td align="left" valign="top"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        Directors elected to satisfy their liabilities to income tax and national
    insurance contributions, arising on the vesting of shares under LTIP,
        <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">out
        of the share award. A J Murray retained 28,733 shares, J C Nicholls retained
    11,778 shares and G Dransfield retained 9,582 shares.</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2)</FONT></td>
    <td align="left" valign="top"> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        figures in the table above for J C Nicholls include those of his wife,
    an employee, who also participates in the LTIP.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3)</FONT></td>
    <td align="left" valign="top"> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A
        J H Dougal and S N Vivian, former Executive Directors of the Company,
    left on May 14, 2002 and June 30, 2003, respectively. They retained
        <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">certain
        entitlements to the conditional shares awarded to them under the LTIP.
    Under the 2002 Award, which vested on March 1, 2005 as
        <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">detailed
        above, 24,364 shares and 13,059 shares vested to A J H Dougal and S N
    Vivian, respectively.</font></font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4)</FONT></td>
    <td align="left" valign="top"> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        relevant market prices at the time of the conditional awards in 2002,
    2003, 2004 and 2005 were 461.75p, 290.4p, 439.6p and 514.3p,
    <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">respectively.</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5)</FONT></td>
    <td align="left" valign="top"> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During
        the period January 1, 2006 to February 23, 2006 there was no change in
    the interests of Executive Directors in the LTIP.</font></td>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Conditional awards under the LTIP will usually be made annually. The awards to be made in 2006 will be subject to shareholder approval of revised long-term incentive
arrangements.</FONT></P>
<HR align=center color=#b65b17 noShade SIZE=1>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">63</FONT></TD>
      <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration
          report</FONT></TD>
    </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p64"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Remuneration report <font color="#8C8A95">continued</font></b></FONT></p>
<HR align=center color=#b65b17 noShade SIZE=1>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Awards vesting under the LTIP are not pensionable.</FONT>
</p>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share Option Plan<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Executive
Directors and a selected number of senior executives from the Company&#146;s
worldwide operations participated in the Share Option Plan. Under this Plan,
participants are granted options over a number of shares but the proportion of
those shares under option which may be exercised is subject to the achievement
of performance targets over a three year performance period set by the Committee.
To the extent an
option or part of an option becomes capable of being exercised at the end of
the three year performance period it will ordinarily remain exercisable at any
time up to 10 years from the date of grant.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The economic value added and TSR performance targets for the conditional options granted to Executive Directors in the years ending December 31, 2002, 2003, 2004 and 2005 were
the same as for the awards made in 2002, 2003, 2004 and 2005 to the Executive Directors under the LTIP, as detailed above, with no retesting. Consequently, for the grant made in 2003, it is anticipated that 56% of the number of shares under option
will become exercisable following the end of the three-year performance period.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The table below shows the numbers of shares under option of Executive Directors relating to conditional grants made under the Share Option Plan.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Balance at</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Granted</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Lapsed</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Vested</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Balance at</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercise</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Range of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Date of grant</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Jan 1, 2005</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">during year</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">during year</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">during year</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dec 31, 2005</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">price (p)</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercise dates</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A J Murray</FONT></TD>
	<TD width=15% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2003</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">232,438</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">232,438</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">290.4</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">03/06-02/13</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2004</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">170,610</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">170,610</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">439.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">03/07-02/14</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">155,552</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">155,552</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">514.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">03/08-02/15</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">G Dransfield</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">May 15, 2001</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">473.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">05/04-05/11</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2002</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">64,970</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">48,728</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16,242</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16,242</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">461.75</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">03/05-02/12</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2003</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">103,306</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">103,306</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">290.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">03/06-02/13</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2004</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70,974</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70,974</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">439.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">03/07-02/14</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">63,192</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">63,192</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">514.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">03/08-02/15</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">J C Nicholls</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">May 15, 2001</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">473.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">05/04-05/11</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2002</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">69,302</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51,977</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17,325</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17,325</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">461.75</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">03/05-02/12</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2003</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">127,410</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">127,410</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">290.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">03/06-02/13</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2004</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">88,718</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">88,718</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">439.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">03/07-02/14</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">78,942</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">78,942</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">514.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">03/08-02/15</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
</TABLE>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left"><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Notes</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1)</font></td>
    <td> <font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Following
        the end of the three year performance period a total of 25% of the shares
        under the conditional options granted on March 1, 2002 became capable
        of being
exercised.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2)</font></td>
    <td><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A
        J H Dougal and S N Vivian, former Executive Directors of the Company,
        left Hanson on May 14, 2002 and June 30, 2003, respectively. The option
        grants made to them and outstanding at the date of leaving remained subject
        to the performance criteria as outlined above. Following the end of the
        three year performance period 25% of the shares under the conditional
        options granted on March 1, 2002 became capable of being exercised. In
        respect of the grant on March 1, 2002, A J H Dougal and S N Vivian became
        entitled to options over 24,364 and 13,059 shares, respectively, at an
        exercise price of 461.75p per share. They exercised their options on
        November 23 and
21, 2005, respectively. </font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3)</font></td>
    <td><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> During
        the period January 1, 2006 to February 23, 2006 there were no changes
        in the interests of Executive Directors in options under the Share Option
    Plan. </font></td>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under the Black-Scholes option valuation model, on the basis of the Company&#146;s three year share price performance, the value of an option over a share at the date of grant
in 2005 was equal to approximately 30% of the share&#146;s current market value. On this basis, with no discount to the Black-Scholes value because of the application of performance conditions on exercise, the conditional options granted during 2005
at 100% of basic salary had a value, at the date of grant, of about 30% of basic salary. The market price at December 31, 2005 was 639p per share, which compares to the exercise prices of the conditional options granted in 2003, 2004 and 2005 at
prices of 290.4p, 439.6p and 514.3p per share, respectively.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">No further grants of option will be made under the Share Option Plan.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Any gains made under the Share Option Plan are not pensionable.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Executive Share Option Schemes<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Options to subscribe for Hanson ordinary shares granted to Executive Directors under the Executive Share Option Schemes are shown below. No performance conditions apply to the
right to exercise the options granted. No grants have been made under these schemes since 1998 and no further grants will be made under these schemes.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD rowspan="3" align=left>&nbsp;

	</TD>
	<TD rowspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Market price</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Balance at</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Lapsed</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercised</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">at date</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Balance at</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercise</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Range of</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gain on</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Date of grant</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Jan 1, 2005</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">during year</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">during year</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of exercise (p)</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dec 31, 2005</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">price (p)</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercise dates</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercise (&#163;)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A J Murray</FONT></TD>
	<TD width=15% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December 21, 1995</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">72,834</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">72,834</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">514.5</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">356.4</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12/98-12/05</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">115,151</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">G Dransfield</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December 21, 1995</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">69,112</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">69,112</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">514.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">356.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12/98-12/05</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">109,266</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">J C Nicholls</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">September 14, 1998</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">516.75</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">331.25</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">09/01-09/08</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7,420</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December 21, 1995</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5,846</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5,846</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">514.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">356.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12/98-12/05</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9,243</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
</TABLE>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Notes</FONT></td>
  </tr>
  <tr>
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1)</font></td>
    <td><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During the period January 1, 2006 to February 23, 2006 there were no
      changes in the interests of Directors in options under the Executive Share
    Option Schemes.</font></td>
  </tr>
  <tr>
    <td><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2)</font></td>
    <td><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The figures shown in the table above for J C Nicholls
        are those of his wife, an employee who participates in the Executive
    Share Option Schemes. </font></td>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Any gains made under the Executive Share Option Schemes are not pensionable.</FONT></P>
<HR align=center color=#b65b17 noShade SIZE=1>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">64</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration
        report</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p65"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Sharesave Scheme<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Many
Hanson employees in the UK have built up an equity interest in the Company through
the UK HM Revenue &amp; Customs approved savings related Sharesave Scheme where
options may be granted at a discount of up to 20% to the market price at the
date of grant. The term of options granted could be from three to seven years
and any option is conditional on a commitment by the participant to make regular
savings from pay. The
savings are held by an independent Sharesave provider to buy shares at the end
of the option period. The exercise of options under the Sharesave Scheme can
be satisfied by the issue of new shares or the transfer of existing shares. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31, 2005, there were approximately 2,600 participants in the Sharesave Scheme and the number of shares under options granted to Executive Directors under the
Sharesave Scheme are shown in the table below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
      <p><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Balance
  at Jan&nbsp;1,&nbsp;2005</FONT></p>
    </TD>
	<TD align=right></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Granted<br>
during year</FONT></TD>
	<TD align=right></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercised<br>
during year</FONT></TD>
	<TD align=right></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Market<br>
price
at date<br>
of exercise(p)</FONT></TD>
	<TD align=right></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Balance
at<br>
Dec 31, 2005</FONT></TD>
	<TD align=right></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercise<br>
price (p)</FONT></TD>
	<TD align=center></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Range
of<br>
exercise dates</FONT></TD>
	<TD align=right></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gain
on<br>
exercise
during<br>
the year (&#163;)</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A J Murray</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,971</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,971</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">604</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">318</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12/05-05/06</FONT></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8,497</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">G Dransfield</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,099</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,099</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">318</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12/07-05/08</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,993</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,993</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">328</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">06/09-11/09</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">J C Nicholls</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,263</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,263</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">469.25</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">428</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12/04-05/05</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">933</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,188</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,188</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">604</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">318</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12/05-05/06</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,398</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,398</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,398</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">395</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">06/08-11/08</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,439</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,439</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">395</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">06/08-11/08</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right></TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes</font></td>
  </tr>
  <tr>
    <td width="3%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1)</FONT></td>
    <td><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Options
        granted under the Sharesave Scheme during the year were at an exercise
        price of 395p per share, being a 20% discount to the market price on
    March 17, 2005. </font></td>
  </tr>
  <tr>
    <td></TD>
    <td></TD>
  </tr>
  <tr>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2)</FONT></td>
    <td><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The figures shown in the table above for J C Nicholls include those of
    his wife, an employee, who also participates in the Sharesave Scheme.</font></td>
  </tr>
  <tr>
    <td></TD>
    <td></TD>
  </tr>
  <tr>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3)</FONT></td>
    <td><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During the period January 1, 2006 to February 23, 2006 there were no
      changes in the interests of Executive Directors in options under the Sharesave
    Scheme. </font></td>
  </tr>
</table>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Any gains made under the Sharesave Scheme are not pensionable.</FONT></p>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The range of the market quotations for Hanson shares, as derived from the London Stock Exchange Daily Official List, during the period January 1 to December 31, 2005 was 451.5p
to 640p.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Gains on exercise<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
total gains made by Directors on options exercised or exercised for cash under
the Share Option Plan, the Executive Share Option Schemes, and the Sharesave
Scheme were &#163;253,908 (&#163;94,063).</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Performance review<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
following graph shows the TSR performance of the Company and that of the FTSE
100 Index and the FTSE 350 Construction &amp; Materials Index over the five-year period to
December 31, 2005. The FTSE 100 Index was selected due to its broad range of constituents of a large capitalisation, of which Hanson is a constituent company, and the FTSE 350 Construction &amp; Materials
Index was selected as it contains the closest peer group to Hanson in terms of
activity and size, and Hanson is also a constituent company of this index.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total shareholder return (2001-2005)</FONT></B></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="b821007-20fx67x1.jpg" width="100%" border=0></td>
  </tr>
</table>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" align="left" ><hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width="3%" valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">65</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration
    report</FONT></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p66"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Remuneration report </b><font color="#8c8a95"><b>continued</b></font></FONT></p>
<HR align=center color=#b65b17 noShade SIZE=1><P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Service contracts<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
Executive Directors are all employed on rolling service contracts which are terminable
at any time by Hanson on giving 52 weeks&#146; notice or by the Director giving 26
weeks&#146; notice. Termination payments are limited to the Director&#146;s normal compensation, including basic salary, annual incentives and benefits, for the unexpired portion of the notice period. Pensionable service will also accrue for the
unexpired portion of the notice period. In the event that Hanson terminates a service contract without notice the unexpired portion of the notice period will count towards the calculation of entitlements under the Company&#146;s
LTIP and Share Option Plan; these awards would still remain subject to their
respective performance conditions.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Chairman and Non-executive Directors do not have service contracts with Hanson. Each is appointed at the will of the Company and the Chairman and Non-executive Director
concerned under the terms of an appointment letter. The terms and conditions of employment of the Chairman and the Non-executive Directors are available on request from the Company Secretary.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">External appointments<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
Company acknowledges that its Executive Directors may be invited to become Non-executive
Directors of other leading companies and that such Non-executive duties can broaden
experience and knowledge to the benefit of Hanson. Executive Directors are limited
to one such Non-executive position and the policy is that fees may be retained.
J C Nicholls is a Non-executive Director of Man Group plc, in respect of which
he
received fees of &#163;75,000 in 2005. No other such positions are held by any
of the other Executive Directors.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Pensions<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
Executive Directors are members of a defined benefit plan (the &#147;pension plan&#148;) which, in accordance with HM Revenue &amp; Customs
limits, provides them with a maximum pension of two-thirds of basic salary on
retirement. The pension plan is contributory until such time as the Director
has completed the maximum pensionable service allowed under the pension plan.
Along with other members of the pension plan,
for service accruing after July 1, 2004, the Executive Directors had a choice
to retain the same accrual rate in the pension plan by paying an increased contribution
of 7.5%, previously 5%, of pensionable salary (which does not include bonuses).
The Executive Directors have a normal retirement age of 60, with the right to
receive early retirement pensions to be paid from age 55 in certain circumstances.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    following table gives details for each Executive Director of:</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD width=3% align=left valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the increase in the accrued pension attributable to service since December 31, 2004.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top">
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the increase in the accrued pension net of inflation attributable to service since December 31, 2004.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top">
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the
annual accrued pension payable from normal retirement age, calculated as if he
had left service at December 31, 2005.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top">
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the
transfer value of the increase of the accrued pension net of inflation and the
Director&#146;s
contributions calculated in accordance with actuarial guidance note GN11.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top"></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top">
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the
transfer value of the accrued pension at December 31, 2004, calculated in accordance
with actuarial guidance note GN11.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top"></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top">
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the
transfer value of the accrued pension at December 31, 2005, calculated in accordance
with actuarial guidance note GN11.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top"></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top">
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the
change in the transfer value over the year net of the Director&#146;s contributions.
It includes the effect of
<font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">fluctuations
in the transfer value due to factors beyond the control of Hanson and the Directors,
such as market
<font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">movements.
A large part of the increase in the transfer value over the year has been as
a result of a lower discount rate applied to the pension plan&#146;s liabilities.</font></font></FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left></TD>
</TR>
</TABLE>
<p><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">These
amounts exclude any benefits attributable to additional voluntary contributions.</font> </p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=right><hr size="1" noshade>
	</TD>
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=right><hr size="1" noshade>
	</TD>
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=right><hr size="1" noshade>
	</TD>
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=right><hr size="1" noshade>
	</TD>
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=right><hr size="1" noshade>
	</TD>
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=right><hr size="1" noshade>
	</TD>
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=right><hr size="1" noshade>
	</TD>
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=right><hr size="1" noshade>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
      <FONT size=1 face="sans-serif">
Gross<br>
increase in<br>
accrued<br>
pension</FONT>	</TD>
	<TD align=left>

	</TD>
	<TD align=right>
      <FONT size=1 face="sans-serif">Increase<br>
in accrued<br>
pension net<br>
of inflation</FONT>	</TD>
	<TD align=left></TD>
	<TD align=right>
      <FONT size=1 face="sans-serif">Accrued<br>
pension at<br>
Dec 31, 2005</FONT>	</TD>
	<TD align=left>

	</TD>
	<TD align=right>
      <FONT size=1 face="sans-serif">Transfer value<br>
of net increase<br>
in accrued<br>
pension<br>
earned in year</FONT>	</TD>
	<TD align=left></TD>
	<TD align=right>
      <FONT size=1 face="sans-serif">Transfer<br>
value as at<br>
Dec 31, 2004</FONT>	</TD>
	<TD align=left>

	</TD>
	<TD align=right>
      <FONT size=1 face="sans-serif">Transfer<br>
value as at<br>
Dec 31, 2005</FONT>	</TD>
	<TD align=left>

	</TD>
	<TD align=right>
      <FONT size=1 face="sans-serif">Change in<br>
transfer value</FONT>	</TD>
	<TD align=left>

	</TD>
	<TD align=right>
      <FONT size=1 face="sans-serif">FURBS<br>
contribution<br>
(see note<br>
1 below)</FONT>	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#163;&#146;000</FONT></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#163;&#146;000</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#163;&#146;000</FONT></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#163;&#146;000</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#163;&#146;000</FONT></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#163;&#146;000</FONT></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#163;&#146;000</FONT></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=1 face="sans-serif">&#163;&#146;000</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">A J Murray</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">32</FONT></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">16</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">369</FONT></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=9% align=right>
<FONT size=2 face="sans-serif">232</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">6,617</FONT></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">8,105</FONT></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">1,441</FONT></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
<FONT size=2 face="sans-serif">&#150;</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD height="20" align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">G Dransfield (note 2)</FONT></TD>
	<TD align=right>
<FONT size=2 face="sans-serif">7</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">(2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="sans-serif">217</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">(39</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="sans-serif">4,214</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">4,887</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">673</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">&#150;</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="sans-serif">J C Nicholls</FONT></TD>
	<TD align=right>
<FONT size=2 face="sans-serif">4</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="sans-serif">33</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">33</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="sans-serif">511</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">681</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">165</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="sans-serif">150</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b>Notes</b></FONT></td>
  </tr>
  <tr>
    <td width="3%" align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1)</FONT></td>
    <td><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Executive Directors and employees who joined the pension
        plan after May 1989 are subject to the earnings cap (currently &#163;105,600) on HM Revenue &amp; Customs
      approved
pension plans. It is Hanson&#146;s current policy to provide executives with
appropriate benefits outside the pension plan in relation to that part of their
salary which exceeds the cap. The contributions made during the year were subject
to income tax as a benefit in kind and the Executive Director concerned (J C
Nicholls) was liable to settle the tax liability himself. </font></td>
  </tr>
  <tr>
    <td></TD>
    <td></TD>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2)</FONT></td>
    <td><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">G Dransfield has completed the maximum pensionable service allowed under
    the pension plan and did not accrue any further pension over the year.</font> </td>
  </tr>
  <tr>
    <td></TD>
    <td></TD>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3)</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
        anticipation of the implementation of the UK government&#146;s proposed
        simplification of the taxation of pensions, the Committee has reviewed
        the impact of the proposals on all employees, including the Executive
        Directors. The approach to be adopted, following recommendations from
        the independent advisor to the Committee, is for solutions which are
        essentially cost neutral to the Company with no compensation for changes
        in tax legislation. All affected individuals have been given the opportunity
    to receive independent financial advice at the Company&#146;s cost. </font></td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr>
    <td width="3%" align="left" valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">66</FONT></td>
    <td valign="bottom"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration
    report </FONT></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p67"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Directors&#146; remuneration<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration of each Director, excluding pensions, during the year ending December 31, 2005:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  <td><hr size="1" noshade>
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  </TD>
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  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><b><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
  <TD align=left></TD>
  <TD align=right><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD rowspan="2" align=left></TD>
  <TD rowspan="3" align=left>	</TD>
  <TD align=left></TD>
  <TD rowspan="3" align=left>	</TD>
  <TD align=right><b><font size="1"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Benefits</FONT> <FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(see</FONT></font></b></TD>
  <TD rowspan="3" align=left>	</TD>
  <TD align=right><b><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
  <TD align=left></TD>
  <TD align=right><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
  <TD rowspan="3" align=left>	</TD>
  <TD align=right><b><font size="1"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">LTIP
    vested</FONT></font></b></TD>
  <TD rowspan="3" align=left>	</TD>
  <TD align=right></TD>
  <TD rowspan="3" align=right></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=right><b><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">note
	      1</FONT>

	</b></TD>
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=left><hr size="1" noshade>

	</TD>
	<TD align=right>
<B></B><b><font size="1"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(see
note 2</FONT></font></b></TD>
	<TD align=right></TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><b>
      <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Salary/fees</FONT> </b></TD>
  <TD align=right><b>
      <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Annual bonus</FONT>
    </b></TD>
  <TD align=right><b><font size="1">      <FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">below)</FONT>
    </font></b></TD>
  <TD align=right><b><font size="1">
      <FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT>&nbsp;
    </font></b></TD>
  <TD align=left>

	</TD>
  <TD align=right>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
  <TD align=right><b><font size="1">
      <FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">below)</FONT>
    </font></b></TD>
  <TD align=right>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">LTIP vested</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  <td align="right"><hr size="1" noshade>
  <td><hr size="1" noshade>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;
  <TD align=right>&nbsp;
</TR>
<TR valign="bottom">
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=right><font size="1"><B>&nbsp;</B></font></TD>
  <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;&#146;000</FONT></B></TD>
  <TD align=right><font size="1"><B>&nbsp;</B></font></TD>
  <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;&#146;000</FONT></B></TD>
  <TD align=right><font size="1"><B>&nbsp;</B></font></TD>
  <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;&#146;000</FONT></B></TD>
  <TD align=right><font size="1"><B>&nbsp;</B></font></TD>
  <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;&#146;000</FONT></B></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <td align=right><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;&#146;000</FONT></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=right><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;&#146;000</FONT></B></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=right><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;&#146;000</font></TD>

  <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">M W Welton (note 3)</FONT></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">164</FONT></B></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">164</FONT></B></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD width=2% align=right></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A J Murray</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><b>
    <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">624</FONT></b></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><b>
    <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">512</FONT></b></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><b>
    <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">47</FONT></b></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><b>
    <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,183</FONT></b></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,028</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><b>
    <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">249</FONT></b></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">273</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
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  </TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">G Dransfield</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">325</FONT></B></TD>
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	</TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">166</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19</FONT></B></TD>
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	</TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">510</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">459</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">83</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">97</FONT></TD>
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<TR valign="bottom">
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">J C Nicholls</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">406</FONT></B></TD>
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	</TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">276</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">81</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">763</FONT></B></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">682</FONT></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">88</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">97</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">W F Blount</FONT></TD>
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	</TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">42</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">42</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C J Brady (note 4)</FONT></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">W S H Laidlaw</FONT></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">49</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">49</FONT></B></TD>
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	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40</FONT></TD>
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	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">J W Leng</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">49</FONT></B></TD>
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	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">49</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23</FONT></TD>
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	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Baroness Noakes DBE</FONT></TD>
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	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">62</FONT></B></TD>
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	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">62</FONT></B></TD>
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	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">52</FONT></TD>
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	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
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	<TD align=right>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C D Collins (notes 5 and 6)</FONT></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">62</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5</FONT></B></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">67</FONT></B></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">194</FONT></TD>
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<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
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	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Rt Hon. Lord Baker of Dorking CH (note 5)</FONT></TD>
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	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">15</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">15</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">47</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">S L Keswick (note 5)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">15</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">15</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">47</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,829</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">954</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">152</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,935</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,612</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">420</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">467</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right></TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Notes</FONT></B></td>
  </tr>
  <tr>
    <td width="3%" align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1)</FONT></td>
    <td><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Benefits
        include the provision of a company car (or cash allowance), health insurance,
    life cover and cash in lieu of pension allowance (for J C Nicholls). For
        A J Murray, with extensive US business commitments and in accordance
        with the Company&#146;s policy of tax equalisation for executives posted
        overseas, this also includes partial reimbursement of the tax paid by
        Mr Murray to the Internal Revenue Service of the United States as a consequence
    of his membership of the UK pension plan. </font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2)</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        value of shares vesting under the LTIP in 2005 is based on the share
    price on the day of vesting, March 1, 2005, of 510.625p. </font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3)</FONT></td>
    <td><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">M W Welton was appointed to the Board on January 4, 2005 and as Chairman
    on April 21, 2005.</font> </td>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4)</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C
    J Brady was appointed to the Board on August 1, 2005. </font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5)</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C
        D Collins, the Rt Hon. Lord Baker of Dorking and S L Keswick retired
    from the Board on April 20, 2005.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6)</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Following
        his retirement as Chairman, C D Collins was permitted to retain his company
    car. The deemed value of the car was &#163;23,250. </font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7)</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">There
    were no termination payments made during the year. </font></td>
  </tr>
</table>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other than as shown under the LTIP and Share Option Plan on pages 63 and 64, no remuneration or other benefit was paid to former Directors during the year to December 31,
2005.</FONT></p>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Directors&#146; interests in ordinary shares<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The interests of the Directors, who held office at December 31, 2005, in Hanson shares on January 1, 2005 (or date of appointment, if later) and December 31, 2005 (excluding
options granted under the Share Option Plan, the Executive Share Option Schemes and the Sharesave Scheme, details of which are shown on pages 64 to 65) are as set out below. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade>
</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade>
</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade>
</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade>
</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Ordinary</FONT></B><br>    <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">shares</FONT></B></TD>
  <TD align=right></TD>
  <TD align=right><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ordinary</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
    shares</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Conditional</FONT></B> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">interest<br>
  </FONT></B><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">under
    LTIP</FONT></B></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Conditional</FONT> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">interest<br>
  </FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">under
    LTIP</FONT></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dec 31, 2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Jan 1, 2005*</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dec 31, 2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Jan 1, 2005</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">M W Welton</FONT></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5,000</FONT></B></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A J Murray</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">270,756</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">239,052</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">665,652</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">678,464</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">G Dransfield</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">144,549</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">134,968</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">237,472</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">239,250</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">J C Nicholls</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">92,058</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">78,017</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">341,028</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">329,434</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">W F Blount</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,000</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,000</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C J Brady</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">W S H Laidlaw</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">20,000</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20,000</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">J W Leng</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10,000</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10,000</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Baroness Noakes DBE</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7,600</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7,600</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Or date of appointment if later</FONT></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left></TD>
    <TD align=left></TD>
</TR>
</TABLE>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">There
are no non-beneficial interests included in the table above.</FONT></p>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Company is not aware of any changes in these interests since December 31, 2005 and no Director had any other notifiable interest in the securities of Hanson or any
subsidiary undertaking during the year. The Register of Directors&#146; Interests (which is open to inspection at the Company&#146;s registered office) contains full details of Directors&#146; share and share option interests.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The cumulative shareholdings of the Directors represent less than 1% of the Company&#146;s outstanding shares.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Auditable information<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
information in the Remuneration report subject to audit is limited to that in
the tables and related notes included in the sections on Directors&#146; remuneration,
LTIP,
share options and pensions.</FONT></P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">By order of the Board<br>
</FONT><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Paul Tunnacliffe</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
Company Secretary<br>
</FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">February 23, 2006</FONT><BR>
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    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
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  <tr>
    <td width="3%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">67</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration
    report</FONT></td>
  </tr>
</table>

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<div style="page-break-before:always"></div>
<page> <a name="p68"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<FONT size="4" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Auditors&#146;
reports</b></FONT>
<hr size="1" noshade color="#b65b17">
<b><font size="4"> </font></b>
<P> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Independent
  auditors&#146; report to the shareholders of Hanson PLC</FONT></B><br>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
  have audited the group financial statements of Hanson PLC for the year ended
  December 31, 2005 which comprise the consolidated income statement, the consolidated
  balance sheet, the consolidated cash flow statement, the consolidated statement
  of recognised income and expense and the related notes 1 to 33. These group
  financial statements have been prepared under the accounting policies set out
  therein.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We have reported separately on the parent company financial statements of Hanson PLC for the year ended December 31, 2005 and on the information in the Directors&#146;
Remuneration report that is described as having been audited. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This report is made solely to the Company&#146;s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we
might state to the Company&#146;s members those matters we are required to state to them in an auditors&#146; report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company&#146;s members as a body, for our audit work, for this report, or for the opinions we have formed.</FONT></P>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Respective
  responsibilities of Directors and auditors<br>
  </FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  Directors are responsible for preparing the Annual Report and the group financial
  statements in accordance with applicable United Kingdom law and International
  Financial Reporting Standards (IFRSs) as adopted by the European Union as set
  out in the statement of Directors&#146; responsibilities for the accounts.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our responsibility is to audit the group financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and
Ireland).</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We report to you our opinion as to whether the group financial statements give a true and fair view and whether the group financial statements have been properly prepared in
accordance with the Companies Act 1985 and Article 4 of the IAS Regulation. We also report to you if, in our opinion, the Directors&#146; report is not consistent with the group financial statements, if we have not received all the information and
explanations we require for our audit, or if information specified by law regarding Director&#146;s remuneration and other transactions is not disclosed.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We review whether the Corporate governance statement reflects the Company&#146;s compliance with the nine provisions of the 2003 FRC Combined Code specified for our review by
the Listing Rules of the Financial Services Authority, and we report if it does not. We are not required to consider whether the Board&#146;s statements on internal control cover all risks and controls, or form an opinion on the effectiveness of the
group&#146;s corporate governance procedures or its risk and control procedures.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We read other information contained in the Annual Report and Form 20-F consider whether it is consistent with the audited group financial statements. The other information
comprises only the Directors&#146; report, the Chairman&#146;s statement, the Review of operations, Financial review and the Corporate governance statement. We consider the implications for our report if we become aware of any apparent misstatements
or material inconsistencies with the group financial statements. Our responsibilities do not extend to any other information.</FONT></P>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Basis
  of audit opinion<br>
  </FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
  conducted our audit in accordance with International Standards on Auditing (UK
  and Ireland) issued by the Auditing Practices Board. An audit includes examination,
  on a test basis, of evidence relevant to the amounts and disclosures in the
  group financial statements. It also includes an assessment of the significant
  estimates and judgments made by the Directors in the preparation of the group
  financial statements, and of whether the accounting policies are appropriate
  to the group&#146;s circumstances, consistently applied and adequately disclosed.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
  planned and performed our audit so as to obtain all the information and explanations
  which we considered necessary in order to provide us with sufficient evidence
  to give reasonable assurance that the group financial statements are free from
  material misstatement, whether caused by fraud or other irregularity or error.
  In forming our opinion we also evaluated the overall adequacy of the presentation
  of information in the group financial statements.</FONT></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2" valign="top"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Opinion</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
      our opinion, the group financial statements:</font></font></td>
  </tr>
  <tr>
    <td width="3%" valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">give
      a true and fair view, in accordance with IFRSs as adopted by the European
      Union, of the state of the group&#146;s affairs as at December 31,</FONT>
      <FONT size=2
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 2005 and of its profit
      for the year then ended; and </font></tr>
  <tr>
    <td valign="top">&#8211;</td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">have
      been properly prepared in accordance with the Companies Act 1985 and Article
      4 of the IAS Regulation. </font></tr>
</table>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ernst
  &amp; Young LLP, Registered auditor, London, February 23, 2006</FONT></p>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Report
  of independent registered public accounting firm<br>
  To the Board of Directors and shareholders of Hanson PLC<br>
  </FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
  have audited the accompanying consolidated balance sheets of Hanson PLC as of
  December 31, 2005 and 2004, and the related consolidated income statements,
  consolidated cash flow statements and consolidated statements of recognised
  income and expense for each of the two years in the period ended December 31,
  2005. These financial statements are the responsibility of the Company&#146;s
  management. Our responsibility is to express an opinion on these financial statements
  based on our audits.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We conducted our audits in accordance with International Standards on Auditing (UK and Ireland) and the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
  our opinion, the consolidated financial statements referred to above present
  fairly, in all material respects, the consolidated financial position of Hanson
  PLC at December 31, 2005 and 2004, and the consolidated results of its operations
  and its cash flows for each of the two years in the period ended December 31,
  2005, in accordance with International Financial Reporting Standards as adopted
  by the European Union which differ in certain respects from accounting principles
  generally accepted in the United States of America (see note 33 of the Notes
  to the accounts).</FONT></P>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
  also have audited, in accordance with the standards of the Public Company Accounting
  Oversight Board (United States), the effectiveness of Hanson PLC&#146;s internal
  control over financial reporting as of December 31, 2005, based on criteria
  established in Internal Control-Integrated Framework issued by the Committee
  of Sponsoring Organisations of the Treadway Commission and our report dated
  February 23, 2006 expressed an unqualified opinion thereon.</FONT></P>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ernst
  &amp; Young LLP, London, England, February 23, 2006</FONT></p>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left><hr size="1" noshade color="#b65b17">
    </TD>
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>68</FONT></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Auditors&#146;
      report</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

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<P> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Report
  of independent registered public accounting firm<br>
  To the Board of Directors and shareholders of Hanson PLC<br>
  </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
  have audited management&#146;s assessment, included in the accompanying Management&#146;s
  Annual report on internal control over financial reporting on page 59, that
  Hanson PLC maintained effective internal control over financial reporting as
  of December 31, 2005, based on criteria established in Internal Control-Integrated
  Framework issued by the Committee of Sponsoring Organisations of the Treadway
  Commission (the COSO criteria). Hanson PLC&#146;s management is responsible
  for maintaining effective internal control over financial reporting and for
  its assessment of the effectiveness of internal control over financial reporting.
  Our responsibility is to express an opinion on management&#146;s assessment
  and an opinion on the effectiveness of the Company&#146;s internal control over
  financial reporting based on our audit.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, evaluating
management&#146;s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable
basis for our opinion.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and Directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial statements.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In our opinion, management&#146;s assessment that Hanson PLC maintained effective internal control over financial reporting as of December 31, 2005, is fairly stated, in all
material respects, based on the COSO criteria. Also, in our opinion, Hanson PLC maintained, in all material respects, effective internal control over financial reporting as of December 31, 2005, based on the COSO criteria.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
  also have audited, in accordance with International Standards on Auditing (UK
  and Ireland) and the standards of the Public Company </FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Accounting
  Oversight Board (United States), the consolidated balance sheets of Hanson PLC
  as of December 31, 2005 and 2004, and the related consolidated income statements,
  consolidated cash flow statements and consolidated statements of recognised
  income and expense for each of the two years in the period ended December 31,
  2005 and our report dated February 23, 2006 expressed an unqualified opinion
  thereon.</FONT></P>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ernst
  &amp; Young LLP, London, England, February 23, 2006</FONT></p>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left><hr size="1" noshade color="#b65b17"> </TD>
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>69</FONT></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Auditors&#146;
      report</font></TD>
  </TR>
</TABLE>
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<P> <FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Consolidated
  income statement</b><br>
  <font color="#8c8a95"> for the 12 months ended December 31, 2005</font></FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="7"><hr size="1" noshade color="#b65b17"></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><hr size="1" noshade color="#000000"></TD>
    <TD align="right"><hr size="1" noshade color="#000000"></TD>
    <TD align="right"><hr size="1" noshade color="#000000"></TD>
    <TD align="right"><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continuing
      operations:</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group
      turnover*</FONT></B></TD>
    <TD width=8% align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2a</FONT></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=8% align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,715.7</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=8% align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,383.0</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Costs
      and overheads</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3,267.4</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2,982.8</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group
      operating profit before impairments*</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2b</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">448.3</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">400.2</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
      of joint-ventures&#146; and associates&#146; profit after tax</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2c</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">40.5</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23.2</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating
      profit before impairments</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2b</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">488.8</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">423.4</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
      impairments</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2b
      and 6</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.0</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(29.3</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating
      profit</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2b</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">484.8</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">394.1</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance
      costs</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(224.7</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(198.0</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance
      income</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">169.2</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">151.2</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
      finance costs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(55.5</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(46.8</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit
      before taxation</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">429.3</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">347.3</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation
      on continuing operations before impairments</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(28.8</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(33.4</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation
      on impairments</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.6</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.3</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation
      on continuing operations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(34.4</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(27.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit
      after taxation &#150; continuing operations</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">394.9</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">320.2</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR bgcolor="cccccc">
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Discontinued
      operations:</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR bgcolor="cccccc">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current
      year profit/(loss) after tax of discontinued operations</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9a</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.8</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.4</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR bgcolor="cccccc">
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR bgcolor="cccccc">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit
      on disposals in the current year, after tax</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9b</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.3</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.4</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR bgcolor="cccccc">
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR bgcolor="cccccc">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Loss
      on disposals in prior years, after tax</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9c</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(12.4</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(50.0</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR bgcolor="cccccc">
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR bgcolor="cccccc">
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Loss
      after taxation &#150; discontinued operations</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(7.3</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(56.0</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit
      for the year</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">387.6</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.2</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit
      for the year attributable to:</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Equity
      holders of the Company</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">387.3</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.3</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Minority
      interests</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.3</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">387.6</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.2</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD><hr size="2" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dividends</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Paid
      in the year (&pound;m)</FONT></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">136.2</FONT></B></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">127.3</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Paid
      in the year (pence per share)</FONT></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18.65</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">p</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17.30</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">p</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Earnings
      per ordinary share (pence)</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic</FONT></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">53.2</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">p</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.0</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">p</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic
      &#150; continuing operations</FONT></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">54.2</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">p</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">43.6</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">p</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted</FONT></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">52.6</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">p</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35.6</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">p</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted
      &#150; continuing operations</FONT></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">53.6</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">p</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">43.2</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">p</FONT></TD>
  </TR>
  <TR>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD><hr size="1" noshade color="#000000"></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="7"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*The
      use of the word &#145;Group&#146; reflects that the results of joint-ventures
      and associates that are accounted for under the equity method are excluded</font></TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left><hr size="1" noshade color="#b65b17"> </TD>
    <TD align=left><hr size="1" noshade color="#b65b17"></TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>70</FONT></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
      income statement</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p71"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P><font size="3"><b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
      balance sheet<br>
</font></b><font color="#8c8a95" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">at
December 31, 2005</font></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD align="right"><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
  </TR>
  <TR>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>2005</B></font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD>&nbsp;    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>&pound;m</B></font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Assets</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Non-current
          assets</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible
        assets</FONT></TD>
    <TD width=8% align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=8% align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>974.2</B></font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=8% align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">724.6</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property,
        plant and equipment</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>2,735.4</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,438.6</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investments</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>302.3</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">311.9</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Receivables</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>182.2</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">159.1</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension
        plan surpluses</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">28</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>26.9</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">27.6</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred
        tax assets</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>0.7</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>4,221.7</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,663.7</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Current
          assets</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Inventories</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>382.4</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">295.8</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Trade
        and other receivables</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>774.8</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">788.0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
        receivable</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>6.3</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.2</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
        and cash equivalents</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>1,083.0</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,394.3</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>2,246.5</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,484.3</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets
        held for sale</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>8.5</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.6</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Total
          assets</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>6,476.7</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,160.6</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Liabilities</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Non-current
          liabilities</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Payables</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(84.0</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(31.9</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Borrowings</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(1,161.6</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,058.3</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(448.0</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(442.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension
        and post-retirement plan deficits</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">28</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(151.0</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(156.5</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
        payable</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(101.4</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(94.9</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred
        tax liabilities</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(256.8</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(240.0</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(2,202.8</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2,023.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Current
          liabilities</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Trade
        and other payables</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(578.5</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(561.9</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Borrowings</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(911.0</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,031.2</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(104.3</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(99.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
        payable</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(7.8</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(33.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(1,601.6</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,725.9</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Total
          liabilities</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(3,804.4</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3,749.6</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Net
          assets</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>2,672.3</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,411.0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD align="right"><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Equity</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Called-up
        share capital</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>73.7</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">73.7</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Own
        shares</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(73.3</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(30.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
        flow hedge reserve</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(3.0</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cumulative
        translation reserve</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>44.7</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Retained
        earnings</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>1,655.5</B></font></TD>
    <TD> <font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,405.0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other
        reserves</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>972.4</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">972.4</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Attributable
          to equity holders of the Company</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>2,670.0</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,408.9</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Minority
        interests</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>2.3</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Total
          equity</B></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>2,672.3</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,411.0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD align="right"><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Approved
        by the Board of Directors on February 23, 2006</FONT></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Alan
          Murray </B>Chief Executive</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Jonathan
          Nicholls </B>Finance Director</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>
<br>
<hr size="1"  color="#b65b17" noshade>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=1>71</FONT></font> </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=1>Consolidated
    balance sheet</FONT></font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p72"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Consolidated
      cash flow statement</b></font><font size="3"><br>
  <font color="#8c8a95" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for
the 12 months ended December 31, 2005</font></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
  </TR>
  <TR>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>2005</B></font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>&pound;m</B></font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>Cash
            inflow from operating activities</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating profit before impairments &#150; continuing operations</FONT></TD>
    <TD width=8%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=8% align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>448.3</FONT></B></font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=8% align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">400.2</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group
        operating profit before impairments &#150; discontinued operations</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">a</FONT></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>1.0</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>449.3</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">404.2</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amortisation
        of intangible assets</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>3.0</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.5</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Depreciation
        and depletion</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>194.6</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">191.4</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions
        charged</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>9.5</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.9</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions
        utilisation</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(43.8</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Movements
        in pensions and post-retirement benefits</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(20.0</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.3</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit
        on sale of property, plant and equipment and assets held for sale</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(15.0</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.3</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Increase
        in inventories</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(42.3</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.5</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
        change in receivables and payables</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>20.1</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15.8</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends
        received from joint-ventures and associates</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>27.9</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.9</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>8.9</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.5</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>Net
            cash inflow from operating activities before interest and tax</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>592.2</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">579.0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest
        received</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>57.3</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">66.0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest
        paid*</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(124.2</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(119.2</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation
        paid</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(54.1</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.3</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>471.2</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">507.5</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>Cash
            flow from investing activities</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Purchase
        of property, plant and equipment and other intangible assets</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(191.8</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(198.6</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sale
        of property, plant and equipment and assets held for sale</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>29.0</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.5</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Purchase
        of investments<SUP>#</SUP></FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(1.4</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.2</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disposal
        of investments<SUP>&#134;</SUP></FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>36.3</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.4</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Acquisitions
        of operations</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">25</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(342.9</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(88.4</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disposal
        of operations</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>14.0</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">59.4</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
        and cash equivalents in operations acquired or disposed of</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(1.2</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(458.0</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(205.9</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>Cash
            flow from financing activities</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends
        paid to shareholders</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(136.2</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(127.3</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Purchase
        of own shares held in treasury</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(45.1</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Purchase
        of shares by ESOP trust</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(6.0</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Decrease
        in borrowings (including finance lease payments of &pound;0.7m (&pound;1.0m))</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(439.3</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(445.3</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Increase
        in borrowings</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>249.1</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">206.6</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(377.5</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(392.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>Net
            cash outflow after financing</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>(364.3</FONT></B></font></TD>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(90.5</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exchange
        movements</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>37.4</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.0</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
        and cash equivalents at beginning of year</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>1,389.0</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,488.5</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>Cash
            and cash equivalents at end of year</FONT></B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=2>1,062.1</FONT></B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,389.0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD><HR noShade SIZE=2>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="7"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=1>*Interest
          paid includes &pound;2.6m (&pound;nil) in respect of premium paid on
          the redemption of borrowings and &pound;0.2m (&pound;0.6m) in respect
          of the interest element of finance lease rental payments</font></font></TD>
  </TR>
  <TR>
    <TD colspan="7"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=1><sup>#</sup>Purchase
          of investments includes &pound;1.4m (&pound;16.9m) in respect of increases
          in loans to joint-ventures and associates</font></font></TD>
  </TR>
  <TR>
    <TD colspan="7"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=1><sup>&#134;</sup>Disposals
          of investments includes &pound;5.3m (&pound;13.4m) in respect of decreases
          in loans to joint-ventures and associates</font></font></TD>
  </TR>
</TABLE>
<P><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=2>A
      reconciliation of net cash outflow after financing to net debt is included
      in note 20</FONT></font></P>
<hr size="1"  color="#b65b17" noshade>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR valign="bottom">
    <TD width="3%" align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=1>72</FONT></font> </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=1>Consolidated
    balance sheet</FONT></font></TD>
  </TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p73"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Consolidated
      statement of recognised income and expense<br>
</b></font><font color="#8c8a95" size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for
the 12 months ended
December 31, 2005 </font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD align="center"><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
    <TD align="center"><HR color=#b65b17 noShade SIZE=1></TD>
    <TD><HR color=#b65b17 noShade SIZE=1></TD>
  </TR>
  <TR>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>2005</B></font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>&pound;m</B></font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
        gains on cash flow hedges</FONT></TD>
    <TD width=8%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=8% align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>4.0</B></font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=8% align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exchange
        movements</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>57.0</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.2</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Transfer
        of cumulative foreign exchange on disposals to the income statement</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(0.1</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.3</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
        actuarial losses in respect of pensions and other post-retirement benefits</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">28</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(8.0</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(25.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
        on items taken directly to equity</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>11.8</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.9</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
        income/(expense) recognised directly in equity</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>64.7</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(32.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit
        for the year</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>387.6</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.2</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Recognised
          income and expense</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>452.3</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">231.5</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Restatement
        for the effects of adopting IAS 39</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">32</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>(11.6</B></font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
        recognised income and expense</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>440.7</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">231.5</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>Attributable
          to:</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
        holders of the Company</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>440.1</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">231.8</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority
        interest</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>0.6</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.3</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B>440.7</B></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">231.5</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>
<br>
<hr size="1"  color="#b65b17" noshade>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=1>73</FONT></font> </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><FONT size=1>Consolidated
    statement of recognised income and expense</FONT></font></TD>
  </TR>
</TABLE>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p74"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts<br>
          <font color="#8c8a95">for the 12 months ended December 31, 2005</font></b></FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Accounting
    policies</font></b><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<P><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">  Basis of preparation<br>
  </FONT></B><font size="2">
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">From January
    1, 2005, as required by the European Union&#146;s IAS Regulation, the group
    has prepared its Annual Report and Form 20-F in accordance with International
    Financial Reporting Standards (IFRS) as adopted by the European Union (EU)
    and in accordance with the provisions of the Companies Act 1985. IFRS as adopted
    by the EU differ in certain respects from IFRS as issued by the International
    Accounting Standards
  Board (IASB). However, the consolidated financial statements for the periods
    presented would be no different had the Company applied IFRS as issued by the
    IASB. References to IFRS hereafter should be construed as references to IFRS
    as adopted by the
  EU.</FONT></font></P>
<font size="2"><P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Since this is the first year in which the group has prepared financial statements under IFRS, the comparatives have been restated from accounting principles generally accepted
in the UK (UK GAAP) to comply with IFRS. The reconciliation to IFRS from the previously published UK GAAP financial information is provided in note 32.</FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS differs in certain respects from US generally accepted accounting principles, a reconciliation to which is included in note 33 of the accounts. A summary of the group's
key accounting policies is set out below.</FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The financial statements have been prepared using the historical cost convention except where the measurements of balances at fair value is required as explained
below.</FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Basis of consolidation<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
accounting reference date of the Company is December 31. The consolidated financial
statements incorporate the financial statements of the Company and its subsidiaries
together with the group&#146;s share of the results of joint-ventures and associates using the equity method of accounting. Within the income statement, the group&#146;s
share of results of joint-ventures and associates is stated after interest and
taxation.</FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Use of estimates<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The preparation of financial statements requires management to make estimates and assumptions. These affect the reported amounts of assets and liabilities; the disclosure of
contingent assets and liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reporting period. Critical accounting policies are set out in the Financial review.</FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Turnover<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Turnover is recognised by the group when the risks and rewards associated with the transaction have been transferred to the purchaser which is demonstrated when all the
following conditions are met: evidence of a binding arrangement exists (generally, purchase orders), products have been delivered or services have been rendered, there is no future performance required and amounts are collectable under normal
payment terms. Turnover represents the net amounts charged or chargeable in respect of services rendered and goods supplied, excluding inter company sales, value added tax and other sales taxes. Turnover is recognised net of any discounts given to
the customer. Turnover on long-term construction contracts is recognised as the value of measured works, claims and variations on contracts in the year, based on the stage of completion. Claims and variations are only recognised where they have been
agreed with the customer. Where it is foreseen that a loss will arise to the group on a long-term contract, full provision is made for that loss during the year.</FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Research and development<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expenditure on development and improvement of new and existing products that do not meet the recognition criteria of an intangible asset are expensed as incurred. Research
costs are expensed as incurred. </FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Advertising costs<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expenditure on advertising is expensed in full in the period in which it is incurred.</FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share-based payments<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The cost of equity-settled transactions with employees, for awards granted after November 7, 2002, is measured at fair value on the date of grant and is recognised as an
expense over the vesting period. Fair value is determined by an external valuer using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of
the shares of the Company (market conditions).</FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For awards evaluated on non-market conditions or no performance criteria, an expense is ultimately only recognised for awards which vest. Where an award is dependent upon a
market condition, the cost of the award is recognised irrespective of whether the award vests unless the employee leaves during the vesting period. At each balance sheet date before vesting, the cumulative expense is calculated representing the
extent to which the vesting period has expired and management&#146;s best estimate of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the income
statement, with a corresponding entry in equity. </FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The cost of cash-settled transactions is measured at fair value using a binomial model. During the vesting period a liability is recognised based on the portion of the vesting
period expired at the balance sheet date. From the end of the vesting period until settlement, the liability represents the full fair value of the award as at the balance sheet date. </FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The own shares reserve includes shares purchased by the Company&#146;s ESOP Trust to satisfy awards. These are recognised as a deduction to equity.</FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dividends<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends attributable to the equity holders of the Company declared during the year are recognised directly in equity. Interim dividends are recognised when paid.</FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Foreign currencies<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Average rates of exchange ruling during the year have been used to translate the transactions in foreign currencies, and the income statements of overseas subsidiaries,
joint-ventures and associates from their functional currency.</FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Monetary assets and liabilities denominated in foreign currencies are retranslated from their functional currency at balance sheet exchange rates. The balance sheets of
overseas subsidiaries, joint-ventures and associates are translated at rates ruling at the balance sheet date from their functional currency. Differences on translation arising from changes in the sterling value of overseas net assets, related
foreign currency loans, foreign exchange contracts and currency swaps at the beginning of the accounting year, or at the date of any later capital currency conversions, together with the differences between income statements translated at average
rates and at balance sheet rates, are shown as a movement on reserves and in the statement of recognised income and expense. Other exchange rate differences are dealt with in the income statement for the year.</FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Business combinations<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The results of companies and businesses acquired are dealt with in the consolidated accounts from the date of acquisition. Upon the acquisition of a business, the fair values
that reflect their condition at the date of acquisition are attributed to the identifiable assets (including separately identifiable intangible assets) acquired and liabilities and contingent liabilities assumed. Adjustments are also made to bring
the accounting policies of businesses acquired into alignment with those of the group. Where the consideration paid for a business exceeds the fair value of net assets acquired and liabilities and contingent liabilities assumed, the difference is
treated as goodwill. </FONT></P>
</font>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">74</FONT> </TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts </FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p75"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" height="19"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">    Accounting policies </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td height="19" colspan="2"><hr size="1" noshade></td>
  </tr>
</table>
<font size="2">
</font><font size="2">
<P>
  <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Intangible assets<br>
  </FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Goodwill arising on acquisitions completed prior to January 1, 1998 was written off directly to reserves. From January 1, 1998 to December 31, 2003, all acquired goodwill was
    capitalised and amortised over a period not exceeding 20 years. On January 1, 2004, the date of transition to IFRS, goodwill relating to acquisitions was maintained at its net book value. From January 1, 2004 onwards, goodwill is capitalised.
</FONT></P>
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible assets other than goodwill, which are capable of being recognised separately and measured reliably on acquisition of a business, are capitalised at fair value on
  acquisition. Expenditure on computer software which is deemed not to be integral to the computer hardware is capitalised at cost. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with a finite life
are amortised on a straight line basis over their useful lives. Intangible assets with an indefinite life are not amortised but reviewed annually for impairment.</FONT></P>
<P>
  <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Property, plant and equipment (including mineral reserves)<br>
  </FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property, plant and equipment is shown at cost less depreciation, depletion and any impairments. The cost of property, plant and equipment comprises its purchase price and any
    costs directly attributable to bringing it into working condition for its intended use or its deemed cost on transition to IFRS. Costs to develop new commercial aggregates deposits and for major development programmes at existing sites are
    capitalised and amortised over the life of the quarry. Repair and maintenance costs are charged to costs and overheads as incurred. No depreciation is provided on freehold land except for mineral reserves which are depleted on the basis of tonnage
    extracted. Depreciation of other property, plant and equipment is calculated to write off their cost over their expected useful lives allowing for estimated residual value. The majority of property, plant and equipment is written off on a straight
line basis over the following periods:</FONT></P>
</font>
<TABLE width="100%%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Plant and equipment</FONT></font></TD>
	<TD width=60% align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2-30 years</FONT></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Land, buildings and natural resources</FONT></font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">up to 50 years</FONT></font></TD>
</TR>
</TABLE>
<font size="2"><P>
  <FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance costs relating to the purchase of property, plant and equipment are not capitalised but are expensed as incurred. Exchanges of assets are measured at fair value of the
asset given up unless the exchange transaction lacks commercial substance.</FONT></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Assets held under leases<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets held under finance leases are included within property, plant and equipment at the capitalised value of the future minimum lease payments and are depreciated over the
  shorter of their lease period and their useful life. The capital element of the future payments is treated as a liability and the interest element is charged to the income statement so as to reflect a constant annual rate of interest on the
remaining balance of the outstanding obligation. Rentals paid on operating leases are charged to the income statement on a straight line basis over the shorter of the lease period and the useful life of the leased asset.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Asset retirement obligations<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A provision is recognised for the fair value of asset retirement costs in the period in which the obligation arises. An asset representing the future cost of dismantling
    facilities, where the group has a legal or constructive obligation, is recorded and depreciated over its useful life. Other reclamation costs associated with the restoration of sites, following the extraction of aggregates and clay, are expensed as
incurred.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Asset impairment<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible assets and property, plant and equipment are reviewed, at least annually, to ensure that assets are not carried above their recoverable amounts. Where some
  indication of impairment exists, detailed calculations are made of the discounted cash flows resulting from continued use of the assets (value in use) or from their disposal (fair value less costs to sell). Where these values are less than the
carrying amount of the assets, an impairment loss is charged to the income statement.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Investments in joint-ventures and associates<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
group&#146;s
  investments in its joint-ventures and associates are accounted for under the
equity method of accounting.</FONT></font></P>
<P><font size="2">
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under the
  equity method, the investment in the joint-venture or associate is carried
  in the balance sheet at cost plus post-acquisition changes in the group&#146;s share of net
  assets of the joint-venture or associate. Goodwill relating to a joint-venture or associate is included in the carrying amount of the investment and is not amortised. After application of the equity method, the group determines whether it is
  necessary to recognise any additional impairment loss with respect to the group&#146;s
  net investment in the joint-venture or associate. The income statement amount
  reflects the share of the results after interest and tax of operations of the
  joint-ventures and associates. Where there has been a change recognised directly
  in the equity of the joint-venture or associate, the group recognises its share
  of any changes and discloses this in the reconciliation of changes in total
  equity, and
where appropriate, in the consolidated statement of recognised income and expense.</FONT></font></P>
<P><font size="2">
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The joint-ventures&#146; and associates&#146; accounting
  policies conform to those used by the group for like transactions and events
in similar circumstances.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Inventories and receivables<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Inventories are stated at the lower of cost and net realisable value, on a first in first out basis. Cost includes raw materials, direct labour and expenses, and an appropriate
proportion of production and other overheads. Full provision is made against slow moving inventories based on historical experience and current market conditions. Receivables are stated after deducting a provision for doubtful debts.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Government grants<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Grants received from governments for the acquisition of assets are recognised only when there is reasonable assurance that the grant will be received and any conditions
  attached to them have been fulfilled. The grant is held on the balance sheet within accrued income and released to the income statement over the periods necessary to match the related depreciation charges or other expenses of the asset as they are
incurred. </FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash and cash equivalents<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash and cash equivalents comprise cash in hand and current balances with banks and other similar institutions, which are readily convertible into known cash amounts and which
  are subject to insignificant risk of changes in value and have a maturity of three months or less at the date of inception. For the purposes of the cash flow statement, cash and cash equivalents consists of cash and cash equivalents as defined
above, net of bank overdrafts.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Derivatives,
financial instruments, interest bearing loans and borrowings<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
group has taken advantage of the exemption not to restate comparatives for IAS
32 &#147;Financial Instruments: Disclosure and Presentation&#148; and IAS 39 &#147;Financial
  Instruments: Recognition and Measurement&#148; but to apply these standards
  from January 1, 2005. As a result, the Financial instruments (current year)
  and Interest bearing loans and borrowings (current year) policies presented
  below apply with effect from January 1, 2005 and the Financial instruments
  (prior year) and Interest bearing loans and borrowings (prior year) policies
applied from January 1, 2004 to December 31, 2004.</FONT></font></P>
<P><font size="2">
<B><I><FONT face="AkzidenzGroteskBE-MdIt,Arial,Helvetica,sans-serif">Derivative financial instruments (current year)<br>
</FONT></I></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Derivative financial instruments are used to manage the financial risks arising from the business activities of the group and the financing of those activities. Derivative
financial instruments are not held for trading purposes.</FONT></font><font size="2">
</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Derivative
    financial instruments are used for managing financial risks as follows:</font></font> </td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2">&#150;</font></td>
    <td><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Forward exchange contracts are used as balance sheet hedging instruments to hedge foreign currency net assets held overseas.
  </font></font></tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&#150;</font></td>
    <td><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest rate
swaps are used to hedge the group&#146;s exposure to movements in interest rates.
The interest payable or receivable on such swaps</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">is accrued on an effective interest basis.
  </font></font></tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;
  </tr>
</table>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">75</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts </FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p76"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b><font size="3">Notes
          to the accounts <font color="#8c8a95">continued</font></font></b></FONT><font size="3"><b><BR>
          <FONT color="#8c8a95" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for
    the 12 months ended December 31, 2005</FONT></b></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1 </font></b></font></td>
    <td><font size="2">        <b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Accounting
    policies<font color="8c8a95"> </font></font></b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
</table>
<font size="2">
</font><font size="2">
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group
  applies IAS 39, under which hedge accounting is allowed when certain criteria
  are met. Under IAS 39, derivative financial instruments are always measured
  at fair value, with hedge accounting employed in respect of those derivatives
  fulfilling the stringent requirements for hedge accounting as prescribed under
  IAS 39. In summary, these criteria relate to initial designation and documentation
  of the hedge
  relationship, prospective testing of the relationship to demonstrate the expectation
  that the hedge will be highly effective throughout its life, and subsequent
  retrospective testing of the hedge to verify effectiveness. The accounting
  treatment for the group&#146;s hedge relationships are described by class below.
  Hedge effectiveness is reviewed regularly. If a hedge becomes ineffective,
  hedge accounting ceases to apply and subsequent changes in fair values of the
derivative are recognised in the income statement. </FONT></P>
<P>
  <I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Fair value hedges<br>
  </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  group uses interest rate swaps to hedge the group&#146;s exposure to changes
  in the fair value of fixed rate debt as a result of interest rate movements.
  The interest
    on such swaps is accrued on an effective interest basis. The carrying amount
    of the hedged item is adjusted for gains and losses attributable to the risk
    being hedged. For effective hedges, changes in the fair values of both the
    hedge and the portion
    of the hedged item covered by the hedge are recognised in the income statement.
    If a hedge becomes ineffective, the hedged item ceases to be remeasured with
    subsequent changes in fair value. Instead, the portion of its carrying value
    relating to previous changes in fair value is amortised over its remaining
life.</FONT></P>
<P>
  <I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Cash flow hedges<br>
  </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group uses interest rate swaps to hedge its exposure to floating rate debt and uses foreign exchange forwards as cash flow hedges to manage its exposure to currency
    fluctuations on its future cash flows. For effective cash flow hedges changes in the fair value of the hedge are recognised in equity, where they are recycled through the profit and loss in the same period during which the hedged item impacts the
    income statement. For hedges that become ineffective the amount previously recognised in equity is recycled to the income statement. Where the underlying hedged item is no longer expected to occur, this recycling is effected immediately. If the
underlying hedged item is still expected to occur then the recycling from equity happens when the forecast transaction occurs. </FONT></P>
<P>
  <I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Net investment hedges<br>
  </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Currency borrowings and forward exchange contracts are used as balance sheet hedging instruments to hedge foreign currency net assets held overseas. Regarding forward exchange
    contracts, the initial valuation of the forward element of the contract and any subsequent movement in its valuation is recognised directly in the income statement. The spot element forms the net investment hedge relationship, and any movement in
    its valuation, so long as the relationship is effective, is recognised in equity. If the hedge becomes ineffective, movements in the valuation of the spot element are recognised directly in the income statement. On disposal of a foreign currency
investment, the cumulative gains and losses are recycled from equity to the extent that they related to hedges of the investment being disposed of. </FONT></P>
<P>
  <B><I><FONT face="AkzidenzGroteskBE-MdIt,Arial,Helvetica,sans-serif">Derivative financial instruments (prior year)<br>
  </FONT></I></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  group considers its derivative financial instruments to be hedges when certain
  criteria
    are met. The group&#146;s criteria for an instrument to qualify for hedge accounting
    are that the instrument must be related to an asset, liability or forecast
    cash flow, it must involve the same currency as the hedged item and it must
    offset the effect of movements in foreign exchange and/or interest rates on
    the relevant asset,
liability, cash flow or reported results of the group.</FONT></P>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Derivative
    financial instruments are accounted for using hedge accounting as follows:</font></font> </td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2">&#8211;</font></td>
    <td><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Forward exchange contracts are used as balance sheet hedging instruments to hedge foreign currency net investments. The difference</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">between the spot and forward rate for these contracts is recognised as part of the net interest payable over the period of the contract. The spot</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">rate of foreign currency hedges is revalued to the rate of exchange at the balance sheet date and aggregate unrealised gains or losses arising</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">on revaluation are included in other debtors/other creditors. Both realised and unrealised gains and losses on these contracts are taken to reserves
    to the extent that those contracts relate to foreign currency investments.
    </font></font></tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2">&#8211;</font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
Interest rate
swaps are used to hedge the group&#146;s exposure to movements in interest rates.
The interest payable or receivable on such swaps is accrued in the same
way as interest arising on deposits or borrowings. Interest rate swaps are not
revalued to fair value prior to maturity. </font><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;
  </font></tr>
</table>
<P><font size="2">
<B><I><FONT face="AkzidenzGroteskBE-MdIt,Arial,Helvetica,sans-serif">Interest bearing loans and borrowings (current year)<br>
</FONT></I></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">All loans and borrowings are initially recognised at fair value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the effective interest method. Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance income and finance costs. The
fair value measurement of fixed rate loans forming part of fair value hedges is discussed below under the derivatives and financial instruments policy. </FONT></font></P>
<P><font size="2">
<B><I><FONT face="AkzidenzGroteskBE-MdIt,Arial,Helvetica,sans-serif">Interest bearing loans and borrowings (prior year) <br>
</FONT></I></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">All loans and borrowings are initially stated at the amount of the net proceeds. Interest is charged to the profit and loss at the coupon rate, whilst discounts and fees are
amortised on a straight line basis over the term of the debt. Accrued interest costs are included in accruals to the extent that they will be paid in the next accounting period. Gains and losses arising on the repurchase, settlement or otherwise
cancellation of liabilities are recognised in the period in which the repurchase or early settlement is made.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Provisions<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions for non-current obligations are discounted using a pre-tax rate that reflects current market assessments. The unwinding of the discount on provisions is included
within finance costs along with the effect on the provision of changes in the discount rate.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions are classified as current when they are expected to be settled within 12 months of the balance sheet date.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Pensions and other post-retirement benefits<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
group&#146;s current and past service cost for defined benefit schemes is charged to operating profit. Interest on the defined benefit schemes&#146; obligations and the
expected return on the schemes&#146; assets are recognised in net finance costs. Actuarial gains and losses are recognised directly in equity through the statement of recognised income and expense so that the group&#146;s balance sheet reflects the
fair value of the schemes&#146; surpluses or deficits as at the balance sheet
date.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Contributions
to defined contribution schemes are charged to operating profit as they become
payable. Multi-employer schemes are accounted for as defined contribution schemes,
where the group is unable to obtain adequate information regarding its share
of the schemes&#146; assets and liabilities to account for these as defined benefit
schemes.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group has
elected to adopt the IASB&#146;s amendment to IAS 19 &#147;Employee benefits&#148; to
permit the recognition of actuarial gains and losses directly in equity rather
than apply the 10% corridor method. The group has applied this methodology from
the date of transition to IFRS.</FONT></font><font size="2">
</font></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td colspan="2"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Deferred
            taxation<br>
    </font></b></font><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred
    tax is provided, using the liability method, on all temporary differences
    at the balance sheet date between the tax bases of assets and liabilities
    and their carrying value except to the extent that the temporary difference
    arises from:</font></font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2">&#8211;</font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> the
    initial recognition of goodwill; </font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&#8211;</font></td>
    <td><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the
          initial recognition of an asset or liability in a transaction which
          is not a business combination and, at the time of the transaction,
          affects</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">neither accounting
    nor taxable profit or loss; </font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td><font size="2">&#8211;</font></td>
    <td><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">temporary
          differences in respect of the unremitted earnings of subsidiaries,
          joint-ventures and associates where the parent is able to control</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the timing of the
          reversal of the temporary difference and it is probable that the temporary
    difference will not reverse in the foreseeable future. </font></font></td>
  </tr>
</table>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">76</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts </FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">
</font>

<div style="page-break-before:always"></div><page><a name="p77"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1 </font></b></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Accounting
    policies </font></b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><hr size="1" noshade>
    </td>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A deferred tax asset is recognised for all deductible temporary differences, carry-forward of unused tax losses and unused tax credits to the extent it is probable that future
taxable profit will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilised. Tax assets and liabilities are offset, if a legally enforceable right exists to set off the tax assets
against the tax liabilities and the taxes relate to the same taxable entity and the same taxation authority.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred tax assets and liabilities are measured, on an undiscounted basis, at the tax rates that are expected to apply to the period when the asset is realised or the
liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The carrying amount of a deferred tax asset is reviewed at each balance sheet date.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Income tax relating to items recognised directly in equity is recognised in equity and not in the income statement. </FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Treasury shares</FONT></B></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Own
equity instruments which are reacquired (treasury shares) are deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue
or
cancellation of the Company&#146;s own equity instruments. </FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">New IFRS standards and interpretations not applied</FONT></B></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During 2005, the IASB and IFRIC issued additional standards and interpretations which are effective for periods starting after the date of these financial statements. The
following standards and interpretations have yet to be adopted by the group:</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan=2 align=left valign="bottom">
<I><FONT size=1 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">International Financial Reporting Standards (IFRS/IAS)</FONT></I></TD>
	<TD align=right valign="bottom">
<I><FONT size=1 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Effective date</FONT></I></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS 1</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amendment relating to IFRS 6</FONT></TD>
	<TD width=15% align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1, 2006</FONT></TD>
    <TD width=2% align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS 4</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amendment to IAS 39 and IFRS 4 &#150; Financial Guarantee Contracts</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1, 2006</FONT></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS 6</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exploration for and Evaluation of Mineral Assets</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1, 2006</FONT></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS 6</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amendment relating to IFRS 6</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1, 2006</FONT></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS 7</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial Instruments: Disclosures</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1, 2007</FONT></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IAS 1</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amendment to IAS 1 &#150; Presentation of Financial Statements: Capital Disclosures</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1, 2007</FONT></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IAS 39</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fair Value Option</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1, 2006</FONT></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IAS 39</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amendments to IAS 39 &#150; Transition and Initial Recognition of Financial Assets and Financial Liabilities (Day 1 profits)</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1, 2006</FONT></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IAS 39</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amendment to IAS 39 and IFRS 4 &#150; Financial Guarantee Contracts</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1, 2006</FONT></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left valign="bottom"><font size="1">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">International Financial Reporting Interpretations Committee (IFRIC)</FONT></I></font></TD>
	<TD align=right valign="bottom"><font size="1">&nbsp;</font></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRIC 4</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Determining Whether An Arrangement Contains a Lease</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1, 2006</FONT></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRIC 5</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1, 2006</FONT></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRIC 7</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">March 1, 2006</FONT></TD>
    <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRIC 8</FONT></TD>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Scope of IFRS 2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">May 1, 2006</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group does not anticipate that the adoption of these standards and interpretations will have a material effect on its financial statements on initial adoption. Upon
adoption of IFRS 7, the group will be required to disclose additional information about its financial instruments, their significance and the nature and extent of the risks to which they give rise, together with greater detail as to the fair value
of its financial instruments and its risk exposure. There will be no effect on reported income or net assets.</FONT></P>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2</font></b></font></td>
    <td><font size="2"> <b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">    Segmental analysis</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3">    <hr size="1" noshade>
    </td>
  </tr>
</table>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group&#146;s primary segments are the trading operations of North America, UK, Australia, Asia Pacific and Continental Europe. These operations are organised and managed
separately according to the geographic location of their assets and economic environment. There are no significant transactions occurring between the primary segments.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">There are two secondary business segments, Aggregates and Building Products. The major products for each secondary segment, which differ slightly between countries, are as
follows:<br>
</FONT></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates &#150; crushed
rock and sand and gravel, asphalt, cement and ready-mixed concrete.<br>
</FONT></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Building
products &#150; bricks, concrete pipe and products, concrete flooring, precast
concrete and roofing tiles.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson&#146;s business operations, as shown below, are managed using a combination of primary and secondary structures in eight distinct segments, including the corporate
office and related costs, that are described as Central. </FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font size="2"> <b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Segmental
          analysis for the 12 months ended December 31, 2005<br>
a) Group turnover</font></b></font></TD>
  <TD align=right></TD>
  <TD align=right></TD>
  <TD align=right></TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="3" align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</FONT></font></TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">980.6</FONT></B></font></TD>
	<TD width=2% align=right></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">897.3</FONT></TD>
    <TD width=2% align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">753.7</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">647.4</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,734.3</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,544.7</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></TD>
	<TD colspan="3" align=left> <hr size="1" noshade>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">811.5</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">771.9</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">368.2</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">300.7</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,179.7</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,072.6</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia &amp; Asia Pacific</FONT></TD>
	<TD colspan="3" align=left><hr size="1" noshade></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Australia</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">464.6</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">413.2</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Asia Pacific</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">108.4</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">124.5</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">573.0</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">537.7</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="3" align=right><hr size="1" noshade></TD>
  <TD align=right></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Continental Europe</FONT></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">228.7</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">228.0</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,715.7</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,383.0</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued</FONT></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">24.0</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">81.3</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,739.7</FONT></B></font></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,464.3</FONT></TD>
    <TD align=right></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left>&nbsp;</TD>
  <TD align=left></TD>
</TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">77</font></TD>
    <TD align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif
      size=1><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</font></FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p78"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="3"><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="8c8a95">continued </font><br>
<font color="8c8a95">for the 12 months ended December 31, 2005</font></b></FONT></td>
  </tr>
  <tr>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2</font></b></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">    Segmental analysis<font color="8c8a95"> </font></font></b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">b)</font></b></font></td>
    <td><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Operating profit</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><hr size="1" noshade>
    </td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="9" align=right valign="bottom"><hr size="1" noshade></TD>
  <TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group<br>
operating<br>
profit
before<br>
impairments</font></b></TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share of</FONT></B><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><br>
joint-ventures&#146;</font></b><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><br>
and associates&#146;</font></b><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><br>
profit
after tax</font></b></TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom"><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating<br>
	</font></b><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">profit
	      before<br>
	</font></b><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">impairments</font></b></TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom"><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating<br>
	  impairments</font></b></TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom"><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating<br>
	</font></b><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">profi</font></b><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">t</font></b></TD>
	<TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD colspan="9" align=right>
      <B></B>
      <hr size="1" noshade>
      <B></B>
	</TD>
	<TD align=center></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=right valign="bottom"></TD>
	<TD align=right valign="bottom">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=right valign="bottom"></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</FONT></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle"><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</FONT></font></TD>
	<TD width="8%" align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">138.1</FONT></B>
	</TD>
	<TD width="2%" align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD width="8%" align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.3</FONT></B>
	</font></TD>
	<TD width="2%" align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD width="8%" align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">138.4</FONT></B>
	</TD>
	<TD width="2%" align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD width="8%" align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.6</FONT></B>
	</TD>
	<TD width="2%" align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD width="8%" align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">136.8</FONT></B>
	</TD>
	<TD width="2%" align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle"><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</FONT></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">124.4</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.3</FONT></B>
	</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">125.7</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">125.7</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">262.5</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.6</FONT></B>
	</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">264.1</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.6</FONT></B>
	</TD>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">262.5</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="9" align=right> <B></B>
      <hr size="1" noshade>
      <B></B> </TD>
  <TD align=center></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle"><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</FONT></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">96.9</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11.9</FONT></B>
	</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">108.8</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.6</FONT></B>
	</TD>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">108.2</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle"><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</FONT></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">37.8</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">37.8</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">37.8</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">134.7</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11.9</FONT></B>
	</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">146.6</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.6</FONT></B>
	</TD>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">146.0</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="9" align=right> <B></B>
      <hr size="1" noshade>
      <B></B> </TD>
  <TD align=center></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia &amp; Asia Pacific</FONT></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle"><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Australia</FONT></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">57.3</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">24.3</FONT></B>
	</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">81.6</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">81.6</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle"><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Asia Pacific</FONT></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.4</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.7</FONT></B>
	</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.1</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.1</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">62.7</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">27.0</FONT></B>
	</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">89.7</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">89.7</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="9" align=right> <B></B>
      <hr size="1" noshade>
      <B></B> </TD>
  <TD align=center></TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="middle">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Continental Europe</FONT></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19.9</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19.9</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.8</FONT></B>
	</TD>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18.1</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Central</FONT></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(31.5</FONT></B>
	</TD>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(31.5</FONT></B>
	</TD>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(31.5</FONT></B>
	</TD>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">448.3</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">40.5</FONT></B>
	</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">488.8</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.0</FONT></B>
	</TD>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">484.8</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued</FONT></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.0</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.6</FONT></B>
	</font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.6</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.6</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="middle"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">449.3</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">43.1</FONT></B></font></TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">492.4</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.0</FONT></B>
	</TD>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">488.4</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT><b> </b></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT><b> </b></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT><b> </b></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT><b> </b></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT><b> </b></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD colspan="9" align=right valign="bottom"><hr size="1" noshade></TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right valign="bottom"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Group <br>
      operating<br>
      profit before<br>
      impairments

    </font></TD>
    <TD align=right valign="bottom"><font size="1">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Share
          of<br>
      joint-ventures&#8217;<br>
      and associates&#8217;<br>
      profit after tax</font><font size="1">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Operating<br>
      profit before<br>
      impairments</font><font size="1">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Operating<br>
      impairments</font><font size="1">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Operating<br>
      profit</font><font size="1">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD colspan="9" align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>&#163;m</FONT> </font></TD>
    <TD align=left></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>&#163;m</FONT> </font></TD>
    <TD align=left></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>&#163;m</FONT> </font></TD>
    <TD align=left></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>&#163;m</FONT> </font></TD>
    <TD align=left></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>&#163;m</FONT> </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left valign="bottom"><hr size="1" noshade></TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> North
          America</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=left valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>Hanson
          Aggregates</FONT></font></TD>
    <TD width="8%" align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>126.7</FONT> </font></TD>
    <TD width="2%" align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>0.9</FONT> </font></TD>
    <TD width="2%" align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>127.6</FONT> </font></TD>
    <TD width="2%" align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD width="2%" align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>127.6</FONT> </font></TD>
    <TD width="2%" align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=left valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>Hanson
          Building Products</FONT> </font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>111.2</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>111.2</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>111.2</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>237.9</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>0.9</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>238.8</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>238.8</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD colspan="9" align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> UK</font></TD>
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=left valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>Hanson
          Aggregates</FONT> </font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>62.2</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>12.3</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>74.5</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(20.7</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>53.8</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=left valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>Hanson
          Building Products</FONT> </font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>36.8</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>36.8</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>36.8</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>99.0</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>12.3</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>111.3</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(20.7</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>90.6</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD colspan="9" align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>Australia &amp; Asia
          Pacific</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=left valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>Hanson
          Australia</FONT> </font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>56.0</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>10.5</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>66.5</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>66.5</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=left valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>Hanson
          Asia Pacific</FONT> </font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>6.1</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(0.5</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>5.6</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(4.9</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>0.7</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>62.1</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>10.0</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>72.1</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(4.9</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>67.2</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD colspan="9" align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>Hanson
          Continental Europe</FONT> </font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>23.9</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>23.9</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(3.7</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>20.2</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>Central</FONT> </font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(22.7</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(22.7</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(22.7</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>Continuing
          operations</FONT> </font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>400.2</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>23.2</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>423.4</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(29.3</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>394.1</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>Discontinued</FONT> </font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>4.0</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>3.2</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>7.2</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(21.9</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(14.7</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>404.2</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>26.4</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>430.6</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(51.2</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>379.4</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="11" align=left valign="bottom"><hr size="2" noshade>
    </TD>
    <TD align=right valign="bottom"></TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The following property profits in respect of surplus property and land disposals totalling &#163;14.9m (&#163;21.4m) are included within group operating profit before
impairments: Hanson Aggregates North America &#163;2.4m (&#163;14.3m); Hanson Building Products North America &#163;0.5m (&#163;nil); Hanson Aggregates UK &#163;8.0m (&#163;1.9m); Hanson Building Products UK &#163;3.0m (&#163;3.2m); Hanson Australia
&#163;1.0m (&#163;1.7m); Hanson Asia Pacific &#163;nil (&#163;nil); Hanson Continental Europe &#163;nil (&#163;0.3m); Central &#163;nil (&#163;nil).</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total revenue of &#163;3,799.8m (&#163;3,504.3m) includes group turnover from continuing operations of &#163;3,715.7m (&#163;3,383.0m), group turnover from discontinued
operations of &#163;24.0m (&#163;81.3m) and interest receivable and similar income of &#163;60.1m (&#163;40.0m) .</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">78</font></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</font></TD>
  </TR>
</TABLE>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p79"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left" valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>2</b></font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b><b>Segmental
    analysis </b></b>continued</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width="3%" align="left" valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b><font size=2>c)</font></b></font></b></font></td>
    <td><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b></b></font></b></font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b><b>Joint-ventures
    and associates</b>&nbsp; </b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3">    <hr size="1" noshade>
    </td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=1>2005</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=1>2005</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>2004</FONT> </font></TD>
    <TD align=left></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>2004</FONT> </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD colspan="7" align=left><hr size="1" noshade>      </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=1>Turnover</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B></B> <b><font size=1>Operating<br>
    <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b><font size=1>profit</font></b></font></font></b></font></TD>
    <TD align=right></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>Turnover</FONT> </font></TD>
    <TD align=left></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <font size=1>Operating<br>
    <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size=1>profit</font></font></font></font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD colspan="7" align=left><hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=1>&#163;m</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=1>&#163;m</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>&#163;m</FONT> </font></TD>
    <TD align=left></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>&#163;m</FONT> </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>  <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> North
          America</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Hanson
          Aggregates</font></TD>
    <TD width=8% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>2.4</B></font></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>0.6</B></font></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>1.6</FONT> </font></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>1.1</FONT> </font></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Hanson
          Building Products</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>4.6</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>1.3</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>0.9</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>7.0</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>1.9</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>2.5</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>1.1</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD colspan="7" align=left><hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> UK</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Hanson
          Aggregates</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>111.6</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>16.9</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>106.6</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>17.5</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Hanson
          Building Products</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>&#150;</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>&#150;</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>111.6</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>16.9</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>106.6</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>17.5</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD colspan="7" align=left><hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Australia &amp; Asia
          Pacific</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Hanson
          Australia</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>179.8</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>24.1</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>166.5</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>17.6</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Hanson
          Asia Pacific</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>16.0</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>3.3</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>16.6</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(0.5</FONT> </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>195.8</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>27.4</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>183.1</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>17.1</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD colspan="7" align=left><hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Hanson
          Continental Europe</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>1.3</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>&#150;</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>2.0</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#150;</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Continuing
          operations</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>315.7</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>46.2</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>294.2</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>35.7</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Discontinued</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>29.2</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>2.6</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>51.8</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>3.2</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>344.9</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>48.8</B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>346.0</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>38.9</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="2" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=1>2005</FONT></B> </font></TD>
    <TD align=right valign="bottom"><font size="1">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>2004</FONT> </font></TD>
    <TD align=right valign="bottom"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan="3" align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=2>&#163;m</FONT></B> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>&#163;m</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD colspan="3" align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Continuing
          operating profit from joint-ventures and associates</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=2>46.2</FONT></B> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>35.7</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Net
          finance costs</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=2>(3.5</FONT></B> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(3.2</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Taxation</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=2>(2.2</FONT></B> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(9.3</FONT> </font></TD>
    <TD align=left valign="bottom"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="1" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Continuing
          profit after tax from joint-ventures and associates</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=2>40.5</FONT></B> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>23.2</FONT> </font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left>
      <hr size="2" noshade>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=left></TD>
  </TR>
</TABLE>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Included
    within the joint-ventures and associates taxation charge of &#163;2.2m is a credit of &#163;6.6m
following a change in Australian tax laws. </FONT></p>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="bottom">
    <td width="3%"><b><font size=2
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">d)</font></b></td>
    <td><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Analysis of depletion,
    depreciation, amortisation and capital expenditure</font></b></font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td colspan="2"><hr size="1" noshade>
    </td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="right" valign="bottom">
	<TD><font size="1">&nbsp;</font></TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD><font size="1">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
    <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
  <TD><font size="1">&nbsp;</font></TD>
  <TD colspan="10">
    <hr size="1" noshade>
  </TD>
  <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
	<TD><font size="1">&nbsp;</font></TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Depletion</FONT></B>
	</TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Depreciation</FONT></B>
	</TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Amortisation<br>
<b>of
other<br>
intangible<br>
assets</b></font></b> </FONT></B>
	</TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD><font size="1">
      <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additions <br>
    to
property, plant and</FONT></B> equipment</FONT></B>	</font></TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD><font size="1">
      <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additions<br>
    to othe<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">r<br>
    </FONT></B></FONT></B>intangible</FONT></B><br>
    assets</FONT></B>	</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
  <TD><font size="1">&nbsp;</font></TD>
  <TD colspan="10">
    <hr size="1" noshade>
  </TD>
  <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR align="right" valign="bottom">
  <TD><font size="1">&nbsp;</font></TD>
  <TD colspan="10">
      <hr size="1" noshade></TD>
  <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
	<TD><font size="1">&nbsp;</font></TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD><font size="1">&nbsp;</font></TD>
	<TD>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
    <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</FONT></font></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18.4</FONT></B></font></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">59.5</FONT></B></font></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.5</FONT></B></font></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">69.4</FONT></B></font></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.1</FONT></B></font></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</FONT></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">26.3</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.2</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">40.7</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18.4</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">85.8</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.7</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">110.1</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.1</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
  <TD><font size="1">&nbsp;</font></TD>
  <TD colspan="10">
    <hr size="1" noshade>
  </TD>
  <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</FONT></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.2</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">30.0</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">23.1</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.4</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</FONT></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.6</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11.6</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.2</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16.8</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.8</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">41.6</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.2</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">39.9</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.4</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
  <TD><font size="1">&nbsp;</font></TD>
  <TD colspan="10">
    <hr size="1" noshade>
  </TD>
  <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia &amp; Asia Pacific</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Australia</FONT></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.6</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">23.4</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">31.6</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Asia Pacific</FONT></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.4</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.0</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.0</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">26.8</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">32.6</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
  <TD><font size="1">&nbsp;</font></TD>
  <TD colspan="10">
    <hr size="1" noshade>
  </TD>
  <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Continental Europe</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.3</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.5</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">13.3</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Central</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.2</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.8</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33.5</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">160.8</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.0</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">196.1</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.4</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.3</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33.5</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">161.1</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.0</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">196.1</FONT></B></font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.4</FONT></B></font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="11" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">79</font></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p80"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="#8c8a95">continued <br>
for the 12 months ended December 31, 2005</font></b></FONT></td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2</font></b></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Segmental
    analysis </font></b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  </TR>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD rowspan="4" align=left>&nbsp;

	</TD>
	<TD rowspan="3" align=left>&nbsp;

	</TD>
	<TD rowspan="3" align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amortisation</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Additions</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Additions</FONT></TD>
    <TD rowspan="4" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of other</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">to property,</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">to other</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">intangible</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plant and</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">intangible</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Depletion</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Depreciation</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">assets</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">equipment</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">assets</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</FONT></font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.5</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">57.0</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">74.6</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</FONT></font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">79.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">112.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</FONT></font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.9</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">30.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</FONT></font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.9</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia &amp; Asia Pacific</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Australia</FONT></font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Asia Pacific</FONT></font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">27.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">28.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=right><hr size="1" noshade>
</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Continental Europe</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Central</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">153.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">201.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">155.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">203.0</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">e)</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Analysis
    of assets and liabilities</font></b></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD rowspan="5" align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD rowspan="5" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font><font size="1">&nbsp;</font>	<font size="1">&nbsp;</font><font size="1">&nbsp;</font>	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left><div align="right"><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>
        <B></B></div>
      <div align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Goodwill </FONT></B>	</div></TD>
	<TD align=left><div align="right"><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Joint-ventures
	        and associates</font></b></div></TD>
	<TD align=left><div align="right"><font size="1">&nbsp;</font>
          <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Long-lived</FONT></B>
        <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">assets</FONT></B></div></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b>Disposal<br>
groups held<br>
    for sale</B></FONT></TD>
	<TD align=left><div align="right"><font size="1">&nbsp;</font>
          <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other assets</FONT></B>
        <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">held for sale</FONT></B></div></TD>
	<TD align=left><div align="right"><font size="1">&nbsp;</font><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total<br>
        </FONT></B><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">assets</FONT></B></div></TD>
	<TD align=left><div align="right"><font size="1">&nbsp;</font>
          <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total<br>
        liabilities</FONT></B>
    </div></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=left><div align="right"><font size="1">&nbsp;</font>
          <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Capital<br>
employed</FONT></B>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="9" align=right><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
  </TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">North America</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Aggregates</font></TD>
	<TD width="8%" align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>229.5</B>&nbsp;
	</font></TD>
	<TD width="8%" align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>24.6</B>&nbsp;
	</font></TD>
	<TD width="8%" align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>1,368.2</B>&nbsp;
	</font></TD>
	<TD width="8%" align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD width="8%" align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD width="8%" align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>1,659.6</B>&nbsp;
	</font></TD>
	<TD width="8%" align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(275.5</FONT></B>
	</TD>
	<TD width="2%" align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD width="8%" align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,384.1</FONT></B>
	</TD>
	<TD width="2%" align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Building Products</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>272.6</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>0.9</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>577.3</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>830.9</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(130.5</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">700.4</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>502.1</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>25.5</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>1,945.5</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>2,490.5</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(406.0</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,084.5</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">UK</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Aggregates</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>93.4</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>85.6</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>786.5</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>1.8</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>1,011.1</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(187.2</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">823.9</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Building Products</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>134.1</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>470.8</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>3.5</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>0.6</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>590.8</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(86.7</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">504.1</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>227.5</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>85.6</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>1,257.3</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>3.5</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>2.4</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>1,601.9</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(273.9</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,328.0</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Australia &amp; Asia Pacific</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Australia</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>146.0</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>137.1</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>602.8</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>2.3</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>701.4</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(82.1</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">619.3</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Asia Pacific</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>34.3</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>53.6</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>102.5</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>140.7</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(22.4</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">118.3</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>180.3</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>190.7</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>705.3</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>2.3</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>842.1</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(104.5</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">737.6</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Hanson Continental Europe</FONT></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>22.8</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>0.3</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>102.1</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>197.7</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(71.7</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">126.0</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>932.7</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>302.1</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>4,010.2</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>3.5</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>4.7</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>5,132.2</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(856.1</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4,276.1</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Central</FONT></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>1.7</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>0.3</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>1,341.0</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2,948.3</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,607.3</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continuing operations</FONT></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>932.7</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>302.1</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>4,011.9</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>3.5</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>5.0</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>6,473.2</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3,804.4</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,668.8</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Discontinued</FONT></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>&#150;</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>3.5</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.5</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>932.7</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>302.1</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>4,011.9</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>3.5</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>5.0</B>&nbsp;
	</font></TD>
	<TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>6,476.7</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3,804.4</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
<B>)</B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,672.3</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr noshade width="100%" size="2"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD colspan="2" align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font color="#000000" size="1" face="AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif">80</font></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
        to the accounts</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p81"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2</font></b></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Segmental
            analysis </font></b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD rowspan="3" align=left>&nbsp;	</TD>
	<TD rowspan="2" align=left>&nbsp;	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disposal</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD rowspan="3" align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD rowspan="3" align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Joint-ventures</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Long-lived</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">groups held</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other assets</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Goodwill</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and associates</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">assets</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for sale</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">held for sale</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">assets</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">liabilities</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employed</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Aggregates</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">171.9</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.6</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,145.9</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.0</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,379.5</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(238.2</FONT></TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,141.3</FONT></TD>
	<TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Building Products</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">220.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">457.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">640.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(107.1</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">533.2</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">392.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.9</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,603.0</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.0</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,019.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(345.3</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,674.5</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Aggregates</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">94.0</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">85.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">804.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,038.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(203.8</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">834.8</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Building Products</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">352.0</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(75.6</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">276.4</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">116.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">85.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,068.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,390.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(279.4</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,111.2</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia &amp; Asia Pacific</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Australia</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">138.0</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">126.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">558.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">656.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(81.4</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">575.2</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Hanson Asia Pacific</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">33.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">53.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">103.0</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">142.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(23.6</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">119.1</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">171.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">179.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">661.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">799.3</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(105.0</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">694.3</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="9" align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Continental Europe</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">213.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(78.9</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">134.8</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">703.9</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">281.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,433.9</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4,423.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(808.6</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,614.8</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Central</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,695.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2,939.2</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,243.7</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">703.9</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">281.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,435.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,118.9</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3,747.8</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,371.1</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">29.9</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">41.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.8</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.9</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">711.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">311.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,475.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,160.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3,749.6</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,411.0</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Long-lived
      assets represents intangible assets, property, plant and equipment, and
    investments.</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">f)</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Analysis
    of turnover, total assets and capital expenditure by secondary segments</font></b></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="4" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD rowspan="4" align=left><font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><div align="right"><font size="1"></font>
        <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Turnover</FONT></B></div></TD>
	<TD rowspan="4" align=left><div align="right"><font size="1"></font>
        <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total<br>
    </FONT></B><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Assets</FONT></B></div></TD>
	<TD rowspan="4" align=right>
      <div align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additions to<br>
property,<br>
        plant and<br>
equipment</FONT></B></div></TD>
	<TD rowspan="4" align=right>
      <div align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additions to<br>
      </FONT></B><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">other<br>
      </FONT></B><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">intangible<br>
      </FONT></B><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">assets</FONT></B></div></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="4" align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,545.2</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,670.2</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">135.4</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.6</FONT></B></TD>
    <TD width="2%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Building products</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,170.5</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,462.0</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">60.5</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Central</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,341.0</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.8</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,715.7</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,473.2</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">196.1</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.4</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD height="20" align=left>&nbsp;</TD>
  <TD colspan="4" align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD rowspan="4" align=left><font size="1">&nbsp;</font> </TD>
  <TD rowspan="4" align=left><div align="right"> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Turnover</FONT></div>
  </TD>
  <TD rowspan="4" align=left><div align="right"> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total<br>
    Assets</FONT></div>
  </TD>
  <TD rowspan="4" align=right>
    <div align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additions
          to<br>
      property,<br>
      plant and<br>
      equipment</FONT></div>
  </TD>
  <TD rowspan="4" align=right>
    <div align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additions
          to<br>
      other<br>
      intangible<br>
    assets</FONT></div>
  </TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="4" align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates</FONT></TD>
	<TD width="10%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,403.4</FONT></TD>
	<TD width="10%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,414.4</FONT></TD>
	<TD width="10%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">145.5</FONT></TD>
	<TD width="10%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Building products</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">979.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,009.0</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Central</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,695.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,383.0</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,118.9</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">201.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD colspan="2" align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2" align=left><hr size="2" noshade>
    </TD>
  </TR>
  <TR>
    <TD colspan="2" align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font color="#000000" size="1" face="AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif">81</font></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p82"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts</b> <font color="#8c8a95"><b>continued</b><br>
<b>for the 12 months ended December
31, 2005</b></font></FONT></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3</font></b></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group
    operating profit before impairments</FONT></B></font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="7" align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Costs and overheads of continuing operations include:</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cost of inventories recognised as an expense</FONT></TD>
	<TD width=10% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,035.4</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">898.6</FONT></TD>
	<TD width=2% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Inventories written down</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.5</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.2</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reversal of inventory write downs</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.1</FONT></TD>
	<TD align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Employment costs</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">692.3</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">645.5</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Depreciation and depletion of owned assets</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">193.2</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">188.3</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Depreciation of finance leased assets</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.1</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amortisation of other intangible assets</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">d</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.5</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Research and development costs</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.1</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.8</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Advertising costs</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.9</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.8</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
<I>Leasing costs</I>&nbsp;
	</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD height="20" align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Minimum lease payments</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">30.0</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.5</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Contingent lease payments</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.2</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">30.2</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.7</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Less: sublease rental income</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.5</FONT></TD>
	<TD align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.0</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23.2</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Represented by:</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating lease rentals &#150; land and buildings</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17.1</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15.1</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating lease rentals &#150; plant and equipment</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.9</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.1</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.0</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23.2</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration of auditors</FONT></B></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Audit fees:</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group audit and subsidiary statutory audits</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.2</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.4</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other regulatory reporting</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.4</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.6</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Non-audit fees:</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
Audit related fees<font size="1">* <SUP>#</SUP></font>&nbsp;
	</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.7</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
Tax fees<SUP><font size="1">#</font></SUP>&nbsp;
	</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.9</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.7</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.6</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total payments to auditors</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.1</FONT></B>
	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.2</FONT></TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*In
      addition to the fees disclosed in audit related fees, Ernst &amp; Young
      LLP has provided audit services for various pension plans sponsored by
      Hanson. The total fees paid
to Ernst &amp; Young LLP by either Hanson or the relevant pension trustees were &#163;0.1m
(&#163;0.1m)<br>
  </font><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">#</font></sup><font size=1
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Included in non-audit
fees are amounts paid to Ernst &amp; Young LLP for non-audit services in the
UK for &#163;0.6m (&#163;0.8m)</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><b><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4</font></b></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Directors
    and employees</FONT></B></font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="4" align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total employment costs</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Wages and salaries</FONT></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">598.7</FONT></B></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">557.9</FONT></TD>
    <TD width=3% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Termination benefits</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.1</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.2</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Employers&#146; social security costs</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.6</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">44.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension costs</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">47.0</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">48.5</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-retirement benefits</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.1</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.1</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">694.5</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">653.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Attributable to:</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">692.3</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">645.5</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued operations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.2</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.2</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">694.5</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">653.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      group&#146;s key management personnel as defined by IAS 24 &#147; Related
      Party Disclosures&#148; are the Board of Directors. Included within wages
      and salaries above is &#163;1.0m (&#163;0.6m) in relation to the share-based
      payment expense for Directors. Details of the rest of the Directors&#146; emoluments
      and remuneration for each Director which form part of these accounts are
      given in the auditable part of the
Remuneration report.</font></TD>
  </TR>
</TABLE>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">82</font></td>
    <td><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p83"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Directors
    and employees </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<p><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The table below analyses the distribution of the average number of employees by division and by geographic location.</FONT></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Average number
of persons employed during the year</FONT></B></font></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</FONT></font></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</FONT></font></TD>
	<TD width=10% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5,600</FONT></B></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=10% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5,400</FONT></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6,800</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,300</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12,400</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11,700</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></font></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,200</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,700</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,100</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,600</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6,300</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,300</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia &amp; Asia Pacific</FONT></font></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Australia</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,800</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,600</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Asia Pacific</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,400</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,700</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4,200</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4,300</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Continental Europe</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,200</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,300</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Central</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">200</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">100</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">800</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">24,400</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24,500</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">By geographical location</FONT></B></font></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12,400</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11,700</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6,500</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,400</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,800</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,600</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continental Europe</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,200</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,300</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asia</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,400</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,700</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">100</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">800</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">24,400</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24,500</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif" size="2">The total number of employees at the year end was 24,300 (23,800) excluding joint-ventures and associates.</FONT></P>
<P>
<FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Details of Directors&#146; emoluments and remuneration for each Director which form part of these accounts are given in the auditable part of the Remuneration report.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5</font></b></td>
    <td><b><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share-based
    payments</FONT></B></font></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade>
    </td>
    <td><hr size="1" noshade>
    </td>
  </tr>
</table>
<font size="2"><P><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Included
    within wages and salaries in note 4 is an expense arising from share-based
    payment transactions of &#163;7.6m (&#163;4.9m) all of which relates to equity-settled
    share-based payments. Details of each of the employee share plans in place
    are given below and where applicable in the Remuneration report.</FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Long Term Incentive Plan</FONT></B><br>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group operates a Long Term Incentive Plan (LTIP) under which awards of shares are made, on a conditional basis, subject to performance measurements over a three year
  period. The vesting of 50% of each award is dependent on total shareholder return (TSR) achieved by Hanson measured by reference to a comparator group of companies. As relative TSR is defined as a market condition, a Monte Carlo simulation model has
  been applied. Further details in relation to the TSR measurement are provided in the Remuneration report. The remaining 50% of each award is dependent on an economic value added measure which is classified as a non-market condition and has therefore
  been valued using a binomial model. Awards are equity settled and where the performance measurement targets are obtained in part or in full, vested shares are distributed to LTIP participants as soon as practicable after the end of the performance
period.</FONT></P>
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Conditional
  awards were made over 3,139,356 ordinary shares on March 1, 2005 which will
  vest, subject to the performance measurement targets being attained, on March
  1, 2008.
The weighted average fair value of each share award granted is &#163;3.45 (&#163;3.01).
The expense recognised in the income statement in the year from the LTIP is &#163;6.1m
(&#163;4.1m).</FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The fair value of total awards granted during the year is &#163;10.8m (&#163;10.9m) .</FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The following table illustrates the number of, and movements in, share awards during the year under this plan:</FONT></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="4" align=left>&nbsp;   </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=1>2005</FONT></B> </font></TD>
    <TD align=left><font size="1">&nbsp;</font> <font size="1">&nbsp;</font> <font size="1">&nbsp;</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>2004</FONT> </font></TD>
    <TD rowspan="6" align=left>&nbsp;    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=1>Number</FONT></B> </font></TD>
    <TD rowspan="2" align=left>&nbsp;</TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>Number</FONT> </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=1>outstanding</FONT></B> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=1>outstanding</FONT> </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><b>&#146;</b> 000</B> </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#146;000 </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> At
        January 1</font></TD>
    <TD width=12% align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=2>11,489.8</FONT></B> </font></TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>11,604.2</FONT> </font></TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Awarded</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=2>3,139.4</FONT></B> </font></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>3,620.2</FONT> </font></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Forfeited</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=2>(518.5</FONT></B> </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(892.4</FONT> </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Expired</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=2>(2,306.9</FONT></B> </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(1,729.2</FONT> </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Exercised</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=2>(767.6</FONT></B> </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>(1,113.0</FONT> </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> At
        December 31</font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B><FONT size=2>11,036.2</FONT></B> </font></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <FONT size=2>11,489.8</FONT> </font></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<p><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share Option Plan</FONT></B><br>
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group also operates a discretionary Share Option Plan under which participants are granted options over a number of shares but the proportion of these shares under option
  which may be exercised is subject to the achievement of performance targets over a three year performance period. As with the LTIP, the vesting of 50% of the options is dependent on TSR and therefore valued using a Monte Carlo simulation model. The
  remaining 50% of the options is dependent on an economic value added measure which has been valued using a binomial model. To the extent any options vest, they will ordinarily remain exercisable at any time up to 10 years from the date of grant and
are settled in equity once exercised.</FONT></font></p>
<font size="2">
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Options were
  granted over 647,620 ordinary shares on March 1, 2005 and, subject to the performance
  measurement targets being attained, will be exercisable between March 1, 2008
   and February 28, 2015 at an exercise price of 514.3p per share. The weighted
  average fair value of each share option granted is &#163;1.10 (&#163;1.11)
  . The expense recognised in the income statement in the year from the share
  option plan is
&#163;0.6m (&#163;0.4m).</FONT></P>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">83</font></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p84"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts </b><font color="#8c8a95"><b>continued </b></font><b><br>
          <font color="#8c8a95">for the 12 months ended December 31, 2005</font></b></FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Share-based
    payments </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<P><font size="2"> <FONT color="#181718" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      following table illustrates the number and weighted average exercise prices
      of, and movements in, share options during the year under the
plan.</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD rowspan="7" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>2005</B></font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 2004</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;    </TD>
    <TD align=right>&nbsp;    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="3" align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="3" align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="3" align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>Weighted</B></font></TD>
    <TD rowspan="3" align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Weighted</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number</FONT></B> </TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>average</B></font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> average</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">outstanding</FONT></B> </TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>exercise price</B></font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">outstanding</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> exercise price</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;    </TD>
    <TD align=right>&nbsp;    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B></B> </TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#146;000</FONT></B> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>pence</B></font></TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#146;000</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> pence</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> At January 1</font></TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=12% align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,207.5</FONT></B> </TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=12% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>392.2</B></font></TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=12% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,052.0</FONT> </TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=12% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 391.5</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Granted</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">647.6</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>514.3</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">784.7</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 439.6</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Forfeited</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(744.4</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>460.5</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(629.2</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 447.9</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Expired</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(50.0</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>473.3</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> &#8211; </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#8211;</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Exercised</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(133.6</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>467.6</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> &#8211; </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#8211;</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> At December 31</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,927.1</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>397.0</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,207.5</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 392.2</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Exercisable at December
        31</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">345.5</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>467.3</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">282.8</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 473.3</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<P><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Range of exercise prices for the share option plan (pence per share)</FONT></B></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD colspan="9" align=left><hr size="1" noshade></TD>
    <TD rowspan="7" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="8" align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD colspan="5" align=left><div align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp; Options
    outstanding</font></div></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD colspan=3 align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Options
        exercisable</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="5" align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD colspan="3" align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="2" align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="4" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Weighted</font></TD>
    <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="4" align=left>&nbsp;</TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> average</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Weighted</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Weighted</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Number</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> remaining</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> average</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Number</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> average</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> outstanding</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> contract life</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> exercise price</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> exercisable</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> exercise price</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#146;000</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> years</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> pence</font></TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#146;000</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> pence</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>:</b></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">290.4p-461.8p</FONT> </TD>
    <TD width=10% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>1,934.0</B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=10% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>7.5</B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=12% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>345.2</B></font></TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>180.7</B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=12% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>461.8</B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">461.9p-514.3p</FONT> </TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>993.1</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>8.0</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>497.9</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>164.8</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>473.3</B></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>2,927.1</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>7.7</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>397.0</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>345.5</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>467.3</B></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="9" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004<b>:</b></FONT></B></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">290.4p-461.8p</FONT> </TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 1,939.5</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 8.2</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 345.0</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#8211;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#8211;</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">461.9p-473.3p</FONT> </TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 1,268.0</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 6.9</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 464.3</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 282.8</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 473.3</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 3,207.5</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 7.7</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 392.2</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 282.8</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 473.3</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<P><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Sharesave Scheme</FONT></B>
</font><br>
<FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
group also operates a UK HM Revenue &amp; Customs approved savings related Sharesave
  Scheme available to all UK employees. Options are granted at a discount of
  up to 20% to the market price at the date of invitation over three, five or
  seven year savings contracts and options are exercisable during the six month
  period following completion of the savings contract. Options are valued using
  a Black-Scholes
model.</FONT></P>
<font size="2">
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During 2005,
  options were granted over 1,454,265 shares which will ordinarily be exercisable
  at an exercise price of 395.0p per share during the period; June 1 to November
  30, 2008 for the three year Scheme; June 1 to November 30, 2010 for the five
  year Scheme; and June 1 to November 30, 2012 for the seven year Scheme. The
  weighted average fair value of each share option granted is &#163;1.34 (2004: &#163;1.43)
  . The  expense recognised in the income statement in the year from the Sharesave
  Scheme is &#163;0.9m (2004: &#163;0.4m).</FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The following table illustrates the number and weighted average exercise prices of, and movements in, share options during the year in the Sharesave Scheme:</FONT></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD rowspan="8" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="7" align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>2005</B></font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 2004</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="3" align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>Weighted</B></font></TD>
    <TD rowspan="3" align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="3" align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Weighted</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number</FONT></B> </TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>average</B></font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number</FONT> </TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> average</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">outstanding</FONT></B> </TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>exercise price</B></font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">outstanding</FONT> </TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> exercise price</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#146;000</FONT></B> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>pence</B></font></TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#146;000</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> pence</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> At January 1</font></TD>
    <TD width=10% align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4,461.2</FONT></B> </TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>332.5</B></font></TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=10% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,716.3</FONT> </TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 330.1</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Granted</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,454.3</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>395.0</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,857.7</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 328.0</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Forfeited</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(589.2</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>334.9</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(625.9</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 361.8</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Expired</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(151.0</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>424.7</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(15.1</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 234.0</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Exercised</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,321.6</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>324.8</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(471.8</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 259.3</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> At December 31</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,853.7</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>354.7</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4,461.2</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 332.5</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Exercisable at December
        31</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40.1</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>319.3</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">253.7</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 427.6</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left> <B><FONT size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Range
    of exercise prices for the Sharesave Scheme (pence per share)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left><hr size="1" noshade></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD rowspan="9" align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD colspan="5" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan=3 align=right>&nbsp;</TD>
    <TD rowspan="9" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="5" align=left><div align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Options
    outstanding</font></div></TD>
    <TD align=left>&nbsp;</TD>
    <TD colspan=3 align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Options
        exercisable</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="5" align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD colspan="3" align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="2" align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="4" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Weighted</font></TD>
    <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="4" align=left>&nbsp;</TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> average</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Weighted</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Weighted</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Number</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> remaining</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> average</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Number</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> average</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> outstanding</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> contract life</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> exercise price</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> exercisable</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> exercise price</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#146;000</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> years</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> pence</font></TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#146;000</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> pence</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B> <font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>:</b></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">318.0p-323.0p</FONT> </TD>
    <TD width=10% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>840.0</B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=10% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>2.6</B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=10% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>318.6</B></font></TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=10% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>40.1</B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=10% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>319.3</B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">323.1p-428.0p</FONT> </TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>3,013.7</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>3.4</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>364.8</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#8211;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#8211;</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>3,853.7</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>3.2</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>354.7</B></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>40.1</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>319.3</B></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></B> <font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>:</b></font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">237.0p-323.0p</FONT> </TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 1,769.3</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 2.6</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 312.2</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#8211;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#8211;</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">323.1p-428.0p</FONT> </TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 2,691.9</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 2.9</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 345.8</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 253.7</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 427.6</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 4,461.2</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 2.8</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 332.5</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 253.7</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 427.6</font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;    </td>
    <td>&nbsp;    </td>
  </tr>
  <tr>
    <td><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">84</font></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
        to the accounts</FONT></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page><a name="p85"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Share-based
          payments </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade>
    </td>
    <td><hr size="1" noshade>
    </td>
  </tr>
</table>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The following two tables show the assumptions used to fair value the equity settled options granted in the LTIP, Share Option Plan and Sharesave Scheme:</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
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  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD rowspan="2" align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share</FONT></B></font></TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sharesave</FONT></B></font></TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sharesave</FONT></B></font></TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sharesave</FONT></B></font></TD>
    <TD rowspan="2" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">LTIP</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">option plan</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3 year</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5 year</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7 year</FONT></B></font></TD>
  </TR>
<TR valign="bottom">
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividend yield (%)</FONT></font></TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.3</FONT></B></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.3</FONT></B></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.3</FONT></B></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.3</FONT></B></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.3</FONT></B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expected volatility (%)</FONT></font>    </TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.9</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">30.7</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.0</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.9</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">29.1</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
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  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
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  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Risk-free interest rate (%)</FONT></font></TD>
	<TD align=right><font size="2">&nbsp;
</font>
   &#8211; <font size="2"><B></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.8</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.8</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.9</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.0</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
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  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
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  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expected life of option (years)</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.5</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.4</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.4</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.4</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share price at grant (pence)</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">518.0</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">518.0</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">498.0</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">498.0</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">498.0</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercise price (pence)</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">514.0</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">395.0</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">395.0</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">395.0</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD rowspan="2" align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share</FONT></font></TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sharesave</FONT></font></TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sharesave</FONT></font></TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sharesave</FONT></font></TD>
    <TD rowspan="2" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">LTIP</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">option plan</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3 year</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5 year</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7 year</FONT></font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividend yield (%)</FONT></font></TD>
	<TD width=8% align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.5</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.5</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.5</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.5</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.5</FONT></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expected volatility (%)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.4</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">33.9</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">29.6</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">32.0</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">33.0</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Risk-free interest rate (%)</FONT></font></TD>
	<TD align=right><font size="2">
    &#8211;</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.7</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.7</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.8</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.9</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expected life of option (years)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.5</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.4</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.4</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.4</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share price at grant (pence)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">447.0</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">447.0</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">432.0</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">432.0</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">432.0</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercise price (pence)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">440.0</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">328.0</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">328.0</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">328.0</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The weighted
average share price during the year is 544.0p (412.0p). </FONT>

</font>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          expected volatility for Hanson has been calculated using historical
          data over a term commensurate with the expected life of each option/award.
          The expected volatility figures used in the valuations were calculated
    based on the following principles:</font></font> </td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2">&#8211;</font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Historic weekly volatility over periods of increasing length ending on the date of each grant were determined.
  </font></tr>
  <tr valign="top">
    <td><font size="2">&#8211;</font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      volatility figures above were used to calculate a weighted average volatility
      for the term commensurate with the expected term of the award being valued</font><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">.
  </font></tr>
</table>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other Schemes</FONT></B></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
has
other share option schemes, the Executive Share Option Schemes A and B (which
are now closed) and the HM Revenue &amp; Customs approved Executive Share Option
Scheme. No further grants of options will be made under these schemes. The options granted under the Executive Share Option Schemes A and B are deemed to be cash-settled and consequently grants that had not been settled by January 1, 2005 have been
accounted for under IFRS 2. Options were granted with an exercise price equal to market value and remained exercisable at any time up to 10 years from the date of grant. No performance conditions applied to the right to exercise the options granted
under either scheme. At December 31, 2005 there are no options outstanding under the Executive Share Option Schemes A and B and as a result the carrying amount of the liability relating to the cash-settled options at December 31, 2005 is &#163;nil
(&#163;0.4m) .</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The following tables illustrate the number and weighted average exercise prices of, and movements in, share options for the other schemes.</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="sans-serif">2005</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="2"> <B><FONT size="1" face="sans-serif">2005</FONT></B></font></TD>
    <TD align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="sans-serif">2004</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="2"> <FONT size="1" face="sans-serif">2004</FONT></font></TD>
    <TD align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="3" align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=1 face="sans-serif">Number of</FONT></B> </TD>
    <TD rowspan="3" align=left>&nbsp;</TD>
    <TD align=right><font size="2"> <B><FONT size="1" face="sans-serif">Weighted</FONT></B></font></TD>
    <TD rowspan="3" align=left>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="sans-serif">Number of</FONT> </TD>
    <TD rowspan="3" align=left>&nbsp;</TD>
    <TD align=right><font size="2"> <FONT size="1" face="sans-serif">Weighted</FONT></font></TD>
    <TD rowspan="3" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <B><FONT size=1 face="sans-serif">ordinary shares</FONT></B> </TD>
    <TD align=right><font size="1"> <B><FONT face="sans-serif">average </FONT></B></font></TD>
    <TD align=right><font size="1"><font face="sans-serif">ordinary shares</font> </font></TD>
    <TD align=right><font size="2"> <FONT size="1" face="sans-serif">average</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <B><FONT size=1 face="sans-serif">outstanding</FONT></B> </TD>
    <TD align=right><font size="2"> <B><FONT size="1" face="sans-serif">exercise price</FONT></B></font></TD>
    <TD align=right> <FONT size=1 face="sans-serif">outstanding</FONT> </TD>
    <TD align=right><font size="2"> <FONT size="1" face="sans-serif">exercise price</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="7" align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=1 face="sans-serif">&#146;000</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="2"> <B><FONT size="1" face="sans-serif">pence</FONT></B></font></TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">&#146;000</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="2"> <FONT size="1" face="sans-serif">pence</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <B><FONT face="sans-serif">Executive Share
          Option Scheme:</FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">At January 1</FONT></font></TD>
    <TD width=12% align=right> <B><FONT size=2 face="sans-serif">114.0</FONT></B> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=10% align=right><font size="2"> <B><FONT face="sans-serif">331.3</FONT></B></font></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=12% align=right> <FONT size=2 face="sans-serif">120.0</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=10% align=right><font size="2"> <FONT face="sans-serif">331.3</FONT></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Exercised</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">(91.0</FONT></B> </TD>
    <TD align=left><font size="2"> <B><FONT face="sans-serif">)</FONT></B></font></TD>
    <TD align=right><font size="2"> <B><FONT face="sans-serif">331.3</FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(6.0</FONT> </TD>
    <TD align=left><font size="2"> <FONT face="sans-serif">)</FONT></font></TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">331.3</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">At December 31</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">23.0</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2"> <B><FONT face="sans-serif">331.3</FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">114.0</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">331.3</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Exercisable at December
        31</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">23.0</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2"> <B><FONT face="sans-serif">331.3</FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">114.0</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">331.3</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <B><FONT face="sans-serif">Executive Share
          Option Schemes A and B:</FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">At January 1</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">321.8</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2"> <B><FONT face="sans-serif">356.4</FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">1,678.1</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">419.7</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Forfeited</FONT></font></TD>
    <TD align=right> <B><font size="2">&#8211;</font></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2"> &#8211;<B></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(725.5</FONT> </TD>
    <TD align=left><font size="2"> <FONT face="sans-serif">)</FONT></font></TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">465.7</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Exercised</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">(321.8</FONT></B> </TD>
    <TD align=left><font size="2"> <B><FONT face="sans-serif">)</FONT></B></font></TD>
    <TD align=right><font size="2"> <B><FONT face="sans-serif">356.4</FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(630.8</FONT> </TD>
    <TD align=left><font size="2"> <FONT face="sans-serif">)</FONT></font></TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">399.1</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">At December 31</FONT></font></TD>
    <TD align=right> <B><font size="2">&#8211;</font></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2"> &#8211;<B></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">321.8</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">356.4</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Exercisable at December
        31</FONT></font></TD>
    <TD align=right> <B><font size="2">&#8211;</font></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2"> &#8211;<B></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">321.8</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">356.4</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;    </td>
    <td>&nbsp;    </td>
  </tr>
  <tr>
    <td><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">85</font></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
        to the accounts</FONT></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font size="2"><page><a name="p86"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="8c8a95">continued</font> <br>
    <font color="8c8a95">for the 12 months ended December 31, 2005</font></b></FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6&nbsp;&nbsp;&nbsp;Operating
      impairments</font></b></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>
    <td>&nbsp;
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="1" noshade> </TD>
    <TD align=right> </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
      </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
      </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004 </FONT></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004 </FONT></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="11" align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="3" align=left>&nbsp; </TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating</FONT></B>
      </font></TD>
    <TD rowspan="3" align=left><font size="1">&nbsp;</font> <font size="1">&nbsp;</font>
      <font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating</FONT></B>&nbsp;
      </font></TD>
    <TD rowspan="3" align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net</FONT></B>
      </font></TD>
    <TD rowspan="3" align=left><font size="1">&nbsp;</font> <font size="1">&nbsp;</font>
      <font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating </FONT></TD>
    <TD rowspan="3" align=left><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="1">&nbsp;</font>
        <font size="1">&nbsp;</font> </font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating</FONT></TD>
    <TD rowspan="3" align=right><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net </FONT></TD>
    <TD rowspan="3" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">impairments</FONT></B>
      </font></TD>
    <TD align=right> <font size="1"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">impairments</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">operating</FONT></B>
      </font></TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">impairments </FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">impairments</FONT></TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">operating </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">charged</FONT></B>
      </font></TD>
    <TD align=right> <font size="1"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">reversed</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">impairments</FONT></B>
      </font></TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">charged </FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">reversed</FONT></TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">impairments </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="11" align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
      </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
      </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m </FONT></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m </FONT></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North
      America</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Aggregates</FONT></font></TD>
    <TD width="8%" align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(16.5</FONT></B>
      </font></TD>
    <TD width="2%" align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD width="8%" align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14.9</FONT></B>&nbsp;
      </font></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.6</FONT></B>
      </font></TD>
    <TD width="2%" align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD width="8%" align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD width="2%" align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%" align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD width="2%" align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
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    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
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    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(16.5</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14.9</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.6</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2"><B>&#150;</B>&nbsp;
      </font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="11" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Aggregates</FONT></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.3</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.7</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.6</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(21.2 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.7 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Building Products</FONT></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.3</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.7</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.6</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(21.2 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.7 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="11" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia
      &amp; Asia Pacific</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
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    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Australia</FONT></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Asia Pacific</FONT></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.9</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.9 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
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  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>&nbsp;
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    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
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    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.9 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="11" align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Continental Europe</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.8</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.8</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.7 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.7 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(23.6</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19.6</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.0</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(29.8 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(29.3 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="2" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Impairment
      (charged)/reversed against:</FONT></B>&nbsp; </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible
      assets &#150; goodwill</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(17.6</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(17.6</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.4 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.4 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property,
      plant and equipment</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.9</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19.2</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">13.3</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(24.2 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(24.2 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other
      assets</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.3</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.2 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.7 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
      impairments</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(23.6</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19.6</FONT></B>&nbsp;
      </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.0</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(29.8 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(29.3 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left> <hr size="2" noshade> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
</TABLE>
<p><font size="2"> <font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Impairments
  during the year:</font></b><br>
  </font></font><font size="2"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  net impairment charge for the year is &#163;4.0m.</font></font> </p>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">An
  impairment charge of &#163;16.5m has been recognised against goodwill held in
  Hanson Aggregates North America Southwest region. The impairment, which reduces
  the goodwill&#146;s carrying value to its value in use at discount rates provided
  below, resulted from a change in the economic circumstances of that operation.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">An
  impairment provision of &#163;14.9m recorded against tangible assets, mainly
  plant and equipment in Hanson Aggregates North America West region, has been
  reversed. The original charge resulted from significant uncertainty over the
  assets&#146; ability to generate future profitability, due to the lack of an
  economic supply of raw materials. The supply has now been secured, removing
  this uncertainty and improving the projected cash flows generated by these assets.
  </FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">An
  impairment charge of &#163;5.3m has been recognised against goodwill and tangible
  assets at various individual operating sites within Hanson Aggregates UK. These
  tangible assets are cash generating units for the purpose of measuring impairment,
  as they generate largely independent cash flows. The impairments have arisen
  due to the closure, or intended closure of the sites, on commercial grounds
  and are based on the recoverable amount of the assets. Impairment charges totalling
  &#163;4.7m against individual operating sites within Hanson Aggregates UK have
  been reversed, as anticipated proceeds from the sale of the site and business
  exceeded their carrying values, net of the provision. </FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tangible
  assets of &#163;1.2m located in Spain and goodwill amounting to &#163;0.6m in
  the Czech Republic have been impaired, as these assets are not expected to generate
  a value in use equal to their carrying value. Both of these cash generating
  units comprise a part of Hanson Continental Europe. </FONT></P>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Assumptions
  used:<br>
  </FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  recoverable amount for each cash generating unit is based on a value in use
  calculation using cash flow projections based on four year forecasts approved
  by the Board of Directors excluding the impact of anticipated acquisitions,
  business improvement capital expenditure and restructuring. Forecast replacement
  capital expenditure requirements are included within the first four years, after
  which capital is assumed to represent 100% of depreciation.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Subsequent
  cash flows beyond the initial four year forecast for all cash generating units
  are inflated by rates of 0.7% to 4.9% (nil% to 4.0%) including the US 4.0% (4.0%),
  UK 3.0% (2.5%) and Australia 2.5% (2.5%) . Cash flows have been discounted at
  rates between 7.5% and 9.5% (8.0% and 10.0%) including the US 8% (8.5%), UK
  8.5% (8.5%) and Australia 9.5% (9.5%) .</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="3"> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      calculation of value in use is most sensitive to the following key assumptions:</font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></td>
    <td> <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sales
      volumes </font></FONT></TD>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></td>
    <td><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Average
      selling prices </font></TD>
  </tr>
  <tr valign="top">
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
      costs </font></TD>
  </tr>
</table>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  sales volume assumptions are influenced by several factors including, end use
  market and demand drivers, our competitive position, quality of product and
  service, distribution and product selling price. Historical sales volumes are
  used as the base. These are either increased or decreased over the forecast
  period using assumptions derived from past experience or consistent with external
  sources of information.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Average
  selling price assumptions are influenced by several factors including end use
  market and demand drivers, our competitive position, site tenure, quality of
  product and service, distribution and product selling price. Historical average
  selling prices are used as the base. These are either increased or decreased
  over the forecast period using assumptions derived from past experience.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
  cost assumptions are influenced by several factors including availability of
  product and service, supply and demand, scarcity of availability, global markets,
  and age and quality of plant and equipment. Historical operating costs are used
  as the base. These are either increased or decreased over the forecast period
  using assumptions derived from past experience.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  principal risks and uncertainties are disclosed in more detail on pages 45 to
  48 of this document.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Where
  business segments include closed sites or sites that are to be closed, the anticipated
  proceeds less costs to sell have been used. Goodwill is analysed by segment
  in note 2(e).</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>

    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>86</FONT> </TD>

    <TD align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
      to the accounts</font></TD>
  </TR>

</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font size="2"><page><a name="p87"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7&nbsp;&nbsp;&nbsp;
      Finance costs and finance income</font></b></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
      </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004 </FONT></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="3" align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
      </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m </FONT></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Finance
      costs:</FONT></B>&nbsp; </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest
      payable on bank loans and overdrafts</FONT></TD>
    <TD width=10% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(23.3</FONT></B>
      </font></TD>
    <TD width=2% align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD width=10% align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(15.2 </FONT></TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest
      payable on other loans</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(95.7</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(77.0 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total
      interest payable</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(119.0</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(92.2 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance
      cost on pension plan liabilities and other post-retirement benefits</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(103.2</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(99.2 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Unwinding
      of discount (net)</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.5</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.6 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total
      finance costs</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(224.7</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(198.0 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Finance
      income:</FONT></B>&nbsp; </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest
      receivable and similar income</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">60.1</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">40.0 </FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expected
      return on pension plan assets</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">108.7</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">111.2 </FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Change
      in fair value of derivatives and related items</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total
      finance income</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">169.2</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">151.2 </FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net
      finance costs</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(55.5</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(46.8 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left> <p><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
        finance costs of &#163;55.5m (&#163;46.8m) above exclude joint-ventures&#146;
        and associates&#146; net finance costs of &#163;3.5m (&#163;3.2m) as shown
        in note 2(c). </font></p></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      interest payable includes &#163;0.2m (&#163;0.5m) relating to finance leases.</font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8&nbsp;&nbsp;&nbsp;
      Taxation </font></b></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">a)&nbsp;&nbsp;&nbsp;Analysis
      of tax charge in the year</font></b></font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
      </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004 </FONT></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="3" align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
      </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m </FONT></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Tax
      on continuing operations before impairments</FONT></B>&nbsp; </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current
      tax:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK
      corporation tax at 30.0%</FONT></TD>
    <TD width="10%" align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="10%" align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(106.1 </FONT></TD>
    <TD width="2%" align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Double
      tax relief </FONT><font size="2"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">106.1 </FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Effect
      of current year events on prior period tax balances</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">29.6</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Receipt
      for group relief</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.2</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.3 </FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK
      corporation tax credit</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">34.8</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.3 </FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Foreign
      tax</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(57.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(37.2 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
      of partnership tax</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.3</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.6 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total
      current tax</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(24.6</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(33.5 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK
      deferred tax:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;
      Origination and reversal of temporary differences</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.1</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.3 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;
      Effect of current year events on prior period tax balances</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.7</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150; </FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Foreign
      deferred tax:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;
      Origination and reversal of temporary differences</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(21.5</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.3 </FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;
      Effect of current year events on prior period tax balances</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.5</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.7 </FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total
      deferred tax</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.2</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1 </FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Tax
      on continuing operations before impairments</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(28.8</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(33.4</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Tax
      on impairments</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.6</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.3</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Tax
      on continuing operations after impairments</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(34.4</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(27.1</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1"> <sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Double
      tax relief relates to dividends paid to the UK by overseas subsidiaries</font></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<font size="2"> </font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">b)&nbsp;&nbsp;&nbsp;Analysis
      of tax credited to equity</font></b>&nbsp; </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="1"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="1"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred
      tax on net actuarial losses</FONT></TD>
    <TD width="10%" align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.7</FONT></B>&nbsp;
      </font></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="10%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.9</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred
      tax on share-based payments</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.9</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred
      tax on IAS 39 adjustment</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.2</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11.8</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.9</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>8<font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7</font></FONT></TD>
    <TD align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
      to the accounts</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font size="2"><page><a name="p88"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="8c8a95">continued<br>
for the 12 months ended December 31, 2005</font></b></FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8&nbsp;&nbsp;&nbsp;Taxation</font></b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b>
      </b></font><b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued
      </font></b></font></TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">c)&nbsp;&nbsp;&nbsp;Analysis
      of total tax charge in consolidated income statement</font></b></font></TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
      </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004 </FONT></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="1">Notes</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
      </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      charge on continuing operations before impairments</FONT></TD>
    <TD width=6% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=10% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(28.8</FONT></B>
      </font></TD>
    <TD width=2% align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD width=10% align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(33.4</FONT></TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      (charge)/credit on impairments</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.6</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.3</FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      on continuing operations after impairments</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(34.4</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(27.1</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      charge on profit/loss from discontinued operations</FONT></TD>
    <TD align=right> <font size="1">9</FONT></TD>
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">a</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.8</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.7</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      charge on profit/loss on current year&#146;s disposals</FONT></TD>
    <TD align=right> <font size="1">9</FONT></TD>
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">b</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.1</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      credit on profit/loss from prior years&#146; disposals</FONT></TD>
    <TD align=right> <font size="1">9</FONT></TD>
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">c</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">13.4</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">39.1</FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      tax (charge)/credit excluding share of joint-ventures&#146; and associates&#146;
      tax</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(24.9</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.2</FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      charge on joint-ventures and associates</FONT></TD>
    <TD align=right> <font size="1">2</FONT></TD>
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">c</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.2</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.3</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total
      tax charge</FONT></B>&nbsp; </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(27.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.1</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Analysed
      as:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK
      tax</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">47.7</FONT></B>
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.2</FONT></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Foreign
      tax</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(74.8</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(7.3</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(27.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.1</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left size="2">
<hr size="2" noshade></TD>
    <TD align=right size="2">
<hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">d)&nbsp;&nbsp;&nbsp;Factors
      affecting tax charge for the period</font></b></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD width=10% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
      </font></TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=10% align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">2004</FONT></font></TD>
    <TD width=2% align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
      </font></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">&#163;m</FONT></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit
      before taxation &#150; continuing operations</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">429.3</FONT></B>
      </font></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">347.3</FONT></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Loss
      before taxation &#150; discontinued operations</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(16.8</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">(92.3</FONT></font></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">412.5</FONT></B>
      </font></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">255.0</FONT></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      at the UK statutory tax rate of 30.0%</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(123.8</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">(76.5</FONT></font></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Permanent
      differences</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.3</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">15.9</FONT></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Overseas
      tax rate differences</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">28.9</FONT></B>
      </font></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">24.7</FONT></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      effect of share of profit after tax of associates and joint-ventures</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.2</FONT></B>
      </font></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">7.0</FONT></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current
      year losses not recognised</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(40.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">(41.8</FONT></font></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Utilisation
      of tax losses brought forward not previously recognised</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">56.2</FONT></B>
      </font></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">48.0</FONT></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Effect
      of current year events on prior period tax balances</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">42.6</FONT></B>
      </font></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">12.7</FONT></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT></B>
      </font></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">19.2</FONT></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      tax charge excluding share of joint-ventures&#146; and associates&#146;
      tax</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(24.9</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">9.2</FONT></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      charge on joint-ventures and associates</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.2</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">(9.3</FONT></font></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total
      tax charge</FONT></B>&nbsp; </font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(27.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
      </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> <font size="2">(0.1</FONT></font></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left size="2">
<hr size="2" noshade></TD>
    <TD align=right size="2">
<hr size="2" noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="5" align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provision
        for taxes in respect of current and prior periods are based on information
        at the balance sheet date. These balances will change as new accounting
        estimates are developed during the period as a result of new events and
    additional information. </font></TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  tax charge will be unaffected by the payment of dividends by the Company to
  its shareholders. </FONT></P>
<P><font size="2"><B><FONT
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">e)&nbsp;&nbsp;&nbsp;Factors
  that may affect future tax charges<br>
</FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
  losses and other deductible temporary differences with a value of &#163;934.6m
  (&#163;561.0m) have not been recognised as their use is uncertain or not currently
  anticipated. The increase is due to the resolution of prior years&#146; loss
  position with the tax authorities.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  losses and temporary differences have no expiry date.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At
  December 31, 2005, the group has not provided deferred tax in relation to temporary
  differences on its foreign subsidiaries, associates or joint-ventures. Quantifying
  the temporary differences is not practical, however, based on current enacted
  law and on the basis that the group can control the timing and realisation of
  these temporary differences, no material tax consequences are expected to arise.
  </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td> <font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></b></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During
  2005, Hanson Aggregates North America sold its 50% interest in the joint-venture
  Campbell Concrete and Materials, a ready-mixed concrete and aggregates business
  operating in Houston, Texas on June 17 for &#163;31.0m; and Hanson Continental
  Europe disposed of 19 ready-mixed concrete sites on May 13 for &#163;14.0m,
  following restructuring of its Spanish operations. </FONT></P>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    operations of Seagoe, a drainage business based in Northern Ireland, are
    not considered to be core
    to the strategic direction of Hanson Building Products UK. As such, these
    operations were classified as held for sale at the balance sheet date and
    were subsequently
    sold for &#163;4.0m on January 31, 2006.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During
  2004, Hanson Building Products UK sold its drainage business on May 14; Hanson
  Aggregates UK sold the Portland Stone operations on December 22 and the Pinden
  operations on December 24; and Hanson Asia Pacific sold its Thailand operations
  on July 19. </FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
  9(a) below analyses the profit after tax of &#163;2.8m earned during the year
  by the operations discontinued in 2005. The loss of &#163;16.4m in the prior
  year represents the net loss after tax incurred during the prior year by the
  operations discontinued in both 2004 and 2005.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
  9(b) below analyses the profit after tax of &#163;2.3m resulting from the disposal
  of operations discontinued in 2005. The profit of &#163;10.4m in the prior year
  represents the profit on disposal after tax of discontinued operations disposed
  of during 2004. </FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
  9(c) below analyses the loss after tax of &#163;12.4m that resulted from adjustments
  in the current year to the profit or loss on disposals (and other income and
  expenses) of operations that were discontinued in prior years. The loss after
  tax of &#163;50.0m in 2004 represents adjustments made in the prior year to
  the profit or loss on disposals (and other incomes and expenses) of operations
  that were discontinued prior to 2005.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
  9(d) provides an analysis of the net cash inflow after financing of &#163;1.4m
  generated from operations discontinued in 2005. The net cash inflow of &#163;5.3m
  in the prior year represents the cash flows generated during the prior year
  by operations discontinued in 2005 and 2004.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
  9(e) provides an analysis of the net assets of discontinued operations that
  were disposed of or classified as held for sale in 2005. The comparative provides
  the equivalent information for operations disposed of or held for sale in 2004.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>88<font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"></font></FONT></TD>
    <TD align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
      to the accounts</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div><page><a name="p89"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9</font></b></td>
    <td><font size="2"> <b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Discontinued
    operations </font></b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD rowspan="3"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">a)&nbsp;&nbsp;&nbsp;Current
          year profit/(loss) after taxation of discontinued operations</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group turnover</FONT></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">24.0</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">81.3</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Costs and overheads</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(23.0</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</font></b></font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(77.3</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group operating profit before impairments</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.0</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.0</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share of joint-ventures&#146; and associates&#146; profit
        after tax</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.2</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating profit before impairments</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.2</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating impairments</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(21.9</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating profit/(loss)</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(14.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Finance costs</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit/(loss) before tax</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(14.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Tax</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.8</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit/(loss) after tax</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.8</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(16.4</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">By primary segment</FONT></B></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">North America</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.5</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(19.9</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">UK</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.9</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.8</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Asia Pacific</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continental Europe</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.1</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit/(loss) after tax</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.8</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(16.4</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD>&nbsp;    </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">b)&nbsp;&nbsp;&nbsp;Profit on disposals in the current
          year, after tax</FONT></B></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Loss on disposal of North America operations</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.4</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit on disposal of Continental Europe
        operations</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.8</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit on disposal of Asia Pacific operations</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.9</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit on disposal of UK operations</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit on disposals of Australian operations</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.0</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net profit on disposals before tax</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.4</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11.5</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Tax</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.1</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net profit on disposals after tax</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.3</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10.4</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD>&nbsp;    </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">c)&nbsp;&nbsp;&nbsp;Loss on disposals in prior years,
          after tax</FONT></B></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Receipts related to terminated operations</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.3</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.1</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Asbestos</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(22.4</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(79.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Loss on other disposals and terminations</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(11.7</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(19.0</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Release of demerger provisions and other
        creditors</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.0</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.5</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net loss on disposals before tax</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(25.8</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(89.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Tax</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">13.4</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">39.1</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net loss on disposals after tax</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(12.4</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(50.0</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Included in the loss on other disposals and terminations charge of &#163;11.7m (charge of &#163;19.0m) is a charge of &#163;13.0m (charge of &#163;4.8m) before tax relating to
the cost of ancillary litigation and bodily injury claims against discontinued operations in the USA. These cash costs now exceed the provision established at the time of demerger and charges of a similar nature are expected in the
future.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Included within the asbestos charge of &#163;22.4m (charge of &#163;79.7m) is a charge of &#163;0.6m (&#163;nil) due to discounting. The tax credit on loss from prior
years&#146; disposals of &#163;13.4m (credit of &#163;39.1m) includes a credit of &#163;8.7m (credit of &#163;31.1m) relating to asbestos. This results in a post-tax charge due to asbestos of &#163;13.7m (&#163;48.6m) which is described in more
detail in note 21.</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">d)</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash flows of discontinued
          operations</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD width="3%" rowspan="2"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="2"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating activities</FONT></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.0</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Investing activities</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.3</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">89</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p90"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2" align="left"><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the
accounts <font color="8C8A95">continued</font></b><br>
<font color="8C8A95"><b>for the 12 months ended December 31, 2005</b></font></FONT></td>
  </tr>
  <tr>
    <td colspan="2" align="left">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b>9</b></font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b>Discontinued
    operations </b>continued</font></td>
  </tr>
  <tr>
    <td><HR noshade size=1></td>
    <td><HR noshade size=1></td>
  </tr>
  <tr>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">e)</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Assets
    and liabilities of discontinued operations</font></b></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD rowspan="5"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="11%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Disposal</FONT></B></TD>
    <TD width="2%" rowspan="3" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%" rowspan="3" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Disposal</FONT></TD>
    <TD width="2%" rowspan="3" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%" rowspan="3" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="11%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">groups</FONT></B></TD>
    <TD width="9%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operations</FONT></B></TD>
    <TD width="11%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">groups</FONT></TD>
    <TD width="9%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operations</FONT></TD>
  </TR>
  <TR>
    <TD width="11%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">held for sale</FONT></B></TD>
    <TD width="9%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">disposed of</FONT></B></TD>
    <TD width="11%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">held for sale</FONT></TD>
    <TD width="9%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">disposed of</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD width="2%"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD width="2%"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD width="2%"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD width="2%"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Goodwill</FONT></TD>
    <TD width="11%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.5</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.5</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></TD>
    <TD width="11%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.2</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.0</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">17.4</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Joint-ventures and associates</FONT></TD>
    <TD width="11%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">29.7</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Inventories</FONT></TD>
    <TD width="11%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.9</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.9</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Receivables</FONT></TD>
    <TD width="11%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.6</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash and cash equivalents</FONT></TD>
    <TD width="11%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.7</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Payables</FONT></TD>
    <TD width="11%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.0</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
    <TD width="11%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.3</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.5</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">35.2</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">37.8</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit
        on disposals before tax (including &pound;0.1m (&pound;0.3m) in respect
        of transferring the cumulative foreign exchange on disposal)</FONT></TD>
    <TD width="11%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.4</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.3</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash consideration (net of disposal costs)</FONT></TD>
    <TD width="11%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">40.6</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">42.1</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
</table>
  <table width="100%%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="3%" align="left"><b></b></td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10</font></b></td>
      <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dividends</font></b></td>
    </tr>
  </table>
  <table width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Equity dividends on ordinary shares paid
        during the year:</FONT></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD rowspan="3"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Final dividend for 2004: 12.80p (2003:
        11.95p)</FONT></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">93.5</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">87.8</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Interim dividend for 2005: 5.85p (2004:
        5.35p)</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">42.7</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">39.5</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dividends paid during the year</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">136.2</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">127.3</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Recommended final dividend for 2005: 14.15p
        (2004: 12.80p)</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">102.2</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">93.5</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The final dividend of 14.15p recommended by the Board is payable on May 5, 2006, subject to shareholder approval, to those ordinary shareholders on the register at the close of
business on April 7, 2006. The Investor information section of the Annual Report contains details of Hanson&#146;s dividend policy and reinvestment programme.</FONT></P>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Earnings
    per ordinary share</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2" align="left"><HR noshade size=1></td>
  </tr>
</table>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The calculation
of the basic earnings per ordinary share of 53.2p (36.0p) is based on the weighted
average of 728,300,283 (734,257,732) ordinary shares in issue during the year

and profit attributable to equity holders of the Company of &#163;387.3m (&#163;264.3m).
The basic earnings per ordinary share for continuing operations of 54.2p (43.6p)
is calculated using the same number of shares referred to above and on  earnings
of &#163;394.6m (&#163;320.3m). Earnings per share is also calculated below,
before impairments, since the Directors consider that this gives a useful indication
of underlying performance.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The calculation
of the diluted earnings per ordinary share of 52.6p (35.6p) is based on the weighted
average of 735,664,121 (741,105,680) ordinary shares and the profit  attributable
to equity holders of the Company of &#163;387.3m (&#163;264.3m). The diluted
earnings per ordinary share of continuing operations of 53.6p (43.2p) is calculated
using the same number of shares referred to immediately above and on  earnings
of &#163;394.6m (&#163;320.3m). </FONT></font></P>
<P><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The reconciliation
from basic earnings per share to diluted earnings per share is given as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD rowspan="3"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="left"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number
          of<br>
      shares</FONT></B></TD>
    <TD align="left"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number
        of<br>
      shares</FONT></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Weighted average ordinary shares in issue</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">736,968,849</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">736,968,849</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Less: Weighted average own shares held</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(8,668,566</FONT></B></TD>
    <TD align="left"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2,711,117</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Basic number of shares</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">728,300,283</FONT></B></TD>
    <TD align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">734,257,732</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Options</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">502,975</FONT></B></TD>
    <TD align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">223,211</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Sharesave</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">622,471</FONT></B></TD>
    <TD align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">879,847</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Long-term incentive plan</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6,238,392</FONT></B></TD>
    <TD align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5,744,890</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Diluted number of shares</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">735,664,121</FONT></B></TD>
    <TD align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">741,105,680</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">90</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p91"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b>11</b></font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b>Earnings
    per ordinary share </b>continued</font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
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    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD rowspan="6"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="2" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Discontinued</FONT></B></TD>
    <TD rowspan="2" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continuing</FONT></B></TD>
    <TD rowspan="2" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD rowspan="2" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Discontinued</FONT></TD>
    <TD rowspan="2" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continuing</FONT></TD>
    <TD rowspan="2" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Unadjusted</FONT></B></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">operations</FONT></B></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">operations</FONT></B></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Unadjusted</FONT></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">operations</FONT></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">operations</FONT></TD>
  </TR>
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    <TD align="right"><HR noshade size=1>
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    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
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    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Earnings</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Earnings</FONT></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">387.3</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.3</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">394.6</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">264.3</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">56.0</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">320.3</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Adjustment for impairments after tax</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">44.9</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(21.9</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">23.0</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
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    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Earnings before impairments</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">396.9</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.3</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">404.2</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">309.2</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">34.1</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">343.3</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Earnings per share (in pence)</FONT></B></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Basic</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">53.2p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.0p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">54.2p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">36.0p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.6p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">43.6p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Adjustment for impairments</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.3p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.3p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.1p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.0)p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.1p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Basic before impairments</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">54.5p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.0p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">55.5p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">42.1p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.6p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">46.7p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Diluted</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">52.6p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.0p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">53.6p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">35.6p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.6p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">43.2p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Adjustment for impairments</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.3p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.3p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.1p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.0)p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.1p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Diluted before impairments</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">53.9p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.0p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">54.9p</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">41.7p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.6p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">46.3p</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The basic earnings
per share figure of 53.2p (36.0p), is calculated by taking the profit attributable
to equity holders of the Company for the financial year (described as earnings
above), and dividing this by the weighted average ordinary shares in issue, after
deducting shares held in employee trusts or as treasury shares. The basic &#145;earnings&#146; number
used has been adjusted by adding back impairments above. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The diluted earnings per share figure of 52.6p (35.6p) is calculated by taking the basic number of shares above and adjusting these for the notional exercise of outstanding
long-term incentive awards and options, where these would be deemed to have a dilutive impact. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The basic and diluted earnings per share of the 2005 and 2004 acquisitions is 1.6p and 0.3p respectively.</FONT></font></P>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Intangible
    assets</font></b></font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD rowspan="7"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="5%" rowspan="6" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="8%" rowspan="2" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%" rowspan="3" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other</FONT></B></TD>
    <TD width="2%" rowspan="3" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" rowspan="2" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%" rowspan="3" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" rowspan="2" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%" rowspan="3" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other</FONT></TD>
    <TD width="2%" rowspan="3" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" rowspan="2" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%" rowspan="3" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD width="10%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">intangible</FONT></B></TD>
    <TD width="10%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">intangible</FONT></TD>
  </TR>
  <TR>
    <TD width="8%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Goodwill</FONT></B></TD>
    <TD width="10%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">assets</FONT></B></TD>
    <TD width="8%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></B></TD>
    <TD width="8%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Goodwill</FONT></TD>
    <TD width="10%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">assets</FONT></TD>
    <TD width="8%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">&nbsp;    </TD>
  </TR>
  <TR>
    <TD width="5%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Notes</FONT></TD>
    <TD width="8%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD width="2%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
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    </TD>
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    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">&nbsp;    </TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cost</FONT></B></TD>
    <TD width="5%"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At January 1</FONT></TD>
    <TD width="5%"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">713.1</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16.1</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">729.2</FONT></B></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">777.2</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11.4</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">788.6</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Acquisitions</FONT></TD>
    <TD width="5%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">25</FONT></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">190.1</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">25.6</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">215.7</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">35.1</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.4</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">39.5</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
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    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additions</FONT></TD>
    <TD width="5%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.4</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.4</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.9</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.9</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TR>
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    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Disposals</FONT></TD>
    <TD width="5%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(7.5</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(7.5</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(46.2</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.6</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(46.8</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
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  <TR>
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    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reallocations</FONT></TD>
    <TD width="5%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.2</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.8</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.0</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(21.7</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(21.7</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
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  <TR>
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    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reclassifications to assets held for sale</FONT></TD>
    <TD width="5%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.4</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.4</FONT></B></TD>
    <TD width="2%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
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    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exchange adjustments</FONT></TD>
    <TD width="5%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">59.6</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.8</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">61.4</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(31.3</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.0</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(32.3</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
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  <TR>
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    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At December 31</FONT></B></TD>
    <TD width="5%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">952.7</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">48.1</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,000.8</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">713.1</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16.1</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">729.2</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
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    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
   <TR>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD>
     <TD align="right">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align="right">&nbsp;</TD>
     <TD>&nbsp;</TD>
   </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Amortisation and impairment</FONT></B></TD>
    <TD width="5%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At January 1</FONT></TD>
    <TD width="5%" align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.2</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.6</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
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    </TD>
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    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;    </TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Amortisation charge for the year</FONT></TD>
    <TD width="5%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3</FONT></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.0</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.0</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.5</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.5</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
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    </TD>
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    </TD>
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    </TD>
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    </TD>
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    </TD>
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    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;    </TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Provision for impairment</FONT></TD>
    <TD width="5%" align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6</FONT></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">17.6</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">17.6</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
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    </TD>
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    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Disposals</FONT></TD>
    <TD width="5%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.5</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.5</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
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    </TD>
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    </TD>
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    </TD>
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    </TD>
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    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;    </TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exchange adjustments</FONT></TD>
    <TD width="5%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.0</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.2</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.2</FONT></TD>
    <TD width="2%"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>

  <TR>
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    </TD>
    <TD><HR noshade size=1>
    </TD>
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    </TD>
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    </TD>
    <TD><HR noshade size=1>
    </TD>
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    </TD>
    <TD><HR noshade size=1>
    </TD>
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    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;    </TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At December 31</FONT></B></TD>
    <TD width="5%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">20.0</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.6</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">26.6</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.2</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.6</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>

  <TR>
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    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
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    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD>&nbsp;    </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net book value at January 1</FONT></B></TD>
    <TD width="5%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">711.7</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.9</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">724.6</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">777.2</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10.0</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">787.2</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
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  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net book value at December 31</FONT></B></TD>
    <TD width="5%" align="right"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">932.7</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">41.5</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">974.2</FONT></B></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">711.7</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.9</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width="8%" align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">724.6</FONT></TD>
    <TD width="2%"><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
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<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other intangible
assets include brand names with a carrying value of &#163;10.7m (&#163;nil) within
Hanson Building Products UK that have an indefinite useful life. Market research,
using qualitative and quantitative methods provides evidence that the brands
will generate net cash inflows for the group for an indefinite period. Other
intangible assets with a finite useful life are amortised on a straight line
basis
over a period of 1-27 years, and those that were acquired during the year have
a weighted average amortisation period of 11 years. </FONT></font></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">91</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
        to the accounts</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p92"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top"> <font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to
the accounts <font color="#8c8A95">continued </font><br>
<font color="#8c8A95">for the 12 months ended December 31, 2005</font></b></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD> <b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">13&nbsp;&nbsp;&nbsp;Property,
    plant and equipment</font></b></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
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    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
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    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
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</TD>
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    </TD>
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    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Land, buildings</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Land, buildings</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">and natural</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Plant and</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">and natural</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Plant and</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">resources</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">equipment</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">resources</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">equipment</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
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    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Notes</FONT></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
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    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cost</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At January 1</FONT></TD>
    <TD width=5%><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=8% align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,837.6</FONT></B></TD>
    <TD width=2%><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=8% align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,967.0</FONT></B></TD>
    <TD width=2%><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=8% align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,804.6</FONT></B></TD>
    <TD width=2%><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=8% align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,984.5</FONT></TD>
    <TD width=2%><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=8% align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,562.5</FONT></TD>
    <TD width=2%><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=8% align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,547.0</FONT></TD>
    <TD width=2%><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Acquisitions</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">25</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">66.2</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">67.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">133.8</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">17.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">21.8</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">39.4</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additions at cost</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14.1</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">182.0</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">196.1</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18.2</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">184.8</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">203.0</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Disposals</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(11.6</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(43.9</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(55.5</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(106.8</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(77.8</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(184.6</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reclassifications (to)/from assets held
        for sale</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.7</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.1</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reclassifications (to)/from other asset
        categories</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.7</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(13.3</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.6</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.9</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(17.6</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(13.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reallocations*</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16.8</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(29.9</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(13.1</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">373.7</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">373.7</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exchange adjustments</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">127.7</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">134.5</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">262.2</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(85.4</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(80.4</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(165.8</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At December 31</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,061.2</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,260.9</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4,322.1</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,837.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,967.0</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,804.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
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    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
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    </TD>
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    </TD>
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    </TD>
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    </TD>
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    </TD>
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    </TD>
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    </TD>
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      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Depreciation and depletion</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At January 1</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">329.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,036.4</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,366.0</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">363.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">617.4</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">981.0</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
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    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Charge for the year</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">47.2</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">147.4</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">194.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">48.1</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">143.3</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">191.4</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
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    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
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    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
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    </TD>
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    </TD>
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    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Provision for impairment</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.7</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.2</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.9</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">17.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">24.2</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
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    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reversal of impairments</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.8</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(15.4</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(19.2</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Disposals</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.7</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(32.1</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(37.8</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(82.5</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(56.2</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(138.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reclassifications (to)/from assets held
        for sale</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.3</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.7</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.0</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.2</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.2</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reclassifications (to)/from other asset
        categories</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.9</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(11.2</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.3</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(7.1</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.5</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reallocations*</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(13.1</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(13.1</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">373.7</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">373.7</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exchange adjustments</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">29.2</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">72.4</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">101.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(23.0</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(41.3</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(64.3</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At December 31</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">402.8</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,183.9</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,586.7</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">329.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,036.4</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,366.0</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net book value at January 1</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,508.0</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">930.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,438.6</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,620.9</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">945.1</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,566.0</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right">
      <HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net book value at December 31</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,658.4</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,077.0</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,735.4</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,508.0</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">930.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,438.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right">
      <HR noshade size=2>
    </TD>
    <TD align="right">      <HR noshade size=2>
    </TD>
    <TD align="right"><HR noshade size=2>
    </TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="13"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Reallocations
        within the prior year include adjustments to the cost and cumulative
        depreciation of property, plant and equipment acquired through previous
        acquisitions. These
have no impact on net book value</font></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right">      <HR noshade size=1>
    </TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Land, buildings and natural resources
          comprise the following:</FONT></B></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates</FONT></TD>
    <TD width=8% align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,043.6</FONT></B></TD>
    <TD width=2%><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=8% align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,000.7</FONT></TD>
    <TD width=2%><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Clay</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133.0</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">132.0</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other land and buildings</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">481.8</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">375.3</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,658.4</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,508.0</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
</TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital expenditure contracted at the
        balance sheet date</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">123.1</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">28.5</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance leased assets included in plant
          and equipment above</FONT></B></TD>
    <TD align="right"><B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cost of finance leased assets included
        in plant and equipment</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">66.8</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">80.8</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cumulative depreciation of finance leased
        assets</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(44.9</FONT></B></TD>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(49.7</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net book amounts at December 31</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.9</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.1</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    net book value of plant and equipment includes &#163;0.1m (&#163;0.1m) in
    respect
of assets in the course of construction.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14&nbsp;&nbsp;&nbsp;Investments</font></b></font></TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD colspan="2"><HR noshade size=1>
    </TD>
  </TR>
  <TR align="right">
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR align="right">
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR align="right">
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&pound;m</FONT></B></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&pound;m</FONT></TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR align="right">
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investments in joint-ventures</FONT></TD>
    <TD width=8% align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">211.2</FONT></B></TD>
    <TD width=2%><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=8% align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">215.9</FONT></TD>
    <TD width=2%><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Loans to joint-ventures</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">47.0</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">47.3</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">258.2</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">263.2</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investments in associates</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">43.9</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.9</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Loans to associates</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.6</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">43.9</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">48.5</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total investments in joint-ventures and
        associates</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">302.1</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">311.7</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other investments</FONT></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">302.3</FONT></B></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">311.9</FONT></TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">92</font></TD>
    <TD align=left><p></p>
      <font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p93"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14&nbsp;&nbsp;&nbsp;Investments </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="8" align=left><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          group&#146;s share of assets, liabilities, income and expenses of joint-ventures
    and associates are as follows:</font></font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="9" align=left><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Joint-ventures</FONT></B> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Joint-ventures</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Associates</FONT></B> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Associates</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></B> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></B> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></B> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Non-current assets&nbsp; </font></TD>
    <TD width=8% align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">274.6</FONT></B> </TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">267.7</FONT> </TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD width=8% align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.6</FONT></B> </TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">33.3</FONT> </TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Current assets&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">82.7</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">80.8</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.5</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.4</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Total assets&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">357.3</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">348.5</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">57.1</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">64.7</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Non-current liabilities&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(95.6</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B>&nbsp; </font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(87.7</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.8</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B>&nbsp; </font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.9</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Current liabilities&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(50.5</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B>&nbsp; </font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(44.9</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.4</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B>&nbsp; </font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(15.9</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Total liabilities&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(146.1</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B>&nbsp; </font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(132.6</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(13.2</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B>&nbsp; </font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(17.8</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Net assets&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">211.2</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">215.9</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">43.9</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.9</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Total income&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">276.7</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.2</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">68.2</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">81.7</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Total expense&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(241.1</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B>&nbsp; </font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(267.3</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(60.7</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>)</B>&nbsp; </font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(74.1</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35.6</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.1</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.5</FONT></B> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.6</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As
    at
December 31, 2005 the share of joint-ventures and associates&#146; contingent liabilities totalled &#163;7.6m and capital commitments were &#163;11.2m. </FONT></P>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investments
    in joint-ventures at December 31, 2005 include goodwill at cost of &#163;117.3m (&#163;143.2m) . The net book value of goodwill at December 31, 2005 was &#163;117.3m (&#163;123.6m) . The Directors estimated the value of unlisted investments at December
  31, 2005 to be &#163;302.3m (&#163;311.9m) . </FONT></P>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A
    list of the significant subsidiaries, including the name, country of incorporation
    and proportion of ownership interest is given in the Company&#146;s
    separate financial statements on page 142. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="12" align=left><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Principal
          joint-ventures and associates, none of which are held directly by the
    Company, are as follows:</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="12" align=left><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> <font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Principal<br>
    activity</font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Share capital </font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> and reserves </font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Full year<br>
pre-tax profit</FONT></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> <font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><div align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> <font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% owned</font></div></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><div align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> <font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Country</font></div></TD>
    <TD align=left><div align="right"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></div></TD>
    <TD align=left><div align="right"><font size="1"></font><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Year ended at</font></div></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> <font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &#163;m&nbsp; </font></TD>
    <TD align=right><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>Principal joint-ventures
          at</B>&nbsp; </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> <B>December 31,
          2005</B>&nbsp; </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> United Marine Holdings
        Ltd&nbsp; </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">marine aggregates</FONT> </font></TD>
    <TD width=7% align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">30.5</FONT> </font></TD>
    <TD width=2% align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=7% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11.3</FONT> </TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD width=7% align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50</FONT> </font></TD>
    <TD width=2% align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=7% align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> UK </font></TD>
    <TD width=2% align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=7% align=right><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December</font></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Cement Australia
        Holdings Ltd&nbsp; </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">cement production</FONT> </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">184.7</FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">52.0</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">25</FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia
        </FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December</font></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Pioneer Road Services
        Pty Ltd&nbsp; </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">road surfacing</FONT> </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35.5</FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.8</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50</FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia
        </FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December</font></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Metromix Pty Ltd&nbsp; </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ready-mixed concrete
        and quarry operations</FONT> </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.8</FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.3</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50</FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia</FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> March </font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Piedras y Arenas
        Baja, S de R L de CV&nbsp; </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarry operations</FONT> </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13.1</FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.4</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> )&nbsp; </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50</FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Mexico</FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> December </font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Alliance Construction
        Materials Ltd&nbsp; </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ready-mixed concrete
        and quarry operations</FONT> </font></TD>
    <TD align=right><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.5</FONT> </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.7</FONT> </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 50 </font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hong Kong</font></font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> December </font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"><b><font face="sans-serif">Principal associate
    at</font></b>&nbsp; </font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"><b><font face="sans-serif">December 31, 2005</font></b></font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"><font face="sans-serif">Midland Quarry Products
    Limited</font></font></TD>
    <TD align=right><font size="2"><font face="sans-serif">quarry operations</font></font></TD>
    <TD align=right><font size="2"><font face="sans-serif">77.2</font>&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2"><font face="sans-serif">18.2</font></font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><font size="2"><font face="sans-serif">50</font></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2"><font face="sans-serif">UK</font></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2"><font face="sans-serif">December</font></font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1"> <B><FONT size=2 face="sans-serif">15&nbsp;&nbsp;&nbsp;Inventories</FONT></B><font size="2">&nbsp; </font></font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="5" align=left><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right><font size="1"> <B><FONT face="sans-serif">2005</FONT></B> </font></TD>
    <TD width=2% align=right><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1"> <FONT face="sans-serif">2004</FONT> </font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right><font size="1"> <B><FONT face="sans-serif">&#163;m</FONT></B> </font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1"> <FONT face="sans-serif">&#163;m</FONT> </font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Raw materials</FONT>&nbsp; </font></TD>
    <TD width=8% align=right><font size="2"> <B><FONT face="sans-serif">59.4</FONT></B> </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD width=8% align=right><font size="2"> <FONT face="sans-serif">46.0</FONT> </font></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Work in progress</FONT>&nbsp; </font></TD>
    <TD align=right><font size="2"> <B><FONT face="sans-serif">12.4</FONT></B> </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">9.8</FONT> </font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Consumables and
        other</FONT>&nbsp; </font></TD>
    <TD align=right><font size="2"> <B><FONT face="sans-serif">43.7</FONT></B> </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">29.1</FONT> </font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Finished goods</FONT>&nbsp; </font></TD>
    <TD align=right><font size="2"> <B><FONT face="sans-serif">266.9</FONT></B> </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">210.9</FONT> </font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right><font size="2"> <B><FONT face="sans-serif">382.4</FONT></B> </font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2"> <FONT face="sans-serif">295.8</FONT> </font></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Inventories
        are stated net of provisions for slow moving and impaired items of &#163;33.3m
        (&#163;24.1m).</FONT>&nbsp; </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16&nbsp;&nbsp;&nbsp;Assets
    held for sale</font></b></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr noshade size=1>
  </TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disposal groups held for sale</FONT></TD>
	<TD width="8%" align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.5</FONT></B>
	</font></TD>
	<TD width="2%" align=right>&nbsp;</TD>
	<TD width="8%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width="2%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other assets held for sale</FONT></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.0</FONT></B>
	</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.6</FONT></TD>
	<TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.5</FONT></B>
	</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.6</FONT></TD>
	<TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr noshade size=2></TD>
  <TD align=right><hr noshade size=2></TD>
  <TD align=right><hr noshade size=2></TD>
  <TD align=right><hr noshade size=2>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Details
      of disposal groups held for sale are set out in note 9. Other assets held
      for sale consist of land and buildings reclassified from property, plant
      and equipment that
are surplus to the group&#146;s requirements as the group intends to dispose
of these assets within 12 months of reclassification rather than use them in
the continuing operations. Profits or losses on disposal of assets held for sale
are included
within group operating profit before impairments &#150; see note 2(b). Disposal
groups and other assets held for sale are analysed on a segmental basis in note
2(e).</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">93</font></TD>
    <TD align=left><p><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
          to the accounts</font></p>
    </TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p94"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top"> <FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the
accounts <font color="#8c8A95">continued<br>
for the 12 months ended December 31, 2005</font></b></FONT></td>
  </tr>
  <tr>
    <td valign="top"><hr noshade size=1></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align=left valign="bottom"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">17&nbsp;&nbsp;&nbsp;Receivables</font></b></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD colspan="6" align=left valign="bottom"><hr noshade size=1></TD>
  </TR>
<TR>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Trade and other current receivables</FONT></B>&nbsp;
	</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes</FONT></TD>
	<TD align=right><font size="2">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1></TD>
  <TD align=left valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Trade receivables</FONT></TD>
	<TD width="8%" align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD width=8% align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">629.0</FONT></B>
	</font></TD>
	<TD width=2% align=right valign="bottom">&nbsp;</TD>
	<TD width=8% align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">594.5</FONT></TD>
	<TD width=2% align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts due from joint-ventures</FONT></TD>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.0</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.3</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts due from associates</FONT></TD>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.7</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.3</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Prepayments</FONT></TD>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">31.3</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37.0</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts recoverable from insurers &#150; Koppers</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21</FONT></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">39.3</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">45.2</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts recoverable from insurers &#150; asbestos</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21</FONT></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.1</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.1</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Derivatives</FONT></TD>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.2</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">49.2</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other receivables</FONT></TD>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">54.2</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51.4</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">774.8</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">788.0</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">&nbsp;

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right><font size="1">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
  </TR>
<TR>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Non-current receivables</FONT></B>&nbsp;
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right><font size="1">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts recoverable from insurers &#150; Koppers</FONT></TD>
	<TD width=8% align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21</FONT></TD>
	<TD width=8% align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">101.5</FONT></B>
	</font></TD>
	<TD width=2% align=right valign="bottom">&nbsp;</TD>
	<TD width=8% align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">117.0</FONT></TD>
	<TD width=2% align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts recoverable from insurers &#150; asbestos</FONT></TD>
	<TD align=right valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21</FONT></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.4</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Derivatives</FONT></TD>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33.9</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other receivables</FONT></TD>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">46.8</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">34.7</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">182.2</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">159.1</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=left valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom"> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      Directors estimate that the carrying amount of trade and other receivables
    approximates their fair value.</font></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18&nbsp;&nbsp;&nbsp;Cash
        and cash equivalents</font></b></TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1></TD>
</TR>
<TR>
	<TD align=left valign="bottom"><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><font size="1">&nbsp;</font></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom"><font size="1">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash at bank and in hand</FONT></TD>
	<TD width=8% align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">183.9</FONT></B>
	</TD>
	<TD width=2% align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">131.7</FONT></TD>
	<TD width=2% align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Short-term deposits</FONT></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">899.1</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,262.6</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,083.0</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,394.3</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD colspan="5" align=left valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD colspan="5" align=left valign="bottom"> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
      at bank and in hand includes &#163;16.8m in respect of cash held in notional
      cash pools under which the banks have the right of set-off against overdrafts
      (note 20) of the same amount. These amounts have not been set-off in the
      accounts as the group does not intend to offset them. Cash at bank and
      in hand earns interest at floating rates based on market deposit rates.
      Short-term deposits are made for varying periods of up to three months
    and earn interest at the respective short-term deposit rates. </font></TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="5" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="5" align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For
        the purposes of the consolidated cash flow statement, cash and cash equivalents
    comprise the following at December 31:</font></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="6" align=left><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="sans-serif">2005</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">2004</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">Notes</FONT> </TD>
    <TD align=right> <B><FONT size=1 face="sans-serif">&#163;m</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="sans-serif">&#163;m</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=right><hr noshade size=1></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Cash at bank and
        in hand</FONT>&nbsp; </font></TD>
    <TD width=8% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=8% align=right> <B><FONT size=2 face="sans-serif">183.9</FONT></B> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=8% align=right> <FONT size=2 face="sans-serif">131.7</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Short-term deposits</FONT>&nbsp; </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">899.1</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">1,262.6</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"> <FONT face="sans-serif">Bank overdrafts</FONT>&nbsp; </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">20</FONT> </TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">(20.9</FONT></B> </TD>
    <TD align=left><font size="2"> <B><FONT face="sans-serif">)</FONT></B>&nbsp; </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(5.3</FONT> </TD>
    <TD align=left><font size="2"> <FONT face="sans-serif">)</FONT>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left><hr noshade size=1>
    </TD>
    <TD align=right><hr noshade size=1>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">1,062.1</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">1,389.0</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=left><hr noshade size=2>
    </TD>
    <TD align=right><hr noshade size=2>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
at bank and in hand includes &#163;53.6m (&#163;43.6m) held by two group captive insurance companies, &#163;36.0m (&#163;21.2m)
of which is effectively pledged to insurance companies in support of potential
claims under the deductible element of group insurance policies. The excess is
available to the group.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align=left valign="bottom"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19&nbsp;&nbsp;&nbsp;Payables</font></b></TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">            <hr noshade size=1></TD>
  <TD align=left valign="bottom"><hr noshade size=1></TD>
  <TD align=left valign="bottom"><hr noshade size=1></TD>
  <TD colspan="2" align=left valign="bottom"><hr noshade size=1></TD>
  </TR>
<TR>
	<TD align=left valign="bottom">&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Trade and other current payables</FONT></B>&nbsp;
	</font></TD>
	<TD align=right><font size="2">
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1></TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Trade payables</FONT></TD>
	<TD width=8% align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">305.5</FONT></B>
	</font></TD>
	<TD width=2% align=right valign="bottom">&nbsp;</TD>
	<TD width=8% align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">304.4</FONT></TD>
	<TD width=2% align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts due to joint-ventures</FONT></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">21.1</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.1</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts due to associates</FONT></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.7</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.6</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other taxes</FONT></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">37.1</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">28.1</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Accruals and deferred income</FONT></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">145.9</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">138.7</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Derivatives</FONT></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">13.2</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other payables</FONT></TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">47.0</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">71.0</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">578.5</FONT></B>
	</font></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">561.9</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD align=left valign="bottom">&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1></TD>
  <TD align=right><hr noshade size=1>
  </TD>
  <TD align=right>&nbsp;</TD>
  </TR>
<TR>
	<TD align=left valign="bottom"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Non-current payables</FONT></B>&nbsp;
	</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Derivatives</FONT></TD>
	<TD width=8% align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">26.4</FONT></B>
	</TD>
	<TD width=2% align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD width=2% align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
	<TD align=left valign="bottom">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other payables</FONT></TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">57.6</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.9</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=1>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
	<TD align=left valign="bottom"><font size="2">&nbsp;</font>

	</TD>
	<TD align=right valign="bottom">
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">84.0</FONT></B>
	</TD>
	<TD align=right valign="bottom"><font size="2">&nbsp;</font></TD>
	<TD align=right valign="bottom"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.9</FONT></TD>
	<TD align=right valign="bottom">&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom"><hr noshade size=2>
  </TD>
  <TD align=right valign="bottom">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font color="#000000" size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">94</font></TD>
    <TD align=left><p><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
          to the accounts</font></p>
    </TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><page><a name="p95"></a>
<font face="Arial, Helvetica, sans-serif">
<p><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><a href="#contents"><font size="2">Back
  to Contents</font></a></font></p>
</font></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b><font size=2>20</font></b></font></td>
    <td><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b><font size=2>Borrowings</font></b></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade color="#000000"></td>
    <td><hr size="1" noshade color="#000000"></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=1>2005</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>Current
      borrowings</FONT></B></font></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=1>&#163;m</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Overdrafts</FONT></TD>
    <TD width="8%" align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>20.9</FONT></B></font></TD>
    <TD width="2%" align=right></TD>
    <TD width="8%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.3</FONT></TD>
    <TD width="2%" align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Bank
      loans</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>85.6</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">123.4</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Debenture
      loans</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>803.3</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">901.2</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other
      loans</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>0.6</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.8</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Finance
      leases</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>0.6</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>911.0</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,031.2</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Current
  debenture loans include &#163;194.4m (&#163;26.0m) relating to borrowings under
  a US commercial paper programme and &#163;593.0m (&#163;520.4m) relating to
  borrowings under a European commercial paper programme. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=1>2005</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>Non-current
      borrowings</FONT></B></font></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=1>&#163;m</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Bank
      loans</FONT></TD>
    <TD width=8% align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>285.6</FONT></B></font></TD>
    <TD width=2% align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">281.5</FONT></TD>
    <TD width=2% align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Debenture
      loans</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>874.2</FONT></B></font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">774.3</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other
      loans</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>1.6</FONT></B></font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.0</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Finance
      leases</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>0.2</FONT></B></font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>1,161.6</FONT></B></font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,058.3</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
</TABLE>
<font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><BR>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=1>2005</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
      nominal value of non-current borrowings is repayable as follows:</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=1>&#163;m</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2006</FONT></TD>
    <TD width=8% align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>&#150;</FONT></B></font></TD>
    <TD width=2% align=right></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.2</FONT></TD>
    <TD width=2% align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2007</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>86.2</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">82.2</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2008</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>200.2</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">200.1</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2009</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>0.2</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.3</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2010</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>437.1</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">390.8</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Thereafter</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>437.1</FONT></B></font></TD>
    <TD align=right></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">390.7</FONT></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Non-current
  debenture loans include two bonds each with a nominal value of US&#36;750m,
  maturing in September 2010 and March 2013 with fixed coupon rates of 7.875%
  and 5.25% respectively. Non-current bank loans include an unsecured 4.57% fixed
  rate debt obligation with a nominal value of &#163;199.8m repayable in 2008
  (swapped to a floating rate of interest) and A&#36;200m drawn for a period of
  less than three months on a revolving credit facility that matures in 2007.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">A
      reconciliation of net cash outflow after financing to net debt is set out
      below:</font></TD>
    <TD align=right></TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=1>2005</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004
      </font>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=1>&#163;m</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m
      </font>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>Net
      cash outflow after financing</FONT></B></font></TD>
    <TD width="8%" align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(364.3</FONT></B>
      </font></TD>
    <TD width="2%" align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD width="8%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(90.5</font>
    <TD width="2%" align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Decrease
      in borrowings</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>439.3</FONT></B>
      </font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">445.3
      </font>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Increase
      in borrowings</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(249.1</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(206.6</font>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(Increase)/decrease
      in net debt resulting from cash flows</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(174.1</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">148.2</font>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Non
      cash movements in debt:</FONT></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Fair
      value adjustments</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(8.8</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</font>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Effective
      interest adjustments</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(12.3</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</font>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Borrowings
      in subsidiary undertakings (acquired)/disposed of</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(1.9</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.6</font>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other
      movements</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(1.6</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.4</font>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exchange
      movements</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(95.7</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">101.8</font>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>Movement
      in net debt in the year</FONT></B></font></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(294.4</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">247.0</font>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Opening
      net debt</FONT></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(695.2</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(942.2</font>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>Closing
      net debt</FONT></B></font></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(989.6</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(695.2</font>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net
      debt comprises the following balance sheet items at December 31:</font></TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=1>2005</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Notes</FONT></TD>
    <TD align=right></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=1>&#163;m</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash
      and cash equivalents</FONT></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18</FONT></TD>
    <TD width=2% align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD width=8% align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>1,083.0</FONT></B>
      </font></TD>
    <TD width=2% align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,394.3</FONT>
    </TD>
    <TD width=2% align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Current
      borrowings</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">20</FONT></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(911.0</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,031.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Non-current
      borrowings</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">20</FONT></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(1,161.6</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,058.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net
      debt</FONT></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font size="2">&nbsp;</font></font></TD>
    <TD align=right> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>(989.6</FONT></B>
      </font></TD>
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>)</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(695.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT color=#000000
      size=1
      face=AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif>95</FONT></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Notes
      to the accounts</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><page><a name="p96"></a><font face="Arial, Helvetica, sans-serif">
<p><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><a href="#contents"><font size="2">Back
  to Contents</font></a></font></p>
</font></font>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="2"> <FONT size="3" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="#8c8a95">continued<br>
for the 12 months ended December 31, 2005</font></b></FONT></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b><font size=2>21</font></b></font></td>
    <td><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b><font size=2>Provisions</font></b></font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD colspan="2" align=left><hr size="1" noshade color="#000000"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Legal,</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">insurance,</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Koppers&#146;
      </FONT> </TD>
    <TD align=right></TD>
    <TD align=right><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reclamation</font></TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">environmental</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Asbestos</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">liabilities</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">obligations</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">and
      other</FONT> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      At January 1, 2004</font></TD>
    <TD width=8% align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      178.6 </font></TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD width=8% align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      201.2 </font></TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD width=8% align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      126.2 </font></TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD width=8% align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      47.3 </font></TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD width=8% align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      553.3 </font></TD>
    <TD width=2% align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (Decrease)/increase in provisions due to discounting</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (43.0 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      10.0 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      5.8 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      0.9 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (26.3 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Provided in year</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      121.6 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      4.6 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      6.6 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      20.9 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      153.7 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Released in year</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (0.8 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (7.0 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (7.8 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (Disposals)/acquisitions</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (3.6 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      0.3 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (3.3 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Reallocations and other</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      1.8 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      1.8 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Utilised</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (32.4 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (39.5 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (6.7 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (12.1 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (90.7 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Exchange movements</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (15.8 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (14.1 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (6.5 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (2.5 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (38.9 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>At
      December 31, 2004</B></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>209.0</B>
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>162.2</B>
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>122.8</B>
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>47.8</B>
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>541.8</B>
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Increase/(decrease) in provisions due to discounting</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      0.5 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (5.4 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      2.5 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      1.2 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (1.2 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Provided in year</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      21.8 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      1.3 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      18.7 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      28.8 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      70.6 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Released in year</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (21.2 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (11.3 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (32.5 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Acquisitions</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      2.3 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      0.1 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      2.4 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Reallocations and other</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      1.2 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (1.2 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Utilised</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (23.8 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (34.2 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (8.5 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (16.5 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      (83.0 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      )</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      Exchange movements</font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      24.7 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      16.9 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      8.7 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      3.9 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
      54.2 </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>At
      December 31, 2005</B></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>232.2</B>
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>140.8</B>
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>126.5</B>
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>52.8</B>
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
    <TD align=right> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>552.3</B>
      </font></TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=right></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Current
      provisions</FONT></TD>
    <TD width=8% align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">104.3</FONT></B></TD>
    <TD width=2% align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">99.7</FONT></TD>
    <TD width=2% align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Non-current
      provisions</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">448.0</FONT></B></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">442.1</FONT></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">552.3</FONT></B></TD>
    <TD align=right><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">541.8</FONT></TD>
    <TD align=right><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=right></TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
  decrease in provisions due to discounting of &#163;1.2m is represented by an
  increase due to the unwind of the discount of &#163;10.5m and a decrease due
  to the change in the discount rate of &#163;11.7m.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Included
  within reclamation provisions release in the year of &#163;21.2m (&#163;0.8m)
  is &#163;14.7m (&#163;nil) resulting from a change in estimates of future cash
  flows.</FONT></P>
<P> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>Asbestos<br>
  </B></font><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Various
  of the Company&#146;s US subsidiaries are defendants, typically with many other
  companies, in lawsuits filed in state and federal courts by claimants who allege
  that they have suffered bodily injury as a result of exposure to asbestos-containing
  products, the manufacture of which by such subsidiaries ceased, depending on
  the subsidiary involved, between 1973 and 1984, which was prior to the time
  that these subsidiaries became members of the group.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
  discounted pre-tax provision for the gross cost of asbestos is shown above.
  The related insurance asset is included within &#147;Receivables&#148; in note
  17 and the deferred tax asset relating to asbestos payments is included within
  &#147;Deferred tax&#148; in note 22.</FONT><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">
  </font> </P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b>Claimant
      numbers and costs during the year<br>
      </b></font><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Information
      regarding the movement in asbestos claimants in the year and the cost of
      resolution in the year is provided below:</font></TD>
    <TD align=right></TD>
    <TD align=left></TD>
    <TD align=right></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD colspan="2" align=right><hr size="1" noshade color="#000000"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <B><FONT size=1 face="sans-serif">2005</FONT></B> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">2004</FONT> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">New claimants</FONT></TD>
    <TD width=8% align=right> <B><FONT size=2 face="sans-serif">10,350</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="sans-serif">18,700</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Resolutions</FONT></TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">(14,750</FONT></B> </TD>
    <TD align=left> <B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(7,150</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Outstanding claimants</FONT></TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">131,350</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">135,750</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Average gross cost of resolution
      (&#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">2,929</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">8,294</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Gross cost of resolution (&#36;m)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">43.2</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">59.3</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Less insurance recoveries (&#36;m)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">(11.5</FONT></B> </TD>
    <TD align=left> <B><FONT size=2 face="sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(46.5</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Net cost before tax (&#36;m)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="sans-serif">31.7</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">12.8</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
</TABLE>
<P><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">New
  claimants were 10,350 for 2005, compared with the 18,700 claimants in 2004.
  At the end of 2005, outstanding claimants totalled approximately 131,350 (135,750).
  Of the 14,750 (7,150) claimants whose cases were resolved during 2005, over
  90% were dismissed without payment. In the USA, claimants can file without illness
  or product identification. In the absence to date of federal reform, a number
  of states have introduced or are looking to introduce an unimpaired docket which
  will suspend claims until there is proven evidence of illness. Although outstanding
  claimants decreased as at the end of 2005 compared to 2004, this does not mean
  that the Company believes that 2005 is the start of a downward trend in the
  number of claimants.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
  gross cost of resolving asbestos claims in 2005 was &#36;43.2m (&#36;59.3m)
  including legal fees of &#36;26.3m (&#36;27.4m). The pre-tax cost of asbestos
  for the year after insurance was &#36;31.7m (&#36;12.8m).</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
  aggregate amounts paid in settlement and average settlement payments in any
  given period, together with related defence costs, have fluctuated widely and
  are expected to continue to fluctuate widely depending on the nature of the
  claims resolved (including the proportion of which that are mass claims), disease
  mix, number of other defendants and jurisdiction of claim.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT color=#000000
      size=1
      face=AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif>96</FONT></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Notes
      to the accounts</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><page><a name="p97"></a>
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<p><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><a href="#contents"><font size="2">Back
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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b><font size=2>21</font></b></font></td>
    <td><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b><font size=2>
      Provisions </font></b><font size=2>continued</font></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade color="#000000"></td>
    <td><hr size="1" noshade color="#000000"></td>
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<P><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Each
  of the Company&#146;s relevant US subsidiaries, together with its insurance
  carriers and outside counsel, review each asbestos claim that is pursued by
  claimants. In many cases claimants are unable to demonstrate that any injury
  they have suffered resulted from exposure to the subsidiary&#146;s products,
  in which case their claim is generally dismissed without payment. In those cases
  where a compensatable disease, exposure to the subsidiary&#146;s products and
  causation can be established by claimants, the subsidiary generally settles
  for amounts that reflect the type of disease, the seriousness of the injury,
  the age of the claimant, the particular jurisdiction of the claim and the number
  and solvency of the other defendants.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
  Company&#146;s approach to accounting for the asbestos claims against its US
  subsidiaries is to provide for those costs of resolution which are both probable
  and reliably estimable. The costs of resolving possible claims are disclosed
  as contingent liabilities (refer note 26). At present, based on detailed analysis
  and the assumptions noted below, the provision for those costs which are both
  probable and reliably estimable equates to approximately eight years of gross
  cost, assuming an annual level of approximately US&#36;60m. Whilst further claims
  are likely to be resolved beyond this eight year period, the associated costs
  of resolution are not able to be reliably estimated and hence no provision has
  been made to cover these possible liabilities.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Assumptions
  made in establishing the provision relate to the number, disease mix and location
  of future claimants, trends in dismissal rates, settlement and defence costs,
  resolution of all existing claimants, time scale of resolution of new claimants,
  the continued solvency of co-defendants and expected insurance recoveries. In
  light of the significant uncertainty associated with asbestos claims, there
  can be no guarantee that the assumptions used to estimate the provision for
  the cost of resolving asbestos claims will be an accurate prediction of the
  actual costs that may be incurred and as a result the provision will be subject
  to potential revision from time to time as additional information becomes available
  and to reflect any changes in trends.</FONT></P>
<P> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>Gross
  cost provision<br>
  </B></font><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
  provision of &#36;480.0m at January 1, 2005 was increased by &#36;60.0m (the
  estimated gross cost for an additional year) and reduced by the gross cost incurred
  in 2005 of &#36;43.2m, to give a closing provision at December 31, 2005 of &#36;496.8m.
  This represents the estimated gross cost of asbestos for the next eight years,
  and is equivalent to &#36;398.6m on a discounted basis, or &#163;232.2m.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="23" align=left> <font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Movements
      in the provision for the year were as follows:</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD colspan="2" align=right><hr size="1" noshade color="#000000"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">January 1,</FONT> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">January 1,</FONT> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">December 31,</FONT> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">2004</FONT> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">Discount</FONT> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">Provided</FONT> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">Utilised</FONT> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">Exchange</FONT> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">2005</FONT> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">Discount</FONT> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">Provided</FONT> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">Utilised</FONT> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">Exchange</FONT> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="sans-serif">2005</FONT> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="sans-serif">Undiscounted &#36;&#146;m</FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Gross cost provision</FONT></TD>
    <TD width=6% align=right><font size=2 face="sans-serif">316.8</font></TD>
    <TD width=1% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD width=1% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=right> <FONT size=2 face="sans-serif">222.5</FONT> </TD>
    <TD width=1% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=right> <FONT size=2 face="sans-serif">(59.3</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD width=6% align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD width=1% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=right> <FONT size=2 face="sans-serif">480.0</FONT> </TD>
    <TD width=1% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD width=1% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=right> <FONT size=2 face="sans-serif">60.0</FONT> </TD>
    <TD width=1% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=6% align=right> <FONT size=2 face="sans-serif">(43.2</FONT> </TD>
    <TD width=1% align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD width=6% align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD width=1% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="sans-serif">496.8</FONT> </TD>
    <TD width=1% align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Insurance asset</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(72.6</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">46.5</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(26.1</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">11.5</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(14.6</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Net cost</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">244.2</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">222.5</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(12.8</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">453.9</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">60.0</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(31.7</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">482.2</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Deferred tax asset</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(95.2</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(86.8</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">5.0</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(177.0</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(23.4</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">12.4</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(188.0</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Post-tax net cost</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">149.0</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">135.7</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(7.8</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">276.9</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">36.6</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(19.3</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">294.2</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="sans-serif">Discounted &#36;&#146;m</FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Gross cost provision</FONT></TD>
    <TD align=right><font size=2 face="sans-serif"> 316.8</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(78.8</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">222.5</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(59.3</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">401.2</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">0.9</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">39.7</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(43.2</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">398.6</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Insurance asset</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(72.6</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">2.1</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">46.5</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(24.0</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">0.3</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">11.5</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(12.2</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Net cost</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">244.2</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(76.7</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">222.5</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(12.8</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">377.2</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">1.2</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">39.7</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(31.7</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">386.4</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Deferred tax asset</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(95.2</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">29.9</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(86.8</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">5.0</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(147.1</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(0.5</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(15.5</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">12.4</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(150.7</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Post-tax net cost</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">149.0</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(46.8</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">135.7</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(7.8</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">230.1</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">0.7</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">24.2</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(19.3</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">235.7</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="sans-serif">Discounted &#163;&#146;m</FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Gross cost provision</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">178.6</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(43.0</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">121.6</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(32.4</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(15.8</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">209.0</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">0.5</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">21.8</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(23.8</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">24.7</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">232.2</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Insurance asset</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(40.9</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">1.1</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">25.4</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">1.9</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(12.5</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">0.1</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">&#150;</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">6.4</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(1.1</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(7.1</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Net cost</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">137.7</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(41.9</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">121.6</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(7.0</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(13.9</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">196.5</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">0.6</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">21.8</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(17.4</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">23.6</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">225.1</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Deferred tax asset</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(53.7</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">16.3</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(47.4</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">2.7</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">5.5</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(76.6</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(0.2</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(8.5</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">6.8</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(9.3</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(87.8</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="sans-serif">Post-tax net cost</FONT></TD>
    <TD align=right> <FONT size=2 face="sans-serif">84.0</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(25.6</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">74.2</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(4.3</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">(8.4</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">119.9</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">0.4</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">13.3</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">(10.6</FONT> </TD>
    <TD align=left> <FONT size=2 face="sans-serif">)</FONT><font size="2">&nbsp;
      </font></TD>
    <TD align=right> <FONT size=2 face="sans-serif">14.3</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="sans-serif">137.3</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="23" align=left> <font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
      rate used to discount the provision and insurance assets in 2005 was 5.30%
      (4.25%).</font></TD>
  </TR>
</TABLE>
<font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> </font>
<P><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>Insurance
  asset<br>
  </B></font><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
  insurance asset of &#36;26.1m at January 1, 2005 was reduced by insurance utilisation
  during the year of &#36;11.5m, to give a closing insurance asset at December
  31, 2005 of &#36;14.6m, equivalent to &#163;7.1m on a discounted basis.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Most
  of the US subsidiaries involved with asbestos claims have had agreements with
  their respective insurance carriers regarding the defence and settlement of
  asbestos claims, the terms of which varied for each such subsidiary. These insurance
  arrangements have resulted in the insurance companies having met substantially
  all of the amounts such subsidiaries have paid in the past in settlements and
  defence costs. More of these costs are now being borne by the relevant subsidiaries
  as these arrangements are assumed, for accounts purposes, to be exhausted. </FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">In
  February 2006, one of the Company&#146;s US subsidiaries reached a settlement
  with its insurers covering approximately 20% of the group&#146;s present asbestos
  costs. Details are provided in note 31.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Certain
  other US subsidiaries, not party to the recent settlement, continue to pursue
  litigation and negotiation to maximise the insurance cover available. Litigation
  proceedings are progressing in the state of California with a view to establishing
  whether or not substantially all of the primary cover available to one of our
  US subsidiaries has been exhausted and, to the extent that such cover has been
  exhausted, the amount of excess cover that is available to it.</FONT></P>
<P> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>Deferred
  tax asset<br>
  </B></font><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
  net cost of asbestos is deductible for US taxation at an estimated rate of 39%.
  At December 31, 2005, the deferred tax asset relating to the discounted asbestos
  provision, net of insurance, was &#163;87.8m as shown in note 22.</FONT></P>
<P> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>Income
  statement<br>
  </B></font><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
  net impact on the income statement, shown under discontinued items in note 9,
  was a charge of &#163;13.7m. This consists of a discounted charge after tax
  of &#163;13.3m, as shown in the &#145;Provided&#146; column of the above table,
  less the net impact of the discount unwind and change in discount rate which
  was a charge of &#163;0.4m after tax as shown in the &#145;Discount&#146; column
  of the above table. </FONT></P>
<P> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>Cash
  flow<br>
  </B></font><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
  net cash flow impact, shown within net cash inflow from operating activities,
  was a net cash outflow of &#163;10.6m shown in the &#145;Utilised&#146; column
  of the above table.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT color=#000000
      size=1
      face=AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif>97</FONT></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Notes
      to the accounts</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div><page><a name="p98"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b><font size="3">Notes
            to the accounts <font color="8C8A95">continued</font></font></b></FONT><font size="3"><b><font color="8C8A95"><BR>
  <FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">for the 12
  months ended December 31, 200</FONT><FONT size="3" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b><font color="8C8A95">5</font></b></FONT></font></b></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">21</FONT></B></td>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Provisions
      </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">continued</FONT></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<p><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Risk
  factors<br>
  </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Factors
  which could cause actual results to differ from these estimates include: (i)
  adverse trends in the ultimate number of claimants filing asbestos claims against
  the Company&#146;s US subsidiaries; (ii) increases in the cost of resolving
  current and future asbestos claims as a result of adverse trends relating to
  settlement and/or defence costs, dismissal rates, and/or judgment amounts; (iii)
  increases or decreases in the amount of insurance available to cover asbestos
  claims; (iv) the emergence of new trends or legal theories that enlarge the
  number of potential claimants; (v) the impact of bankruptcies of other defendant
  companies whose share of liability may be imposed on the Company&#146;s US subsidiaries
  under certain state liability laws; (vi) the unpredictable aspects of the US
  litigation process; (vii) adverse changes in the mix of asbestos-related diseases
  with respect to which asbestos claims are made against the Company&#146;s US
  subsidiaries; and (viii) potential legislative changes.</FONT> </p>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">In
  light of such factors, the costs of the Company&#146;s US subsidiaries involved
  in resolving asbestos claims may be materially different from current estimates
  and consequently might have a material adverse effect on the Company&#146;s
  consolidated financial condition, results of operations and cash flow. However,
  assuming that current trends continue, the Company does not expect that such
  costs will have such a material adverse effect and, even assuming a material
  deterioration in current trends, on the evidence available to it, the Company
  does not expect that such claims would impact the ability of the Company to
  continue as a going concern.</FONT></P>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Koppers&#146;
  liabilities</FONT></B></font><br>
  <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Koppers&#146;
  environmental obligations and related costs arise primarily from the US chemical
  and related operations formerly operated by Koppers Company Inc, a company acquired
  by Beazer PLC which itself was acquired by the Company in 1991. Members of the
  Beazer group remain contractually and statutorily liable for certain environmental
  costs relating to these discontinued operations. During 1998 an agreement was
  signed under which, for a one-off premium and related transaction costs totalling
  &#36;275.0m, insurance cover of &#36;800.0m in perpetuity (after payment by
  members of the Beazer group of the first &#36;100.0m of remediation costs arising
  since January 1, 1998) was provided by subsidiaries of two reinsurance companies,
  Centre Solutions and Swiss Re. </FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
  the end of 2005, &#36;413.9m of the &#36;800.0m insurance cover had been utilised.
  The estimate of future probable cost, discounted at 5.3% (5.1%), is shown as
  a provision of &#163;140.8m at December 31, 2005. These costs are the responsibility
  of the insurers and hence a receivable of &#163;140.8m is recorded at December
  31, 2005 as shown in note 17.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Based
  upon existing known circumstances, the Company considers that the remaining
  &#36;386.1m of insurance cover should meet the related future costs, recognising
  that the estimate of future probable costs could increase. Factors which could
  cause such remediation costs to increase include (i) unknown adverse conditions
  arising at sites; (ii) third party claims in excess of estimates; (iii) changes
  to regulatory requirements; (iv) changes in remediation techniques; and (v)
  any other significant variations to assumptions made in support of these estimates.</FONT></P>
<font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other
provisions</FONT></B><BR>
<FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Long-term provisions

have been discounted at rates of up to 6.25%.</FONT><BR>
</font>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reclamation
  obligations have been established to cover those situations where members of
  the group have either a statutory or constructive obligation to carry out remedial
  works. Reclamation provisions are expected to be utilised over the life of the
  relevant site. Legal, insurance, environmental and other provisions relate to
  acquisitions, disposals and rationalisations both arising on acquisitions and
  provided for in current and prior years. Legal, insurance, environmental and
  other provisions are expected to be utilised on a reducing basis over the next
  five years, depending in each case on the nature of the underlying obligation.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Where
  appropriate, reclamation and environmental provisions have been established
  after taking into account the opinions of suitably qualified and experienced
  consultants and after estimating the costs in line with current practice and
  standards.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">22
      </FONT></B></font></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Tax
      receivable/payable and deferred tax</FONT></B></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<P><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Current
  and non-current tax receivable/payable includes expected taxes receivable/payable
  for tax filings and provisions for potential adjustments by tax authorities
  with respect to the tax filings in previous years. Examination of tax filings
  by tax authorities may last several years beyond the year of filing.</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B><FONT size=2>Deferred
      tax assets</FONT></B><font size="2">&nbsp; </font></font></TD>
    <TD width=10% align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD width=2% align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD width=10% align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD width=2% align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD width=10% align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD width=2% align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD width=10% align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD width=2% align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD colspan="2" align=left><hr size="1"  noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Property,
      plant</FONT> </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other</FONT>
    </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other</FONT>
    </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">and
      equipment</FONT> </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">liabilities</FONT>
    </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">assets</FONT>
    </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT>
    </TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
      January 1, 2004&nbsp; </FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.2</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.2</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(Charge)/credit
      to income statement&nbsp; </FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.7</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)&nbsp;
      </FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.5</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)&nbsp;
      </FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.7</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)&nbsp;
      </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Acquisitions/disposals&nbsp;
      </FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exchange
      movements&nbsp; </FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)&nbsp;
      </FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)&nbsp;
      </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>At
      December 31, 2004</B>&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.7</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>)</B>&nbsp;
      </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.6</FONT></B>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.9</FONT></B>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Charge
      to income statement&nbsp; </FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)&nbsp;
      </FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)&nbsp;
      </FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)&nbsp;
      </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exchange
      movements&nbsp; </FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>At
      December 31, 2005</B>&nbsp; </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.8</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><B>)</B>&nbsp;
      </font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.5</FONT></B>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.7</FONT></B>
    </TD>
    <TD align=left><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellPadding=0 cellSpacing=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>98</FONT> </TD>
    <TD align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>Notes to the accounts</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p99"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">22</FONT></B></td>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Tax
      receivable/payable and deferred tax </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">continued</FONT></td>
  </tr>
  <tr>
    <td><hr size="1"  noshade></td>
    <td><hr size="1"  noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2"><B><FONT
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Deferred tax liabilities</FONT></B></font></td>
  </tr>
  <tr>
    <td><hr size="1"  noshade></td>
    <td><hr size="1"  noshade></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD width=9% align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Property,
      plant</FONT> </TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other</FONT>
    </TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other</FONT>
    </TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=left> </TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=left> </TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=left> </TD>
    <TD width=2% align=left></TD>
    <TD width=9% align=left> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">and
      equipment</FONT> </TD>
    <TD width=2% align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">assets</FONT>
    </TD>
    <TD width=2% align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">liabilities</FONT>
    </TD>
    <TD width=2% align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Pensions</FONT>
    </TD>
    <TD width=2% align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Asbestos</FONT>
    </TD>
    <TD width=2% align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Losses</FONT>
    </TD>
    <TD width=2% align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD width=2% align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD width=2% align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD width=2% align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD width=2% align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD width=2% align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD width=2% align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
      January 1, 2004</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(526.4</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.5</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">157.8</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14.1</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">53.7</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.3</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(295.0</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(Charge)/credit
      to income statement</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14.6</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.2</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(55.0</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">35.6</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">28.4</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.1</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">38.9</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Acquisitions/disposals</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.2</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.7</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.9</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Credited
      to reserves</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.9</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.9</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exchange
      movements</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">22.2</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.1</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(8.0</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.9</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.5</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.2</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10.3</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
      December 31, 2004</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(489.6</FONT></B>
    </TD>
    <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.6</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">95.0</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">57.5</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">76.6</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">15.9</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(240.0</FONT></B>
    </TD>
    <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(Charge)/credit
      to income statement</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.5</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.8</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.0</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.0</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.9</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.1</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.5</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Acquisitions/disposals</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(21.2</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.4</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.8</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.8</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Utilised
      and other</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.7</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.7</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Credited
      to reserves</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.1</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.7</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11.8</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exchange
      movements</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(32.6</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.8</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.0</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.3</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(7.0</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
      December 31, 2005</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(530.9</FONT></B>
    </TD>
    <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.2</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">106.7</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">64.2</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">87.8</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">15.2</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(256.8</FONT></B>
    </TD>
    <TD width=2% align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<p><BR>
</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="3%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">23
      </FONT></B></td>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share
      capital</FONT></B></td>
  </tr>
  <tr>
    <td><hr size="1"  noshade></td>
    <td><hr size="1"  noshade></td>
  </tr>
  <tr>
    <td colspan="2"><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
    share capital of the Company is shown below:</FONT><font size="2"><B></B></font></td>
  </tr>
  <tr>
    <td><hr size="1"  noshade></td>
    <td><hr size="1"  noshade></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD width=15% align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD width=15% align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD width=15% align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD width=15% align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number</FONT></B></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number</FONT></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Authorised</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Ordinary
      shares of &#163;0.10 (&#163;0.10)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,000,000,000</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,000,000,000</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">100</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">100</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Allotted,
      called-up and fully paid</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD width=15% align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Ordinary
      shares of &#163;0.10 (&#163;0.10)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">736,968,849</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">736,968,849</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Treasury
      shares</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Ordinary
      shares of &#163;0.10 (&#163;0.10)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14,685,000</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6,350,000</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.5</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.6</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<p>
    <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">During
  the period January 1, 2005 to December 31, 2005 no ordinary share capital was
allotted.</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="left" valign="top">
    <TD colspan="2" > <font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
        December 31, 2005, 6,780,839 (7,989,949) ordinary shares were reserved
        to satisfy rights in respect of various employee share option schemes.
        The nominal value of reserved
shares totalled &#163;0.7m (&#163;0.8m) at the balance sheet date, as set out
below:</font></TD>
  </TR>
  <TR align="left" valign="top">
    <TD width="3%" > <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">i)</FONT></TD>
    <TD> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">options
      were outstanding over 2,927,109 ordinary shares under the Share Option Plan.
      Of these, 164,775 were exercisable at dates up to 2011 at a subscription
      price of 473.3p per share and 180,718 were exercisable at dates up to 2012
      at a subscription price of 461.75p per share. Subject to performance criteria
      being met, the remaining options will be capable of being exercised at dates
      up to 2015. Of these 647,618 had a subscription price of 514.3p per share,
      710,196 had a subscription price of 439.6p per share and 1,223,802 had a
      subscription price of 290.4p per share. At December 31, 2004 options were
      outstanding over 3,207,545 ordinary shares under the Share Option Plan.
      Of these 282,883 were exercisable at dates up to 2011 at a subscription
      price of 473.3p per share. Subject to performance criteria being met, the
      remaining options will be capable of being exercised at dates up to 2014.
      Of these 986,516 had a subscription price of 461.75p per share, 710,196
      had a subscription price of 439.6p per share and 1,228,372 had a subscription
      price of 290.4p per share;</FONT> </TD>
  </TR>

  <TR align="left" valign="top">
    <TD > <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">ii)</FONT></TD>
    <TD> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">options
      were outstanding over 3,853,729 (4,461,233) ordinary shares under the Sharesave
      Scheme and were capable of being exercised at dates up to 2013, with subscription
      prices ranging from 318.0p to 428.0p per share with an average of 354.75p
      (332.5p) per share; and</FONT> </TD>
  </TR>

  <TR align="left" valign="top">
    <TD > <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">iii)</FONT></TD>
    <TD> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">no
      options (321,812) were outstanding under the closed Executive Share Option
      Schemes. The options outstanding at December 31, 2004 all had a subscription
      price of 356.4p per share. </FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=2></TD>
  </TR>
  <TR align="left" valign="top">
    <TD></TD>
    <TD> <B></B> </TD>
  </TR>
  <TR>
    <TD colspan=2></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">24
      Reconciliation of changes in total equity</FONT></B> </font></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD width="6%" rowspan="4" align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Equity</FONT>      <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">attributable<br>
    </FONT><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">to
    equity</FONT>  <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">holders<br>
      of
    the</FONT>  <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Company</FONT>    </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD width="6%" rowspan="2" align=left><div align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share
      capital</FONT> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(note
    23)</FONT></div></TD>
    <TD width="6%" rowspan="2" align=left>  <div align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Own<br>
    </FONT><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">shares</FONT> </div></TD>
    <TD width="2%" rowspan="2" align=left><div align="right"></div>      <div align="right"></div></TD>
    <TD width="6%" rowspan="2" align=right> <div align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash
      flow</FONT>  <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">hedge</FONT>     <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">reserve</FONT> </div></TD>
    <TD width="2%" rowspan="2" align=left><div align="right"></div>      <div align="right"></div></TD>
    <TD width="6%" rowspan="2" align=right> <div align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cumulative</FONT>      <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">translation</FONT>      <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">reserve</FONT>
    </div></TD>
    <TD width="2%" rowspan="2" align=left><div align="right"></div>      <div align="right"></div></TD>
    <TD align=left> <div align="right"></div></TD>
    <TD width="2%" rowspan="2" align=left><div align="right"></div>      <div align="right"></div></TD>
    <TD align=left><div align="right"></div></TD>
    <TD align=left><div align="right"></div></TD>
    <TD align=left><div align="right"></div></TD>
    <TD align=left> <div align="right"></div></TD>
    <TD align=left><div align="right"></div></TD>
    <TD align=left> <div align="right"></div></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp; </TD>
    <TD width=6% align=right> <div align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Retained</FONT>      <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">earnings</FONT>
    </div></TD>
    <TD width=6% align=right> <div align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other</FONT> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">reserves</FONT></div></TD>
    <TD width=2% align=right><div align="right"></div></TD>
    <TD width=2% align=left><div align="right"></div></TD>
    <TD width=6% align=right> <div align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Minority</FONT>      <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">interest</FONT>
    </div></TD>
    <TD width=2% align=left><div align="right"></div></TD>
    <TD width=6% align=right> <div align="right"><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT>      <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">equity</FONT>
    </div></TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
      January 1, 2004</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(8.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,289.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,326.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,329.4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Recognised
      income and expense</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(12.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">243.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">231.8</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">231.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dividends
      paid</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(127.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(127.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(127.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Employee
      share awards</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Purchase
      of own shares held in treasury</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(26.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(26.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(26.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Disposal
      of own shares by ESOP Trust</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Changes
      in minority interest</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
      December 31, 2004</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(30.1</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(12.1</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,405.0</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,408.9</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.1</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,411.0</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Restatement
      for effects of adopting IAS 39</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(11.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(11.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
      January 1, 2005</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(30.1</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.4</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(12.1</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,402.8</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,397.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.1</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,399.4</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Recognised
      income and expense</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">56.8</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">388.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">451.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">452.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dividends
      paid</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(136.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(136.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(136.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Purchase
      of own shares held in treasury</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(46.7</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(46.7</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(46.7</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Purchase
      of own shares by ESOP Trust</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Disposal
      of own shares by ESOP Trust</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Employee
      share awards</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Changes
      in minority interest</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
      December 31, 2005</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(73.3</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.0</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">44.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,655.5</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,670.0</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,672.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellPadding=0 cellSpacing=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>99</FONT> </TD>
    <TD align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>Notes to the accounts</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p100??"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><FONT size="3" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="8C8A95">continued<br>
for the 12 months ended December 31, 2005</font></b></FONT></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1"  noshade></td>
  </tr>
  <tr>
    <td width="3%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">24
      </FONT></B></td>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reconciliation
      of changes in total equity </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"><b>continued</b></FONT></td>
  </tr>
  <tr>
    <td><hr size="1"  noshade></td>
    <td><hr size="1"  noshade></td>
  </tr>
</table>
<P><font size="2"><B><FONT
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Own shares</FONT></B></font><br>
  <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">On
  May 31, 1995 the group established an Employee Share Trust (the &#147;Trust&#148;)
  approved by shareholders on May 15, 1995. The Trust as at </FONT>
  <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">December
  31, 2005 held 0.1m (1.0m) ordinary shares in Hanson at a book value of &#163;0.5m
  (&#163;4.0m) . The Trust waived its rights to dividends payable during the year
  and to its future dividends on its holding of ordinary shares. The cost of the
  Hanson Sharesave Scheme, where awards are granted at a discount to the market
  price of the Company&#146;s shares, Share Option Plan and the Long Term Incentive
  Plan, is charged to the income statement. During the year, the group contributed
  &#163;6.0m (&#163;nil) to the Trust.</FONT> </P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td> <font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
        December 31, 2005, 14,685,000 shares were held in treasury, none of which
        has the right to receive dividends. A further 3,565,000 shares were purchased
        by the Company to be held in treasury during the period January 1 to
        February 21, 2006. Pursuant to approval given by shareholders at the
        AGM held on April 20, 2005, as at December 31, 2005 the Company retains
        the authority to purchase a further 55,350,000 of its own shares up to
        the end of the AGM to be held in 2006. Details of shares purchased during
    the year are shown below:</font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Nominal
      value</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Average
      price paid per share,</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total
      cost of purchasing</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number
      of shares purchased</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">of
      shares purchased</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">inclusive
      of transaction costs</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">shares
      held in treasury</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Period</FONT></TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(pence)</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">April
      2005</FONT></TD>
    <TD width="15%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">875,000</FONT></TD>
    <TD width="15%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT></TD>
    <TD width="15%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">471.9</FONT></TD>
    <TD width="15%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.2</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">May
      2005</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">275,000</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">489.3</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">September
      2005</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">375,000</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">589.7</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.2</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">October
      2005</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4,625,000</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">557.4</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">25.8</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">November
      2005</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,835,000</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.2</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">598.5</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">December
      2005</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">350,000</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">635.9</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.2</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8,335,000</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.8</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">560.0</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">46.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
      following own shares are held by the Company:</FONT></TD>
    <TD align=left></TD>
    <TD width=2% align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD width="2%" align=right> <hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD colspan="2" align=right><hr size="1"  noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=left></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD width=15% align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Employee
      Share Trust</FONT> </TD>
    <TD width=2% align=left><font size="1">&nbsp;</font></TD>
    <TD width=15% align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Treasury
      Shares</FONT></TD>
    <TD width=15% align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number
      of shares</FONT> </TD>
    <TD width=2% align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number
      of shares</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number
      of shares</FONT> </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
      January 1, 2005</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">983,392</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6,350,000</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7,333,392</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Purchased
      during the year</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,000,000</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8,335,000</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9,335,000</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Distributed
      during the year</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,894,945</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,894,945</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=left><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=right><hr size="1"  noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At
      December 31, 2005</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">88,447</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14,685,000</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14,773,447</FONT>
    </TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=left><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=right><hr size="2"  noshade></TD>
    <TD align=left></TD>
  </TR>
</TABLE>
<BR>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash flow hedge reserve</FONT></B><BR>
<FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Movements in the cash flow hedge reserve represent:</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%"><font size="2">&#8211;</font></td>
    <td width="97%"> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">changes
      in the fair value of cash flow hedges;</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2">&#8211;</font></td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">the
      recycling of the above changes through the income statement (totalling &#163;3.7m
      since January 1, 2005), offsetting therein the impact of the</FONT> <FONT size=2
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">underlying hedged
      item; and</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2">&#8211;</font></td>
    <td> <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">related
      deferred tax.</FONT></td>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The change in the fair value of derivatives in the cash flow hedge reserve in the period relates mainly to interest rate swaps with a maximum maturity date of 2013 hedging
floating rate debt. Underlying cash flows are therefore expected to occur until this date.</FONT></P>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cumulative
  translation reserve</FONT></B></font><br>
  <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Included
  within the foreign exchange adjustments of &#163;56.8m (&#163;(12.1)m) is foreign
  exchange of &#163;0.1m (&#163;(0.3m)) recycled through the income statement
  on disposal of overseas operations.</FONT></P>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Retained
  earnings</FONT></B></font><br>
  <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Included
   within the retained earnings balance of &#163;1,655.5m (&#163;1,402.8m) is &#163;37.6m
    (&#163;(2.5)m) in respect of joint-ventures and associates of which profit
    after  tax for the current year of &#163;43.2m (&#163;2.0m) and dividends
    are &#163;32.9m
  (&#163;19.9m). The undistributed earnings of joint-ventures and associates
   is &#163;38.9m (&#163;18.0m).</FONT></P>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other
  reserves<br>
  </FONT></B></font><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other
  reserves represent merger reserves on acquisition of Pioneer International Limited
  of &#163;216.3m, and &#163;756.1m created on reduction of share capital through
the Scheme of Arrangement under Section 425 of the Companies Act.</font></P>
<TABLE width="100%" border=0 cellPadding=0 cellSpacing=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font color="#000000" size="1" face="AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif">100</font>
    </TD>
    <TD align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>Notes to the accounts</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p101"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" height="16"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">25</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">    Business combinations</font></b></td>
  </tr>
  <tr>
    <td height="16"><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      cash acquisitions spend for 2005 was &#163;342.9m (&#163;88.4m). On January
      4, 2005, Hanson Building Products UK acquired the assets of UK brick manufacturer
      Marshalls
Clay Products for &#163;64.7m and Thermalite, a market leader in aircrete blocks,
on March 7 for &#163;124.2m. On June 17, Hanson Aggregates North America acquired
the assets of Mission Valley Rock, Berkeley Ready Mix and Berkeley Asphalt, and
 Hanson Building Products North America acquired the assets of Sherman Pipe,
a concrete pipe and precast concrete products business for a total of &#163;108.0m.
Other acquisitions made in the year consisted of three quarries in Southern Indiana
by  Hanson Aggregates North America in December, and a further six acquisitions
totalling &#163;46.0m. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During 2004, Hanson Building Products North America acquired the assets of US brick manufacturer Athens Brick for &#163;22.0m on February 19. The assets of concrete pipe
manufacturers Waco Precast and WPC Florida, the assets of a roof tile manufacturer in Fort Myers and an aggregates quarry in Sylvania were also acquired by Hanson Aggregates North America on May 14, July 16, June 25 and November 12 respectively for
a total of &#163;22.2m. Hanson Aggregates UK acquired contractor Cumbrian Industrials Ltd on September 15 and Hanson Building Products UK acquired brick manufacturer Wilnecote on November 12 for a total of &#163;41.6m. Within Hanson Australia &amp;
Asia Pacific two further bolt-on acquisitions totalling &#163;2.6m were made.</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD rowspan="5" align=left><font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="5" align=left><font size="2">&nbsp;</font>  <font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT>
	</b></TD>
	<TD align=left></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT>
	</b></TD>
	<TD align=left></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT>
	</b></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total<br>
    carrying value</FONT>
	</b></TD>
	<TD align=left></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Fair
    value<br>
    adjustments</FONT>
	</b></TD>
	<TD align=left></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total<br>
    fair value</FONT>
	</b></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total<br>
carrying value</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
      <p><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fair
  value<br>
      </FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">adjustments</FONT>      </p>
    </TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total<br>
fair value</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible assets (other than goodwill)</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">25.6</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">25.6</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT>	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.4</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.4</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">107.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">26.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">133.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">29.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Inventories</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">22.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">22.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Receivables</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">20.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">27.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash and cash equivalents</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Payables</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(29.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Borrowings</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT>	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred tax (liabilities)/assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(13.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT>	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">120.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">154.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">53.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Goodwill on acquisition</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">190.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">344.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">88.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consideration:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash paid</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">340.5</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">87.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other consideration</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT>	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Acquisition costs (primarily legal and accounting fees)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total consideration</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">344.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">88.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Included in the goodwill recognised above are items that cannot be individually separated and reliably measured due to their nature. These include new customers and synergy
benefits.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For the period since acquisition, turnover of &#163;143.8m and operating profit of &#163;17.1m in respect of the current year acquisitions is included within the income
statement as continuing operations. If the acquisitions had taken place at the beginning of the financial year, the continuing operating profit of the group would have been &#163;491.4m (&#163;417.0m) and turnover from continuing operations would
have been &#163;3,777.9m (&#163;3,581.5m) .</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The preliminary allocation of the purchase consideration to net assets and liabilities will be reviewed based on additional information up to December 31, 2006. The Directors
do not anticipate that any net adjustments resulting from such reviews will have a material effect on the financial position or results of Hanson&#146;s operations. In respect of acquisitions in 2004, there were no material subsequent amendments to
the preliminary allocations made.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Goodwill
      of &#163;36.9m arising on current year acquisitions is deductible for tax purposes.</FONT></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">26</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">    Contingent liabilities</font></b></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Litigation relating to certain discontinued operations<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Certain
of the Company&#146;s US subsidiaries, either directly or as a result of indemnity
obligations, are the subject of claims or lawsuits both on an individual and
class action basis for bodily injury or property damage, relating to products
incorporating asbestos, coal by-products and chemicals, in particular for the
wood treating industry.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Asbestos<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
Company&#146;s approach to accounting for the asbestos claims against its US subsidiaries is to provide for those costs of resolution which are both probable and reliably
estimable (refer note 21). The costs of resolving possible claims are disclosed as contingent liabilities. At present, based on detailed analysis and the assumptions noted below, the provision for those costs which are both probable and reliably
estimable equates to approximately eight years of gross cost assuming an annual level of approximately US&#36;60m.
Whilst further claims are likely to be resolved beyond this eight year period,
the associated costs of resolution are not able to be reliably estimated and
hence no provision has been made to cover these possible liabilities.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assumptions made in establishing the provision relate to the number, disease mix and location of future claimants, trends in dismissal rates, settlement and defence costs,
resolution of all existing claimants, time scale of resolution of new claimants, the continued solvency of co-defendants and expected insurance recoveries. In light of the significant uncertainty associated with asbestos claims, there can be no
guarantee that the assumptions used to estimate the provision for the cost of resolving asbestos claims will be an accurate prediction of the actual costs that may be incurred and as a result the provision will be subject to potential revision from
time to time as additional information becomes available and to reflect any changes in trends. Factors which could cause actual results to differ from these estimates include: (i) adverse trends in the ultimate number of claimants filing asbestos
claims against the Company&#146;s US subsidiaries; (ii) increases in the cost of resolving current and future asbestos claims as a result of adverse trends relating to settlement and/ or defence costs, dismissal rates, and/or judgement amounts;
(iii) increases or decreases in the amount of insurance available to cover asbestos claims; (iv) the emergence of new trends or legal theories that enlarge the number of potential claimants; (v) the impact of bankruptcies of other defendant
companies whose share of liability may be imposed on the Company&#146;s US subsidiaries under certain state liability laws; (vi) the unpredictable aspects of the US litigation process; (vii) adverse changes in the mix of asbestos-related diseases
with respect to which asbestos claims are made against the Company&#146;s US subsidiaries; and (viii) potential legislative changes.</FONT></font></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">101</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts </FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p102"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="#8c8a95">continued</font><br>
          <font color="#8c8a95">for the 12 months ended December 31, 2005</font></b></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>

      <table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="35"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">26 </font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Contingent
liabilities </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<P>
  <FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In light of such factors, the costs of the Company&#146;s US subsidiaries involved in resolving asbestos claims may be materially different from current estimates and
  consequently might have a material adverse effect on the Company&#146;s consolidated financial condition, results of operations and cash flow. However, assuming that current trends continue, the Company does not expect that such costs will have such
a material adverse effect and, even assuming a material deterioration in current trends, on the evidence available to it, the Company does not expect that such claims would impact the ability of the Company to continue as a going concern.</FONT></P>
<P><font size="2">
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Details of asbestos claims against the Company&#146;s US subsidiaries and the Company&#146;s approach to provisioning (and the associated contingent liabilities) are detailed
  in note 21. At December 31, 2005, approximately 131,350 claimants were outstanding. The amounts of compensation formally claimed in the cases initially filed by these claimants vary but typically follow standard formulations that are used in various
  jurisdictions by various plaintiffs&#146; law firms. Of the claimants outstanding as of December 31, 2005, Hanson estimates that approximately 52% do not specify a dollar claim for damages, approximately 44% claim an amount &#147;greater than
  US&#36;25,000&#148; and approximately 4% specify various amounts, typically &#147;greater than&#148; specified amounts between US&#36;50,000 and US&#36;1m. Hanson is not aware of any claim specifying an amount greater than US&#36;40m. Hanson does
  not believe that the specific dollar amount mentioned in any claim is an accurate gauge of what relief, if any, the claimant may eventually recover from one of Hanson&#146;s US subsidiaries, and most claimants fail to allocate their alleged claims
of liability amongst the various named defendants.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Coal by-products and chemicals<br>
</FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">These
claims and lawsuits relate primarily to former US chemical products and operations,
in particular those relating to the wood treating and coal tar derivative industries;
products and operations which are unrelated to the group&#146;s present business and activities. In such cases where one of the Company&#146;s subsidiaries is involved, there are often several potential defendants named in the claim or lawsuit.
  Since the demergers in 1996 no settlements have been paid by, or judgments rendered against, any of the Company&#146;s subsidiaries which have had or could have a material adverse effect on the Company&#146;s
  consolidated financial condition, results of operations or cash flow in connection
  with any such claims or lawsuits. In a number of instances, the claim or lawsuit
  against the subsidiary has not been pursued and has been dismissed. With respect
  to those claims or lawsuits that have
been or are being pursued, the subsidiary concerned generally believes itself
  to have had or to have meritorious defences and such claims and lawsuits have
been and are being vigorously defended. </FONT></font></P>
<P><font size="2">
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The costs of defence and the amounts that are claimed by the plaintiffs, particularly in those lawsuits which involve numerous claimants, can be significant with claims
  amounting to tens of millions of dollars. The unpredictable aspects of the US litigation process and the potential for juries to award punitive damages mean that there is a possibility that the Company&#146;s subsidiary may suffer at some stage a
  significant adverse verdict. Insurance issues do arise on these claims and lawsuits, both in terms of settlement and defence coverage, the outcome of which can be uncertain. In certain instances no insurance coverage may be available to the relevant
  subsidiary. The insurance cover referred to in note 21 relating to the Koppers&#146; environmental obligations does not apply to the bodily injury claims and lawsuits described in this note, although it will address certain of the property damage
claims. The cost relating to these claims is shown in note 21.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Other litigation<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Several
of the Company&#146;s US subsidiaries are subject to litigation in California
courts arising out of sand dredging operations on submerged lands leased from
the state of  California. The litigation involves allegations that these subsidiaries
underpaid royalties due under the leases and that sand was dredged from state
owned lands without authorisation. The litigation includes claims by the state
of California under
  California statutes providing for the recovery of treble damages and certain
fines, penalties and attorney fees where the wrongful conduct involves false
statements or conversion of state owned property. A press release by the California
Attorney  General states that he is seeking damages of &#36;200m, although the
complaint actually filed in court does not specify the amount of damages sought.
Initial indications from the court regarding the interpretation of the relevant
leases have not  served to clarify the situation and further submissions have
been made by all parties involved. Whatever the ultimate ruling of the court,
the decision is likely to be appealed. Other issues raised by the Attorney General&#146;s
complaint have not  yet been addressed and will be vigorously defended. In light
of the uncertainties involved in any litigation, no assurances or predictions
can be made on the outcome of this litigation.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Various
      subsidiaries of the Company are also the subject of a
    number of other pending legal proceedings. The Company does not anticipate
  that the outcome of these proceedings, either individually or in aggregate,
      will have a material adverse effect upon the Company&#146;s consolidated financial
  condition,  results of operations or cash flow. However, in light of the uncertainties
  involved in any litigation and in particular in the USA, where there is the added
  potential for punitive damage awards, there can be no guarantee that a settlement
  might have
    to be made by, or an unfavourable judgement may be rendered against, the Company
  or one of its subsidiaries, which could have a material adverse effect on the
  Company&#146;s
    consolidated financial condition, results of operations or cash flow in connection
  with the above mentioned non-asbestos claims and lawsuits.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Demergers<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
  connection with the demergers, each of the four companies into which the Company
  demerged its respective businesses agreed to indemnify the Company against,
among other things, the past, present and future obligations and liabilities
of the
  businesses transferred to it on its respective demerger while the Company agreed
  to indemnify each of these companies against, among other things, the past,
present and future
    obligations and liabilities of all other businesses owned or previously owned
  by the Company (including the businesses transferred to the other demerged
companies). Neither the Company nor any of its existing subsidiaries has incurred
any liability
  in respect of a claim that related to the above-mentioned businesses demerged
  by the Company, any such liability being borne by the relevant demerged company
  without liability to the Company or any of its existing subsidiaries. The Energy
  Group PLC,
    one of the demerged companies, was acquired by TXU Corp. in 1998. In November
  2002, TXU Corp. announced that several of TXU Corp&#146;s UK subsidiaries had
  been placed under the administration process in the UK, including The Energy
  Group PLC. The Energy Group PLC itself is therefore unlikely to be able to
  fulfil its indemnification obligations to the Company and its existing subsidiaries
  if and when required. The Company is, however, not aware of any claims against
  it or its subsidiaries
  that would give rise to an indemnity obligation owed to the Company or its
  subsidiaries,
on the part of The Energy Group PLC.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Bonds and guarantees<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As
at December 31, 2005 the group had contingent liabilities in respect of bank
guarantees and performance bonds given to third parties amounting to &#163;20.3m (&#163;19.3m),
  of which &#163;0.2m (&#163;0.2m) relates to former trading activities of the group; &#163;99.7m (&#163;81.6m) in surety bonds issued primarily to US public authorities by US insurance companies in respect of reclamation liabilities of &#163;51.6m
  (&#163;42.1m), performance bonds of &#163;38.0m (&#163;31.2m) and other surety obligations of &#163;10.1m (&#163;8.3m) . The group&#146;s bankers have also issued letters of credit of &#163;91.4m (&#163;78.5m),
  primarily relating to environmental and restoration obligations and the deductible
  element of insurance programmes. Whilst the group holds provisions (see note
  21) for certain liabilities to which the bonds and guarantees relate, the liabilities
  under the bonds and guarantees are not
directly recorded on the consolidated balance sheet.</FONT></font></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">102</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts </FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p103"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">27</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">    Commitments</font></b><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<p><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group as lessee:<br>
</FONT></B><font size="2">
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The future
  minimum rental commitments as at December 31, for finance leases and non-cancellable
  operating leases, together with the present value of minimum lease payments

under finance leases, are as follows</FONT></font>:<font size="2"></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="3" align=center> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
    leases</font> </TD>
  <TD align=left></TD>
  <TD colspan="3" align=center> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance
    leases</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT>
	</b></TD>
	<TD align=left></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=left></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT>
	</b></TD>
	<TD align=left></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</b></TD>
	<TD align=left></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>	</b></TD>
	<TD align=left></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</b></TD>
	<TD align=left></TD>
	<TD align=right><b>
    <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>	</b></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Within one year</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">31.1</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.3</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.7</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">After one year but not more than two years</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">25.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">After two years but not more than three years</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">21.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">After three years but not more than four years</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">After four years but not more than five years</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">After more than five years</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">128.5</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">132.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT>	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total minimum lease payments</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">238.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">218.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Less amount representing finance charges</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Present value of minimum lease payments</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.5</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Future minimum sublease receivable</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(8.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT>	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">28</font></b></font></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">    Pensions and other post-retirement benefits</FONT></B></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">i)</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">      Description
of plans and details of cash contributions</font></b></td>
  </tr>
</table>
<font size="2">
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson has several funded defined benefit pension plans. The principal plans are in the UK and the USA. The benefits provided by these plans are based primarily on years of
  credited service and final average pensionable pay as defined under the respective plan provisions. Hanson also provides benefits from unfunded non-qualified plans in the USA and post-retirement employee welfare benefits in the USA and
Canada.</FONT></P>
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The UK defined benefit plans were closed to new employees joining the group after July 2002 and a new defined contribution plan was established. In the UK, the current level of
  employer contributions to the defined contribution plan ranges from 5-10% of pensionable salaries dependent on the level of employee contribution. Other than for those employees covered by pre-existing collective bargaining arrangements, the US
  defined benefit plan was closed to new employees joining the group after July 2005 and a new defined contribution plan was established. In the USA, the current level of employer contributions to the defined contribution plan ranges from 3-6% of
pensionable salaries dependent on the level of employee contribution.</FONT></P>
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During 2005, the group continued with its own review of funding policy of the main UK and US defined benefit plans which built on the work carried out in earlier years. The
  group continues to adopt a funding policy that targets the accrued benefit obligation, which is higher than applicable statutory minimum funding levels in each country. Group companies, together with the relevant trustees of the various defined
benefit plans, have a long-term goal of matching the liabilities of the defined benefit plans by investing in assets of an appropriate nature.</FONT></P>
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Contributions
  by the group totalled &#163;59.1m in the year (2004: &#163;57.8m), principally in the UK, USA, Canada and Australia. This is represented by regular contributions
  of &#163;31.1m (2004: &#163;38.0m) and additional contributions of &#163;12.1m (2004: &#163;8.4m) to defined benefit plans; contributions to defined contribution plans of &#163;12.1m (2004: &#163;7.6m); and contributions to multi-employer plans of
&#163;3.8m (2004: &#163;3.8m) (multi-employer plans are principally in the USA, and provide defined benefits to certain of the group&#146;s union employees). Multi-employer plans are accounted for as defined contribution schemes since it is not
  possible to isolate the individual components of the charge that relate to the group from the other employers that participate in the plans. In addition to the ongoing regular contributions, group companies are scheduled to make additional payments
  of &#163;8.4m in each of the next three years (to the principal UK defined
  benefit plan). No conclusion has currently been reached on the level of contributions
  to other plans. Contributions relating to multi-employer plans are based on
  negotiated collective bargaining agreements. The surpluses and deficits in
  the multi-employer plans are not considered to have a material impact on the
Company.</FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Employee benefit obligations<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The amounts recognised in the balance sheet are as follows:</FONT></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=left><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=left><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=left><hr size="1" noshade></TD>
	<TD align=right><hr size="1" noshade></TD>
	<TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Pension<br>
plans</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension<br>
plans</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Post-<br>
employment<br>
medical<br>
benefits</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-<br>
employment<br>
medical<br>
benefits</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Present value of funded obligations at 31 December</FONT></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,998.7</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,779.5</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fair value of plan assets at 31 December</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,991.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,742.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(7.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(37.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Present value of unfunded obligations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(13.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(103.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(80.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net liability</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(48.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(103.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(80.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Represented by amounts in the balance sheet:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(47.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(76.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(103.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(80.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">26.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">27.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net liability</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(48.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(103.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(80.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">There are three UK pension plans and five US plans with an IAS 19 surplus at December 31, 2005. These plans had a combined net asset of &#163;26.6m and &#163;0.3m respectively.
The remaining plans (including post-retirement medical plans) had a net deficit of &#163;151.0m.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">103</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts </FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p104"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top"><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts</b> <font color="#8c8a95"><b>continued<br>
for the 12 months ended December 31, 2005</b></font></FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="9" align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="8" align=left> <font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">28&nbsp;&nbsp;&nbsp;Pensions
          and other post-retirement benefits </font></b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right><HR noShade SIZE=1></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      amounts recognised in the income statement and statement of recognised
    income and expense are as follows:</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="4" align=left></TD>
	<TD align=left>

	</TD>
	<TD rowspan="4" align=left></TD>
	<TD align=left>

	</TD>
	<TD rowspan="4" align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Post-</FONT></B></TD>
	<TD rowspan="4" align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-</FONT></TD>
    <TD rowspan="4" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">employment</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employment</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Pension</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension</FONT>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">medical</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">medical</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">plans</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">plans</FONT>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">benefits</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="7" align=right><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="7" align=right><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current service cost (defined benefit plans)</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">31.1</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37.1</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.1</FONT></B></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.1</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current service cost (defined contribution plans)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current service cost (multi-employer plans)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total recognised in operating profit</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">47.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">48.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.1</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.1</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest costs on plan obligations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">98.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">96.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.6</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expected return on plan assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(108.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(111.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total recognised in net finance costs</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(10.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(15.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.6</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total expense recognised in the income statement</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">36.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">33.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.7</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.1</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=2></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Actual return on plan assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(216.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(125.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Less: Expected return on plan assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">108.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">111.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Actuarial gain on plan assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(107.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(14.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Actuarial losses on plan obligations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">98.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16.3</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other actuarial gains and losses</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net actuarial (gain)/loss recognised in the statement of recognised income and expense</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(8.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16.3</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=2></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Changes
    in the present value of the defined benefit obligation are as follows:</font></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="4" align=left>&nbsp; </TD>
	<TD align=left>

	</TD>
	<TD rowspan="4" align=left></TD>
	<TD align=left>

	</TD>
	<TD rowspan="4" align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Post-</FONT></B>
	</TD>
	<TD rowspan="4" align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-</FONT>
	</TD>
	<TD rowspan="4" align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Defined</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Defined</FONT>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">employment</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employment</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">benefit</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefit</FONT>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">medical</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">medical</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pension plans</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pension plans</FONT>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">benefits</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="7" align=right><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="7" align=right><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At January 1</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,790.7</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,737.6</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(80.4</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(87.9</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current service cost for defined benefit plans</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(31.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(37.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Employee contributions</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(7.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest costs on plan obligations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(98.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(96.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Actuarial losses on plan obligations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(98.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(37.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(16.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Liabilities assumed in a business combination</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(11.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Benefits paid</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">89.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">83.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exchange movements</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(65.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">41.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2,012.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,790.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(103.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(80.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=2></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Changes
    in the fair value of plan assets are as follows:</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="3" align=left>&nbsp; </TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Defined</FONT></B>
	</TD>
	<TD rowspan="3" align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Defined</FONT>
	</TD>
	<TD rowspan="3" align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">benefit</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefit</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pension plans</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pension plans</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="3" align=right><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="3" align=right><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At January 1</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,742.2</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,686.5</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expected return on plan assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">108.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">111.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Actuarial gains on plan assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">107.5</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Contributions by employee</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Contributions by employer</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">43.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets acquired in a business combination</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Benefits paid</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(89.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(83.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exchange movements</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">62.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(40.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,991.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,742.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=2></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Overall the group expects to contribute at broadly the same level to its defined benefit pension plans in 2006 subject to maintaining plan funding at the accumulated benefit
obligation (ABO) level in the USA and Canada. The contributions to the main defined benefit plan in the USA are expected to be lower than for 2005 as approximately 35% of the members of this plan elected to join the new defined contribution plan.
</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      major categories of plan assets as a percentage of total plan assets are
    as follows:</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="3" align=right><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Equity</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">41.7</FONT></B></TD>
	<TD width=2% align=right><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.3</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bonds</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">51.7</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">44.2</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.0</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.5</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash and other</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.6</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.0</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">100.0</FONT></B></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100.0</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=2></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 104</font></TD>
      <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
      to the accounts</font></TD>
    </TR>

</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p105"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">28&nbsp;&nbsp;</font></b><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> </font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Pensions
    and other post-retirement benefits </font></b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><hr noshade size=1></td>
  </tr>
  <tr>
    <td width="3%"><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">ii)</font></b></font></td>
    <td><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Assumptions</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">To develop
the expected long-term rate of return on assets assumptions, the group considered
the current level of expected returns on risk-free investments (primarily government
bonds), the historical level of the risk premium associated with the other asset
classes in which the portfolio is invested and the expectations for future returns
of each asset class. The expected return for each asset class was weighted
based on the asset allocation to develop the expected long-term rate of return
on assets assumption for the portfolio, resulting in weighted average assumptions
of 5.6% for the UK and 6.75% for the USA at December 31, 2005.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="8" align=left><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> The
      major assumptions used to determine the liabilities on an IAS 19 basis
    for the principal US and UK defined benefit plans are set out below:</font></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">UK</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">US</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="7" align=right><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="7" align=right><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discount rates at December 31</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.80</FONT></B></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.30</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.60</FONT></B></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.75</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Future salary increases</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.25</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.50</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.25</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.25</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Future pension increases</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.75</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.75</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expected rate of return on plan assets:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity</FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.00</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.25</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.00</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.00</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds</FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.50</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.60</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.50</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.50</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property</FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.00</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.25</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.00</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.00</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
	<TD align=left><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and other</FONT></TD>
</font>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.00</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.00</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.00</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.00</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted average expected return across plans</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.60</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.70</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.75</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.00</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=2></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investigations have been carried out into the mortality experience of the major schemes in both the UK and the USA. These investigations concluded that the current mortality
assumptions retain prudent allowance for future improvements in longevity and therefore have been used in both 2005 and 2004. For the UK plans, the mortality table &#147;PA(90) rated down 5 years&#148; was used in retirement for current pensioners
and PXA92 (C=2014) for future pensioners. In the USA, the mortality table &#147;GAM83 series&#148; was adopted in retirement for both current and future pensioners.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="4" align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      current life expectancies underlying the value of the accrued liabilities
    for the principal UK and US defined benefit plans in 2005 and 2004 are:</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><HR noShade SIZE=1></TD>
  </TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=right><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current pensioners (at age 65 &#150; males)</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.0</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.7</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current pensioners (at age 65 &#150; females)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Future pensioners (at age 65 &#150; males)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Future pensioners (at age 65 &#150; females)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Additional assumptions for post-retirement medical plans:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=right><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Annual increase in healthcare costs for US healthcare plans &#150; initial</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Annual increase in healthcare costs for US healthcare plans &#150; ultimate</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Year that the rate reaches ultimate trend rate</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2009</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2009</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A
      one percentage point change in the assumed rate of increase/decrease to
    healthcare costs would have the following effects:</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><hr noshade size=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="3" align=left>&nbsp; </TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">One</FONT></TD>
	<TD rowspan="3" align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">One</FONT>
	</TD>
	<TD rowspan="3" align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">percentage</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">percentage</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">point increase</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">point decrease</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="3" align=right><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Effect on the aggregate of the service cost and interest cost</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.4</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.3</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Effect on defined benefit obligation</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.4</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="8" align=left>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      effect of experience gains and losses on plan assets and liabilities for
    the current and prior period are as follows:</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Post-</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Defined</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Defined</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">retirement</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">retirement</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">benefit</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefit</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">medical</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">medical</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pension plans</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pension plans</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">benefits</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="7" align=right><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="7" align=right><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Present value of defined benefit obligation</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2,012.4</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,790.7</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(103.3</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(80.4</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fair value of plan assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,991.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,742.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net liability</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(48.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(103.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(80.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Difference between actual and expected return on plan assets:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amount (&#163;m)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">107.5</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Percentage of plan assets (%)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Experience gains and (losses) on plan liabilities:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amount (&#163;m)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(14.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">115.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(14.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Percentage of plan liabilities (%)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)%</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">13.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)%</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><HR noShade SIZE=1></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As required under IAS 19, the effects of experience gains and losses on plan assets and liabilities shown above for 2005 and 2004 exclude the effects of changes in actuarial
assumptions.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">105 </font></TD>
      <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
      to the accounts </font></TD>
    </TR>

</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p106"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="#8c8a95">continued</font></b></FONT><font color="#8c8a95"><b><BR>
          <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for
    the 12 months ended December 31, 2005</FONT></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">29</font></b></td>
    <td><font size="2">        <b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Financial
      risk management</font></b>    </font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><HR noShade SIZE=1></td>
  </tr>
  <tr>
    <td colspan="3"> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exposure
        to liquidity, credit, and market price risk arises as a result of the
        day-to-day business activities of the group and the financing of those
        activities. Derivative financial instruments are used to hedge exposures
        to fluctuations in interest rates, foreign exchange rates, and commodity
    prices. </font><font size="2"><b></b></font></td>
  </tr>
  <tr>
    <td colspan="3">&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">a)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Funding
    and Liquidity Risk</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2"> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
        addition to the high level of free cash flow of the group, Hanson operates
        a prudent approach to liquidity management using a mixture of long-term
        debt together with short-term debt, cash and investments to meet its
        liabilities when due. This approach allows the group to respond quickly
    to strategic market opportunities as they arise.</font></td>
  </tr>
</table>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    group&#146;s core funding is provided by two US&#36;750m bonds maturing in
    September 2010 and March 2013 respectively. In addition the group holds the
following facilities: </FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
  <TD width=3% align=left><font size="2">&#8211;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> A &#163;500m
revolving credit facility expiring in April 2010. In April 2005, Hanson entered
into a five year &#163;500m multi-currency revolving credit facility
 arranged by Barclays Capital and J.P. Morgan plc with a syndicate of banks.
 This replaced a &#163;519.2m facility due to expire in
March 2006.
 The new facility contains a US&#36;947m swingline advance facility and a sub-limit
 of up to &#163;300m for Australian dollar loan note
advances.</FONT></TD>
</TR>
<TR valign="top">
  <TD align=left><font size="2">&#8211;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> A US&#36;475m syndicated credit facility expiring in July 2009. This facility is available to be drawn as either cash advances or standby letters of credit.</FONT></TD>
</TR>
<TR valign="top">
  <TD align=left><font size="2">&#8211;</font></TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> Two A&#36;200m bilateral revolving credit facilities maturing in September 2006 and September 2007.</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Committed
    bank facilities</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expiring</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remaining</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="3" align=right><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">947.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2006</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">85.5</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">862.2</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2007</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">85.5</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">776.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2008</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">776.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2009</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">276.7</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">500.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2010</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">500.0</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><HR noShade SIZE=1></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><p><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">b) </font></b></font></p>
    </td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Credit
    Risk</font></b></td>
  </tr>
  <tr>
    <td colspan="2"> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Credit
        risk represents the loss which Hanson would suffer if a counterparty
        failed to meet its contractual obligations. This is an inherent risk
        in the day to day operations of
the group.</font></td>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
Board&#146;s policy for mitigating credit risk is to enter into financial transactions
with counterparties with a A-/A3 credit rating for long-term transactions and
F2/P-2/A2 for short-term transactions. In addition, each counterparty and c</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size="2">ountry are allocated limits for cash and short-term investments. Cash deposits and investments have a maximum term of three months.</font></FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31, 2005 there were no significant risk weighted concentrations of credit risk. The maximum exposure under cash and short-term investments to a single counterparty
at December 31, 2005 represented no more than 17% of group cash and short term investments. </FONT></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">c)</font></b></font></td>
    <td><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Market
    Risk</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Market
          risk is the risk of loss arising from movements in market variables
    such as interest rates, exchange rates, and commodity prices. </font></font></td>
  </tr>
</table>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Market risk is incurred by Hanson as a result of borrowing to meet its financing obligations, by holding investments which earn interest, by operating in currencies other than
sterling and by purchasing commodities as inputs into its operations.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ongoing monitoring of these risks is performed and risks are mitigated by utilising appropriate risk management products.</FONT></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">(i)</font></i></font></td>
    <td><font size="2"><i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif"> Interest
    rate risk</font></i></font></td>
  </tr>
  <tr>
    <td colspan="2"> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        group&#146;s policy on interest rate risk is designed to limit the group&#146;s
        exposure to fluctuating interest rates. This is achieved by limiting
        the level of floating interest rate exposure to a maximum determined
        by both the level of debt and the level of operating profit of the group
        at any point in time. This approach, which is consistent with the group&#146;s
        target for leverage, will mean, other things being equal, that for any
        given level of debt, a higher level of operating profit will result in
        a higher limit on the level of floating rate debt in the group (and vice
        versa). Consistent with this policy, at December 31, 2005 the group held
        56% of net debt at fixed rates. Hanson uses interest rate swaps as part
        of fair value hedges, to swap fixed rate debt into floating rates and
        as part of cash flow hedges to swap floating rate debt into fixed rates,
        in line with the policy described above. Derivatives are classified separately
    in the balance sheet as an asset or liability as appropriate.</font></td>
  </tr>
</table>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">106</font></TD>
      <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
      to the accounts</font></TD>
    </TR>

</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p107"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">29 </font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Financial
    risk management </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
</table>

<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In respect of interest-earning financial assets and interest bearing financial liabilities, the following table indicates their weighted average effective interest rates at the
balance sheet date and the periods in which they reprice or mature. Interest on financial instruments classified as floating rate is repriced at intervals of less than one year. The other financial assets and liabilities of the group that are not
included in the table below are non-interest bearing and are therefore not subject to interest rate risk.</FONT></font></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    effective interest rate and repricing or maturity analysis is as follows:</FONT></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade>
    </td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right></TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD colspan="13" align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fixed interest</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD colspan="13" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average</FONT></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">effective</FONT></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At floating</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total at fixed</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">More than</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
</TD>
	<TD align=right></TD>
	<TD align=right><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">interest rate</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">interest rates</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">interest rates</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1 year or less</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1-2 years</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2-3 years</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3-4 years</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4-5 years</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5 years</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">As
    at</font></b></TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="18" align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><b>
    <FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">December 31, 2005 </FONT></b></TD>
	<TD align=right><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial liabilities:</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bank overdrafts</FONT></TD>
	<TD width=7% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.86</FONT></B></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.9</FONT></B>
	</TD>
	<TD width=1% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.9</FONT></B>
	</TD>
	<TD width=1% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD width=1% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Bank loans</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(including effect of</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
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	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">interest rate swaps)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.30</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(371.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(264.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(107.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(42.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(21.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(42.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Commercial paper</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(including effect of</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">interest rate swaps)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.26</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(787.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(641.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(145.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(58.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(87.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Debenture loans</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(including effect of</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
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	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
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	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">interest rate swaps)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.09</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(890.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(593.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(296.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(145.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(145.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance leases</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other loans</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2,072.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,520.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(552.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(101.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(87.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(167.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(188.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="17" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Less:</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Effect of interest</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">rate swaps</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">540.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(540.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(10.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(199.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">101.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">87.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(293.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(225.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total financial</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">liabilities excluding effect</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of interest rate swaps</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2,072.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(979.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,093.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(17.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(200.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(460.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(414.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial assets:</FONT></TD>
	<TD align=right><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash and deposits</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.21</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,083.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,083.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="20" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net debt</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(989.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">103.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,093.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(17.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(200.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(460.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(414.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Floating/Fixed comparison (based on net debt)*</FONT>
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">44%</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;</TD>
	<TD width="7%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">56%</FONT>
	</TD>
	<TD width="2%" align=left>&nbsp;</TD>
	<TD width="7%" align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width="2%" align=left><font size="2">&nbsp;</font></TD>
	<TD width="7%" align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width="2%" align=left><font size="2">&nbsp;</font></TD>
	<TD width="7%" align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width="2%" align=left><font size="2">&nbsp;</font></TD>
	<TD width="7%" align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width="2%" align=left><font size="2">&nbsp;</font></TD>
	<TD width="7%" align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width="2%" align=left><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted average fixed rate*</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.3%</FONT>
	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted average fixed period*</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.1 years</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=15 align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Including
    effect of interest rate swaps</font></TD>
  </TR>
</TABLE>

<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During 2005, US&#36;250m of the interest rate swaps relating to the 2013 US&#36;750m 5.25% fixed rate bond were cancelled, leaving US&#36;500m swapped to floating rates.
</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">(ii) </font></i></font></td>
    <td><font size="2"><i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Foreign
    exchange risk</font></i></font></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Due
          to the nature of the group&#146;s products, which are generally uneconomic
          to transport long distances, there are few foreign exchange transaction
          exposures in the course
of the group&#146;s day-to-day business. The group does, however, have the majority
(67.9%) of its net assets in overseas locations denominated in foreign currencies,
principally US dollars (42.2% of its net assets). As a consequence, changes in
exchange rates affect both reported profit and asset values. The exposure of
asset values to changes in foreign exchange rates is controlled to an extent
by matching a proportion of currency assets with currency liabilities using both
debt and foreign exchange contracts. This means that falling overseas exchange
rates will give rise to falling asset values and lower levels of net debt in
sterling terms. The interest cost of currency liabilities also provides a partial
hedge for foreign
currency income. </font></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          following table summarises the group&#146;s net balance sheet currency
    exposure as at December 31, 2005:</font></font></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
</table>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="16" align=left></TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="16" align=left></TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Equity</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net foreign</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Equity</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net foreign</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Gross capital</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">shareholders&#146;</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">exchange</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net currency</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gross capital</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">shareholders&#146;</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exchange</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net currency</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">employed</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(debt) cash</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">funds</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">contracts</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">exposure</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employed</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(debt) cash</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">funds</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">contracts</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exposure</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sterling</FONT></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,225.7</FONT></B></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">303.6</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,529.3</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">173.0</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,702.3</FONT></B></TD>
	<TD width=7% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,096.3</FONT></TD>
	<TD width=7% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">324.2</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,420.5</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">175.7</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=7% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,596.2</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US Dollar</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,551.2</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(691.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">859.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(398.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">461.1</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,182.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(426.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">755.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(407.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">347.5</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australian Dollar</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">598.6</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(170.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">427.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(92.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">335.5</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">549.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(202.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">347.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(17.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">330.5</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Euro</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">86.1</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(549.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(463.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">519.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">56.1</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">97.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(484.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(387.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">421.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">34.3</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">198.0</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">118.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">316.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(201.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">115.0</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">178.7</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">94.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">272.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(172.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100.4</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,659.6</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(989.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,670.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,670.0</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,104.1</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(695.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,408.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,408.9</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
</TABLE>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><font size="2"><i><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">(iii)</FONT></i></font></td>
    <td><I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Commodity
    price risk</FONT></I></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
          is exposed to price risk on fuel and energy purchases in its operations.
          Commodity price risk is managed by a combination of physical supply
          agreements and derivative instruments. Derivative transactions are
    typically recognised as non-designated hedge relationships.</FONT></font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"> <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          notional and carrying values of commodity hedges outstanding at December
    31, 2005 is as follows:</FONT></font></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1" noshade>
    </td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Carrying Value</FONT></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.2</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.0</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notional Value</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellPadding=0 cellSpacing=0>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="3%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">107</FONT></TD>
      <TD align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif size=1>Notes to
          the accounts</FONT></TD>
    </TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p108"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top"><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="#8c8a95">continued</font></b><br>
        <b><font color="#8c8a95">for the 12 months ended December 31, 2005</font></b></FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">29 </font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Financial
          risk management </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td><I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">(iv) </FONT></I></td>
    <td><I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Hedging</FONT></I></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
          uses derivatives to mitigate market price risk. Hedges are classified
    into the following types:</font></font></td>
  </tr>
</table>


<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Fair value hedges</FONT></I></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For
effective fair value hedges, the hedging instrument is recorded at fair value
on the balance sheet, with changes in fair value being taken through the income
statement. The carrying amount of the hedged item is adjusted for gains and losses
attributable to the risk being hedged. Hanson uses fixed to floating interest
rate swaps to hedge US&#36;500m of each of the US&#36;750m fixed rate bonds outstanding. In addition,
the group hedges &#163;199.8m of fixed rate bank debt with interest rate swaps.</FONT></font></P>
<P><font size="2"> <I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Cash
  flow hedges</FONT></I></font><br>
  <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For
  cash flow hedges, the fair value of the hedge is carried on the balance sheet.
  The hedged item is either held off-balance sheet or recorded at historic or
  amortised cost, depending upon the type of transaction. For effective hedges,
  changes in the fair value of the hedging instrument are taken to equity. They
  are then recycled through the income statement in the period during which the
  hedged item impacts the income statement. </FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Included
  in the group&#146;s cash flow hedges are US&#36;250m and A&#36;250m of floating
  to fixed interest rate swaps hedging short-term floating rate borrowings. The
  maximum length of time over which the variability in future cash flows of forecast
  transactions, excluding floating rate borrowings, are hedged is under one year.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Net investment hedges</FONT></I></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group holds forward exchange contracts as hedges of its foreign currency investments. The value of such contracts is set out in the currency exposure table in section c)
(ii) of this note.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Non-designated hedges</FONT></I></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As IFRS has stringent rules under which hedge accounting may be applied, it is not considered practicable to apply hedge accounting for a small number of hedges (including
hedges of commodities). Such hedges are deemed non-designated under IAS 39 and are recognised at fair value on the balance sheet with changes in their fair value being recognised immediately through the income statement.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The amount of hedge ineffectiveness during the year was not significant. </FONT></font></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">d) </font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Fair
    value of financial instruments</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fair
          value is the amount for which an asset could be exchanged, or a liability
          settled, between knowledgeable, willing parties on an arm&#146;s length
          basis. For financial instruments carried at fair value, market prices
          or rates are used to determine fair value where an active market exists.
          Hanson uses forward prices for valuing forward foreign exchange and
          commodity contracts and uses swap models with present value calculations
          based on market yield curves to value interest rate swaps. For short-term
          assets and liabilities the carrying amount is approximate to their
    fair value.</font></font></td>
  </tr>
</table>


<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">All derivative financial assets and liabilities are shown at fair value on the balance sheet. Under IAS 39 hedge accounting rules, only the portions of the two US&#36;750m
bonds which form part of an effective fair value hedge are shown at fair value in the balance sheet. The fair value of bonds at December 31, 2005 was &#163;940.4m (&#163;878.4m at 31 December 2004), compared to their carrying value of &#163;889.7m
as at December 31, 2005.</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(IAS 39)</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(IAS 39)</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(FRS13)</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(FRS13)</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Book value</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Fair value</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Book value</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fair value</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Fair value of financial assets and liabilities</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes</FONT></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Primary financial instruments held or issued to finance the group&#146;s operations:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current borrowings</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(911.0</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(911.0</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,031.2</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,040.9</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Non-current borrowings</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,161.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,212.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,058.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,161.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash and short-term deposits</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,083.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,083.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,394.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,394.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net debt</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(989.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,040.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(695.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(807.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Derivative financial instruments held to manage the interest rate and</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">currency profile of financial assets and liabilities:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net interest rate swaps</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17 and 19</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Derivative financial instruments held to manage cash flows:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Commodity swaps</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Derivative financial instruments held to manage the currency profile</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">of the net asset investment in overseas subsidiaries:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net forward exchange contracts</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17 and 19</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">44.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">44.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For those financial assets and liabilities which bear either a floating rate of interest or no interest, fair value is estimated to be equivalent to book value.</FONT></P>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> For
    non-current receivables (note 17), payables (note 19) and provisions (note
    21) fair value is estimated to be equivalent to book value, and is not included
    in the table above.</FONT></P>
<TABLE width="100%" border=0 cellPadding=0 cellSpacing=0>
    <TR>
      <TD>&nbsp;      </TD>
      <TD>&nbsp;      </TD>
    </TR>
    <TR>
      <TD width="3%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">108</FONT></TD>
      <TD align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif size=1>Notes to
          the accounts</FONT></TD>
    </TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p109"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">29 </font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Financial
          risk management </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">e)</FONT></B><I><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> </FONT></B></I></td>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Financial
    risk management disclosures for 2004 under FRS 13</FONT></B></td>
  </tr>
  <tr>
    <td colspan="2"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As
        described in note 1, Accounting policies, this is the first year that
        the group has applied IAS 32 and IAS 39. Comparative data for 2004, in
        the tables above, has been reproduced from the 2004 Annual Report and
        presented under UK GAAP (Financial Reporting Standard 13). This analysis
    is set out more fully below.</FONT></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    group&#146;s policy is to hedge the following exposures:</FONT></td>
  </tr>
  <tr>
    <td><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</font></font></td>
    <td><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> interest
    rate risk &#150; using currency swaps and, or interest rate swaps</font></font></td>
  </tr>
  <tr>
    <td><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></td>
    <td><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">foreign
    exchange risk &#150; using forward foreign currency contracts.</FONT>    </font></td>
  </tr>
</table>

<font size="2">
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The effects of any interest rate hedges are recognised over the life of the hedge. Foreign exchange hedges are evaluated against the closing exchange rate at the balance sheet
date and the resultant gain or loss is matched with that of the underlying asset or liability in the accounts. As a result, the unrecognised gain or loss is a function of market rates at the balance sheet date and is not indicative of gains or
losses which will be recognised in future accounting periods.</FONT></P>
</font>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          table below analyses movements in the fair values of derivatives used
    to hedge financial assets and liabilities:</font></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fair</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fair</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total net</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">value</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">value</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">assets</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">assets</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">liabilities</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(liabilities)</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Unrecognised gains and losses on hedges at January 1</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">49.6</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(24.2</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">25.4</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gains and losses arising in previous years that were recognised during the year</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gains and losses arising before January 1 that were not recognised during the year</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">48.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(24.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gains and losses arising in the year that were not recognised during the year</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(10.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Unrecognised gains and losses on hedges at December 31</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(22.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Of which:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gains and losses expected to be recognised within one year</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gains and losses to be recognised after more than one year</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(20.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        interest rate and currency profile of the financial assets and liabilities
    of the group are as follows:</FONT></td>
  </tr>
  <tr>
    <td><hr size="1" noshade>
    </td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left></TD>
	<TD colspan="9" align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fixed rate financial assets and liabilities</FONT></TD>
	<TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="9" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD rowspan="4" align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Floating rate</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fixed rate</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">financial</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">financial</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average period</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">assets,</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">assets,</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for which</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(liabilities</FONT>
	</TD>
	<TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(liabilities</FONT>
	</TD>
	<TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">interest rate</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">rate is fixed</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="9" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="9" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Interest rate risk</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">years</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Sterling</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets</FONT></TD>
	<TD width="10%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,125.6</FONT>
	</TD>
	<TD width="2%" align=left><font size="2">&nbsp;</font></TD>
	<TD width="10%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,125.6</FONT>
	</TD>
	<TD width="2%" align=left><font size="2">&nbsp;</font></TD>
	<TD width="10%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD width="2%" align=left><font size="2">&nbsp;</font></TD>
	<TD width="10%" align=left><font size="2">&nbsp;</font></TD>
	<TD width="2%" align=left>&nbsp;</TD>
	<TD width="10%" align=left><font size="2">&nbsp;</font></TD>
    <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(625.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(625.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">499.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">499.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">US dollar</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">764.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">764.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,599.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,117.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(482.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.05</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(834.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(352.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(482.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Australian dollar</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(221.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(165.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(55.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.60</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.4</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(219.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(163.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(55.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Euro</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">457.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">457.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(519.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(519.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(62.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(62.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">94.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">94.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(172.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(172.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(78.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(78.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,443.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,443.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3,138.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2,600.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(537.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.00</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net debt</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(695.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(157.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(537.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">77</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The amounts in the above table are shown after taking account of currency and interest rate swaps undertaken to manage the interest rate exposure of the group. It also includes
the principal amount of any forward exchange contracts undertaken to manage the translation exposure of the net assets of overseas subsidiaries.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In the table above, fixed rate US dollar liabilities represent the &#36;681.6m of the &#36;750m bond repayable on September 15, 2005 and &#36;250m of the &#36;750m bond due
September 27, 2010. The fixed rate liabilities in Australian dollars represent the net notional principal of interest rate swaps. Interest rate swaps starting at dates in the future are included in the weighted average period, but excluded from the
weighted average rate. Floating rate financial assets comprise cash deposits, the receivable element of forward exchange contracts and commercial paper. The majority of floating rate financial assets and liabilities bear interest based on the
equivalents of LIBOR.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group has taken advantage of the FRS 13 exemption to exclude current receivables and payables from this note. Also excluded is the Koppers&#146; liability and other
discounted provisions which are accounted for at a discount rate of 5.1% . These are all non interest bearing.</FONT></font></P>


<TABLE width="100%" border=0 cellPadding=0 cellSpacing=0>
    <TR>
      <TD>&nbsp;      </TD>
      <TD>&nbsp;      </TD>
    </TR>
    <TR>
      <TD width="3%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">109</FONT></TD>
      <TD align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif size=1>Notes to
          the accounts</FONT></TD>
    </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2"><page><a name="p110"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top"><font size="2"><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
            to the accounts <font color="#8c8a95">continued <br>
for the 12 months ended December 31, 2005</font></b></font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
<b>
</b>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">30</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Related
            party
transactions</font></b></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Transactions
          entered into and trading balances outstanding with related parties
    are as follows:</FONT></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Joint-ventures</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Joint-ventures</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Associates</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Associates</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sales to related parties</FONT></font></TD>
	<TD width=10% align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">27.1</FONT></B></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=10% align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">28.1</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=10% align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.6</FONT></B></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=10% align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.0</FONT></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Purchases from related parties</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">168.2</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">119.1</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.7</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.9</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<p><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Details of transactions with Directors are given in the auditable part of the Remuneration report.</FONT></font></p>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Terms and conditions of transactions with related parties</FONT></B><br>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts
due from and to joint-ventures and associates are disclosed in notes 17 and 19
  respectively. There have been no guarantees provided or received for any related
  party receivables or payables. For the year ended December 31, 2005, the group
  has not made any provision for doubtful debts relating to amounts owed by related
  parties (2004: &#163;nil). This assessment is undertaken each financial year
  through examining the financial position of the related party and the market
in which the related party operates.</FONT></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">31</FONT></B></font></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Subsequent
    events</FONT></B></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">On
        January 30, 2006, Hanson announced that it had completed the acquisition
        of PaverModule, Inc., a supplier of concrete pavers in Florida, USA,
        and Red Bank Manufacturing Company Limited, a producer of terracotta
        clay and concrete products in Derbyshire, UK for a total consideration
    of approximately &#163;60.0m.</FONT></td>
  </tr>
</table>
<font size="2"><P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">On January 31, 2006, the operations of Seagoe, a drainage business based in Northern Ireland, classified as held for sale at December 31, 2005, was sold.</FONT></P>
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">On February
  13, 2006, Hanson announced that one of its US subsidiaries, responsible for
  approximately 20% of the group&#146;s present asbestos costs, had reached a
  settlement with its insurers. The settlement is effective from January 1, 2006
  and resolves a number of issues relating to historic insurance policies which
  provided insurance cover for a range of claims, including those relating to
asbestos. </FONT></P>
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under the
  settlement, the subsidiary will pay the first &#36;35.0m of its future asbestos costs, which the subsidiary estimates will be paid over approximately three years.
  Thereafter, the subsidiary&#146;s asbestos costs will be paid in full by the insurance carriers up to agreed, and undisclosed, limits. These limits, assuming they are not used for non-asbestos claims, are expected to provide asbestos insurance cover
  for this subsidiary well beyond 2020. As detailed in note 21, the group&#146;s total cost of asbestos, before tax, is estimated to average approximately &#36;60.0 million per annum over the next eight years. Based on these estimates, this settlement
would reduce the net cost by 20% to &#36;48.0 million per annum, after 2008.</FONT></P>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">32</FONT></B></font></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Restatement
    for first-time adoption of IFRS</FONT></B></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For
          periods up to and including the year ended December 31, 2004, the group
          prepared its financial statements in accordance with UK generally accepted
          accounting practice (UK GAAP). These financial statements for the year
          ended December 31, 2005 are the first the group is required to prepare
          in accordance with International Financial Reporting Standards (IFRS)
    as adopted by the European Union.</FONT></font></td>
  </tr>
</table>
<font size="2">
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The significant
  accounting policies are set out in note 1. In preparing these financial statements,
  the group has started from an opening balance sheet as at January 1, 2004 (the
  group&#146;s date of transition to IFRS), and made those changes in accounting policies and other restatements required by IFRS 1 for the first-time adoption of IFRS. The group has taken advantage of the exemption not to restate comparatives
  for IAS 32 &#147;Financial Instruments: Disclosure and Presentation&#148; (IAS 32) and IAS 39 &#147;Financial Instruments: Recognition and measurement&#148; (IAS
39) but to apply these standards from January 1, 2005. </FONT></P>
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This note explains the principal adjustments made by the group in restating its UK GAAP consolidated balance sheet at December 31, 2004 and January 1, 2005, together with its
consolidated income and cash flow statements for the year ended December 31, 2004 against its previously published UK GAAP financial statements.</FONT></P>
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group
  issued a press release providing detailed guidance on the group&#146;s preliminary restatement at January 1, 2004 and December 31, 2004 from UK GAAP to IFRS on June
  2, 2005. There is a change from the preliminary restatement in relation to the January 1 and December 31, 2004 for deferred tax balances. This relates primarily to a change in the interpretation in accounting for IAS 12 &#147;Income taxes&#148;
  regarding the tax bases of depreciable assets that can be recognised in calculating deferred tax, as well as certain other temporary difference adjustments. The impact is to decrease the deferred tax liability at December 31, 2004 by &#163;0.5m;
decrease the deferred tax asset at December 31, 2004 by &#163;32.8m; and increase the tax charge on continuing operations before impairments for the year ended December 31, 2004 by &#163;51.3m. </FONT></P>
<P>
  <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Since the preliminary restatements, certain other amounts have been reclassified to conform with current period presentation. There is no change to the UK GAAP reported numbers
for the year ended December 31, 2004 and previous years.</FONT></P>
<P>
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exemptions applied</FONT></B><br>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS
1 &#147;First-time Adoption of International Financial Reporting Standards&#148; permits
  companies adopting IFRS for the first time to take advantage of certain optional
  and mandatory exemptions from applying IFRS with full retrospective effect
in the transition period. </FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson PLC has elected to take advantage of the following exemptions in its adoption of IFRS:</FONT></P>
</font>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%"><font size="2">&#8211;</font></td>
    <td><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Business combinations: The group has elected not to restate business combinations on an IFRS basis prior to the date of transition, other than to</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">adjust the carrying value of goodwill to reclassify separately identifiable intangible assets previously reported within that goodwill at date of transition;</FONT></font></td>
  </tr>
  <tr valign="top">
    <td></TD>
    <td></TD>
  </tr>
  <tr valign="top">
    <td><font size="2">&#8211;</font></td>
    <td><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property, plant and equipment: The group has elected not to measure property, plant and equipment at their fair values at the date of transition</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">to IFRS and not to use those fair values as their deemed cost;</FONT></font></td>
  </tr>
  <tr valign="top">
    <td></TD>
    <td></TD>
  </tr>
  <tr valign="top">
    <td><font size="2">&#8211;</font></td>
    <td><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Employee benefits: All cumulative actuarial gains and losses have been recognised in equity on transition to IFRS. The group will continue</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">to apply this treatment, with all actuarial gains and losses being recognised in the statement of recognised income and expense;</FONT></font></td>
  </tr>
  <tr valign="top">
    <td></TD>
    <td></TD>
  </tr>
  <tr valign="top">
    <td><font size="2">&#8211;</font></td>
    <td><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cumulative
    translation differences: IAS 21 &#147;The Effect of Changes in Foreign Exchange Rates&#148; requires
    that on the disposal of a foreign</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">operation, the cumulative amount of exchange differences recognised within equity for the retranslation of that operation be recognised within</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the income statement as part of the profit or loss on disposal. The group has adopted the exemption which allows these cumulative exchange</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">differences to be set to zero at the date of transition. Had the group not taken advantage of this exemption, the impact on transition to IFRS</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">would have been in
    line with the principles explained in the group&#146;s US GAAP reconciliation;</FONT></font></td>
  </tr>
  <tr valign="top">
    <td></TD>
    <td></TD>
  </tr>
  <tr valign="top">
    <td><font size="2">&#8211;</font></td>
    <td><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
    instruments: The group has taken advantage of the exemption not to restate
    its comparative financial information for IAS 32 &#147;Financial</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Instruments: Disclosure
    and Presentation&#148; and IAS 39 &#147;Financial Instruments: Recognition and Measurement&#148; but
    to apply these standards</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">from January 1, 2005. As a result, the comparative information is presented in line with UK GAAP as previously stated. A reconciliation of the</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">impact on equity of adopting IAS 32 and IAS 39 in 2005 is provided below. On adoption of IAS 39, the group has elected to designate existing</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">financial instruments as a financial asset or financial liability at their fair value on January 1, 2005, the date of transition. The impact of applying</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IAS 39 on a retrospective
    basis and not taking advantage of this exemption would have been similar
    to principles explained in the group&#146;s US GAAP reconciliation apart from the impact of US GAAP transition rules;</FONT></font></td>
  </tr>
  <tr valign="top">
    <td></TD>
    <td></TD>
  </tr>
  <tr valign="top">
    <td><font size="2">&#8211;</font></td>
    <td><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share-based
    payments: The group has taken advantage of the exemption to apply IFRS 2 &#147;Share-based Payment&#148; only
    to awards made after</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">November 7, 2002 which have not vested at January 1, 2005. Had the group not applied this elective exemption, then the impact of adopting</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS 2 would have
    been similar to the pro forma information provided for FAS 123 &#147;Share-based payments&#148; under
    US GAAP.</FONT></font></td>
  </tr>
</table>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font size="2"><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">110</FONT></font> </TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2"><page><a name="p111"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">32</font></b></font></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Restatement
    for first-time adoption of IFRS </FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</FONT></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2">
      <P><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          group has complied with the following mandatory exemptions on adoption
          of IFRS:</FONT></P>
    </font> </td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=3% align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Estimates &#150; The
    group&#146;s
    estimates under IFRS at the date of transition to IFRS are consistent with
    estimates made at the same date </FONT><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">under
    UK GAAP;</font></font></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets
    classified as held for sale and discontinued operations &#150; The group has applied the requirements of IFRS 5 &#147;Non-current
    Assets Held</FONT></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for Sale
    and Discontinued Operations&#148; on a prospective basis from January 1,
    2004, applying the transitional requirements of the standard;</FONT></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
    instruments &#150; The group has applied the derecognition requirements of
    IAS 39 on a prospective basis for transactions occurring on</FONT></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">or after January 1, 2005. As required under IAS 39, the group has measured all its derivatives for which hedge accounting is applied, at fair</FONT></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">value and has eliminated all deferred losses and gains arising on derivatives reported under UK GAAP.</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reconciliation of consolidated income statement</FONT></B></font></TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for the year ended December 31, 2004</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade></TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD rowspan="4" align=left></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">IFRS</FONT></B>
	</font></TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT>
	</font></TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">IFRS</FONT></B>
	</font></TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">restatement</FONT></B>
	</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">discontinued</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">disclosed</FONT></B>
	</font></TD>
  </TR>
<TR valign="bottom">
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK GAAP</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">at December</FONT></B>
	</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">operations</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">in 2005</FONT></B>
	</font></TD>
  </TR>
<TR valign="bottom">
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">published</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">adjustments</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">31, 2004</FONT></B>
	</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">reclassification</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">comparatives</FONT></B>
	</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continuing operations:</FONT></B></font></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Turnover &#150; group and share of joint-ventures&#146; and associates&#146; turnover</FONT></font></TD>
	<TD width=10% align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,810.2</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=10% align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(374.7</FONT>
	</font></TD>
	<TD width=2% align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD width=10% align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,435.5</FONT></B>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=10% align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(52.5</FONT>
	</font></TD>
	<TD width=2% align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD width=10% align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,383.0</FONT></B>
	</font></TD>
	<TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Less joint-ventures&#146; turnover</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(264.2</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.2</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Less associates&#146; turnover</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(81.7</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">81.7</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group turnover*</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,464.3</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(28.8</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,435.5</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(52.5</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,383.0</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Costs and overheads</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3,128.2</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">95.0</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3,033.2</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50.4</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2,982.8</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group operating profit before impairments*</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">336.1</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">66.2</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">402.3</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">400.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share of
    joint-ventures&#146; and associates&#146; profit after tax</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">26.4</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.2</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">23.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating profit before impairments</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">349.7</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">79.0</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">428.7</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.3</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">423.4</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating impairments</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(51.2</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(51.2</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.9</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(29.3</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating profit</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">349.7</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">27.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">377.5</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">394.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance costs</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(100.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(98.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(198.0</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(198.0</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance income</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40.1</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">111.1</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">151.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">151.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net finance costs</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(59.9</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13.1</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(46.8</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(46.8</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit before taxation</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">289.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40.9</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">330.7</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">347.3</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax on continuing operations before impairments</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(80.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">45.0</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(35.1</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.7</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(33.4</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax on impairments</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">60.4</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(54.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.3</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.3</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD height="21" align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation on continuing operations</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(19.7</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(28.8</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.7</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(27.1</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit after
    taxation &#150; continuing operations</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">270.1</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">301.9</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.3</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">320.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom" bgcolor="cccccc">
	<TD align=left bgcolor="cccccc"><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Discontinued operations:</FONT></B></font></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom" bgcolor="cccccc">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current year profit/(loss) after tax of discontinued operations</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.9</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.3</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(16.4</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
</TR>
<TR valign="bottom" bgcolor="cccccc">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom" bgcolor="cccccc">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit on disposals in the current year, after tax</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(78.3</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">88.7</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10.4</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10.4</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom" bgcolor="cccccc">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom" bgcolor="cccccc">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Loss on disposals in prior years, after tax</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(50.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(50.0</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(50.0</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
</TR>
<TR valign="bottom" bgcolor="cccccc">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom" bgcolor="cccccc">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit on disposal of fixed assets</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.8</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom" bgcolor="cccccc">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom" bgcolor="cccccc">
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit after
    taxation &#150; discontinued operations</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(76.5</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(37.7</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.3</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(56.0</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit for the year</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">193.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">264.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">264.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends &#150; paid</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(42.8</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">42.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends &#150; proposed</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(93.4</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">93.4</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">57.4</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">206.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">264.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">264.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Profit for the year attributable to:</FONT></B></font></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Equity holders of the company</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">193.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70.7</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">264.3</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">264.3</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Minority interest</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.1</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.1</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">193.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">264.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">264.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dividends</FONT></B></font></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Paid in the year</FONT></font></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">127.3</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">127.3</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
    <B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">127.3</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR align="left" valign="bottom">
	<TD colspan=11><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*<font size="1">The
    use of the word &#145;Group&#146; reflects that the results of joint-ventures
    and associates that are accounted for under the equity method are excluded.</font></FONT>
	</font>	</TD>
  </TR>
</TABLE>


<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font size="2"><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">111</FONT></font> </TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size="2"><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes to the accounts</FONT></font></FONT></TD>
  </TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2"><page><a name="p112"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td valign="top"><font size="2"><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
            to the accounts <font color="#8c8a95">continued <br>
      for the 12 months ended December 31, 2005</font></b></font></font></td>
  </tr>
  <tr>
    <td valign="top"><hr size="1" noshade>
    </td>
  </tr>
</table>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">32</font></b></font></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Restatement
    for first-time adoption of IFRS </FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</FONT></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2">
      <P><B><FONT
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reconciliation of consolidated
            balance sheet</FONT></B></P>
    </font> </td>
  </tr>
  <tr valign="top">
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD rowspan="3" align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD width=2% rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD width=2% rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD width=2% rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD width=2% rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD width=2% rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width=10% align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As at</FONT>
	</font></TD>
	<TD width=10% align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As at</FONT>
	</font></TD>
	<TD width=10% align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">As at</FONT></B>
	</font></TD>
	<TD width=10% align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Restatement</FONT>
	</font></TD>
	<TD width=10% align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">As at</FONT></B>
	</font></TD>
  </TR>
<TR valign="bottom">
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dec 31, 2004</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dec 31, 2004</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dec 31, 2004</FONT></B>
	</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">on Jan 1, 2005</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Jan 1, 2005</FONT></B>
	</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="2" align=left></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK GAAP</FONT>
	</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS</FONT>
	</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IAS 39</FONT>
	</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">published</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">adjustments</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">IFRS</FONT></B>
	</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">adjustments</FONT>
	</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">IFRS</FONT></B>
	</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
    <B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Assets</FONT></B></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Non-current
          assets</FONT></B></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible
        assets</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">700.9</FONT></TD>
    <TD width=2% align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23.7</FONT></TD>
    <TD width=2% align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">724.6</FONT></B></TD>
    <TD width=2% align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2% align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">724.6</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property,
        plant and equipment</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,440.1</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.5</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,438.6</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,438.6</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investments</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">287.1</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.8</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">311.9</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">311.9</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Receivables</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">162.2</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.1</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">159.1</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.3</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">197.4</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension
        plan surpluses</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">27.6</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">27.6</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">27.6</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred
        tax assets</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.9</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.9</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.9</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,590.3</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">73.4</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,663.7</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.3</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,702.0</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Current
          assets</FONT></B></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Inventories</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">308.4</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.6</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">295.8</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">295.8</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Trade
        and other receivables</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">984.2</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(196.2</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">788.0</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">788.5</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
        receivable</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.2</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.2</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.2</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
        and cash equivalents</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,394.3</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,394.3</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,394.3</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,686.9</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(202.6</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,484.3</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,484.8</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets
        held for sale</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.6</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.6</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.6</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total
          assets</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,277.2</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(116.6</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6,160.6</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.8</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6,199.4</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Liabilities</FONT></B></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Non-current
          liabilities</FONT></B></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Payables</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(31.9</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(31.9</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(24.6</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(56.5</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Borrowings</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,058.3</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,058.3</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(34.8</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,093.1</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(635.2</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">193.1</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(442.1</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(442.1</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension
        and post-retirement plan deficits</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(156.5</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(156.5</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(156.5</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
        payable</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(94.9</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(94.9</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(94.9</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred
        tax liabilities</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(111.5</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(128.5</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(240.0</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(240.0</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,805.0</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(218.7</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2,023.7</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(59.4</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2,083.1</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Current
          liabilities</FONT></B></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Trade
        and other payables</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(689.0</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">127.1</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(561.9</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14.9</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(547.0</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Borrowings</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,031.2</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,031.2</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.9</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,037.1</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(99.7</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(99.7</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(99.7</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
        payable</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.9</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.2</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(33.1</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(33.1</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,747.1</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.2</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,725.9</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.0</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,716.9</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=right valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"><hr size="1" noshade>
    </TD>
    <TD align=left valign="bottom"></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total
          liabilities</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3,552.1</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(197.5</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3,749.6</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(50.4</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3,800.0</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net
          assets</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,725.1</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(314.1</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,411.0</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.6</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,399.4</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Equity</FONT></B></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD width=10%><font size="2">&nbsp;</font></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Called-up
        share capital</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">73.7</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
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  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Own
        shares</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(30.1</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(30.1</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(30.1</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
        flow hedge reserve</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.4</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.4</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cumulative
        translation reserve</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.1</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(12.1</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(12.1</FONT></B></TD>
    <TD width=2%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Retained
        earnings</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,709.1</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(304.1</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,405.0</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.2</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,402.8</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other
        reserves</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">972.4</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Attributable
          to equity holders of the Company</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,725.1</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(316.2</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,408.9</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.6</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,397.3</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Minority
        interest</FONT></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.1</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.1</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total
          equity</FONT></B></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,725.1</FONT></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(314.1</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,411.0</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
    <TD align="right" width=10%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.6</FONT></TD>
    <TD width=2%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align="right" width=10%><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,399.4</FONT></B></TD>
    <TD width=2%><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font size="2"><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">112</FONT></font></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><font size="2"><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
            to the accounts</FONT></font></FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font size="2"><page><a name="p113"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">32
      Restatement for first-time adoption of IFRS </font></b><font color="8c8a95" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD colspan="2" align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reconciliation of consolidated
      cash flow statement</font></b></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="8c8a95" size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for
      the 12 months ended December 31, 2004</font></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD colspan="2" align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="2" align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK
      GAAP</FONT> </TD>
    <TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS</FONT>
    </TD>
    <TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD rowspan="2" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">published</FONT>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">adjustments</FONT>
    </TD>
    <TD align=right> <font size="2"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">IFRS</FONT></B>
      </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <font size="2"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash
      inflow from operating activities</FONT></B></font></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net
      cash inflow from operating activities before interest and tax</FONT></B></font></TD>
    <TD width=10% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">559.1</FONT>
    </TD>
    <TD width=2% align=left></TD>
    <TD width=10% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.9</FONT>
    </TD>
    <TD width=2% align=left></TD>
    <TD width=10% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">579.0</FONT></B>
      </font></TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest
      received</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40.4</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">25.6</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">66.0</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest
      paid (including interest element of finance lease rental payments of &#163;0.6m)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(93.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(25.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(119.2</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation
      paid</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(18.3</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends
      received from joint-ventures and associates</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.9</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(19.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">507.5</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">507.5</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash
      flow from investing activities</FONT></B></font></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Purchase
      of property, plant and equipment and intangible assets</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(198.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(198.6</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sale
      of property, plant and equipment and assets held for sale</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.5</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18.5</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Purchase
      of investments</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(16.2</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disposal
      of investments</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.4</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18.4</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Acquisitions
      of operations</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(88.4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(88.4</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disposals
      of operations</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">59.4</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">59.4</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
      and cash equivalents in operations acquired or disposed of</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.0</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.0</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(205.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(205.9</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash
      flow from financing activities</FONT></B></font></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends
      paid to shareholders</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(127.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(127.3</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Purchase
      of own shares in treasury</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(26.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Management
      of cash and liquid resources</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">44.0</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(44.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Repayment
      of short-term loans</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(298.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">298.0</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Proceeds
      of bank loans</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">76.8</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(76.8</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Repayment
      of debenture loans</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.5</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital
      element of finance leases</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.0</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Decrease
      in borrowings (including finance lease payments of &#163;1.0m)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(445.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(445.3</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Increase
      in borrowings</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">206.6</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">206.6</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(348.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(44.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(392.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net
      cash outflow after financing</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(46.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(44.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(90.5</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Foreign
      exchange</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">61.9</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(70.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.0</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
      and cash equivalents at beginning of the year</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">111.0</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,377.5</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,488.5</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash
      and cash equivalents at end of year</FONT></B></font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">126.4</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,262.6</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,389.0</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left></TD>
  </TR>
</TABLE>
<font size="2"> </font>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  transition to IFRS from UK GAAP has had no impact on the cash flows of the group.
  The IFRS changes shown above are presentational only. Under UK GAAP, the cash
  flow statement included cash at bank and overdrafts whereas IFRS also includes
  short-term deposits (&#163;1,262.6m) in the definition of cash and cash equivalents
  for cash flow purposes. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>

    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>113</FONT></TD>

    <TD align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
      to the accounts </font></TD>
  </TR>

</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font size="2"><page><a name="p114"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top"><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="8c8a95">continued</font><br>
    </b></FONT><font color="8c8a95"><b><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for
    the 12 months ended December 31, 2005</FONT></b></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="17" align=left> <font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">32&nbsp;&nbsp;&nbsp;Restatement
      for first-time adoption of IFRS </font></b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>
<hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD colspan="2" align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD rowspan="3" align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Called-up</FONT></TD>
    <TD rowspan="3" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
      flow</FONT> </TD>
    <TD rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cumulative</FONT>
    </TD>
    <TD rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">share</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Own</FONT>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">hedge</FONT>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">translation</FONT>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Retained</FONT>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Minority</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">capital</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">shares</FONT>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">reserve</FONT>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">reserve</FONT>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">earnings</FONT>
    </TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">reserve</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">interest</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">equity</FONT>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Restatement
      of total equity on transition to IFRS</FONT></B></font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">UK
      GAAP as at January 1, 2004</FONT></B></font></TD>
    <TD width=6% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(8.9</FONT></B>
      </font></TD>
    <TD width=2% align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
    <TD width=6% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD width=2% align=left></TD>
    <TD width=6% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD width=2% align=left></TD>
    <TD width=6% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,692.1</FONT></B>
      </font></TD>
    <TD width=2% align=left></TD>
    <TD width=6% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=6% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,729.3</FONT></B>
      </font></TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS
      adjustments:</FONT></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share-based
      payments</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Goodwill
      and intangible assets</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pensions
      and other post-retirement benefits</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(218.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(218.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">84.5</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">84.5</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(257.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(257.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reclassification
      of minority interest</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.7</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      IFRS adjustments</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(402.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(399.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">IFRS
      as at January 1, 2004</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(8.9</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,289.5</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.7</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,329.4</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom" size="2">
    <TD align=left> <hr size="2" noshade> </TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=right> <hr size="2" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">UK
      GAAP as at December 31, 2004</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(30.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,709.1</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,725.1</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS
      adjustments:</FONT></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share-based
      payments</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Goodwill
      and intangible assets</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51.3</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51.3</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Joint-ventures
      and associates</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pensions
      and other post-retirement benefits</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(225.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(225.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(13.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(13.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">93.4</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">93.4</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reclassification
      of minority interest</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(221.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(221.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Foreign
      exchange</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.1</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      IFRS adjustments</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(304.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(314.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">IFRS
      as at December 31, 2004</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(30.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(12.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,405.0</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.1</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,411.0</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left size="2"> <hr size="2" noshade> </TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right size="2"><hr size="2" noshade> </TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=right size="2"> <hr size="2" noshade></TD>
    <TD align=left size="2"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">UK
      GAAP as at January 1, 2005</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(30.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,709.1</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,725.1</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD height="20" align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS
      adjustments:</FONT></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
      instruments</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share-based
      payments</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Goodwill
      and intangible assets</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51.3</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51.3</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Joint-ventures
      and associates</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pensions
      and other post-retirement benefits</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(225.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(225.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(13.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(13.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">93.4</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">93.4</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reclassification
      of minority interest</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(221.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(221.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Foreign
      exchange</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.1</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      IFRS adjustments</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(306.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(325.7</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">IFRS
      as at January 1, 2005</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(30.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.4</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(12.1</FONT></B>
      </font></TD>
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,402.8</FONT></B>
      </font></TD>
    <TD align=left></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">972.4</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.1</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,399.4</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <hr size="2" noshade> </TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left></TD>
  </TR>
</TABLE>
<font size="2"> </font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reconciliation
      of profit on transition to IFRS</FONT></B></font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit
      for the year</FONT> </TD>
    <TD rowspan="3" align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for
      the year ended December 31, 2004</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">UK
      GAAP</FONT></B></font></TD>
    <TD width=15% align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">193.6</FONT></B>
      </font></TD>
    <TD width=2% align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS
      adjustments:</FONT></TD>
    <TD align=left> </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share-based
      payments</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Goodwill
      and intangible assets</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50.6</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Joint-ventures
      and associates</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pensions
      and other post-retirement benefits</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.4</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">19.6</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reclassification
      of minority interest</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cumulative
      foreign exchange on disposal</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      IFRS adjustments</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70.6</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">IFRS</FONT></B></font></TD>
    <TD align=right> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">264.2</FONT></B>
      </font></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left></TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>114</FONT></TD>
    <TD align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
      to the accounts </font></TD>
  </TR>
</TABLE>
<font size="2"> </font>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font size="2"><page><a name="p115"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">32&nbsp;&nbsp;&nbsp;Restatement
      for first-time adoption of IFRS </font></b><font color="8c8a95" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<p><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Explanation
  of IFRS adjustments<br>
  </FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A
  summary of the significant differences between UK GAAP and IFRS and the impact
  to the group is as follows: </FONT></p>
<p><font size="2"><B><FONT
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">a)&nbsp;&nbsp;&nbsp;Goodwill
  and intangible assets </FONT></B></font> <br>
  <font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Principal
  difference: </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
  UK GAAP, goodwill was capitalised and amortised through the income statement
  over its estimated economic life, usually assumed to be no more than 20 years.
  Under IFRS, goodwill is no longer amortised, but is frozen at the UK GAAP carrying
  value at the transition date and subjected to an annual impairment test. IFRS
  requires that negative goodwill is recognised in the income statement as it
  arises. UK GAAP required acquired intangible assets to be capitalised where
  they could be reliably measured and amortised over their economic life. IFRS
  stipulates that intangible assets should be capitalised where they are separable
  from the entity or arise from contractual or other legal rights.</FONT></font></p>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
  UK GAAP and IFRS, certain separable intangible assets are required to be capitalised
  and amortised over their useful economic life and under IFRS, such assets are
  classified apart from goodwill (although within the intangible asset category).
  </FONT></P>
<P> <font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Transition
  impact (as at January 1, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Negative
  goodwill with a carrying value of &#163;0.5m has been transferred to reserves.
  Intangible assets, previously recognised within the goodwill balance, with a
  carrying value of &#163;7.8m, have been separately identified within intangible
  assets.</FONT></font></P>
<P><font size="2"><I><FONT
face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Income statement impact
    (for the year ended December 31, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    goodwill amortisation change of &#163;48.7m recorded under UK GAAP has been
    reversed. In addition, the amortisation charge of &#163;3.9m relating to goodwill
    held within joint-ventures and associates has been written back to the income
    statement. A charge of &#163;2.0m has been recorded in respect of the amortisation
    of intangible assets recognised under IFRS which were not separately recognised
    under UK GAAP.</FONT></font></P>
<P> <font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Balance
         sheet impact (as at December 31, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Goodwill
          and intangible assets have increased by &#163;51.3m, consisting of
          the 2004  amortisation charge reversal of &#163;48.7m; a write back
          of the negative goodwill  at January 1, 2004 of &#163;0.5m; less &#163;1.8m
          (net of a foreign exchange  impact of &#163;0.2m) for the amortisation
          of intangible assets; and adding  back goodwill amortisation of &#163;3.9m
  for goodwill held within joint-ventures  and associates.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Goodwill
      has also been tested for impairment, for the year ended
    December 31, 2004 and at the IFRS transition date of January 1, 2004, in
      accordance with IFRS. An adjustment of &#163;1.4m to operating impairments, shown
             within  joint-ventures&#146; and associates&#146; impairments of &#163;21.9m,
             was required  to reflect the impact on the carrying value of goodwill
             of reversing amortisation
    in 2004 (see section f) &#145;Joint-ventures and associates&#146; below). </FONT></font></P>
<P><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">b)&nbsp;&nbsp;&nbsp;Pensions
  and other post-retirement benefits</FONT></B></font><br>
  <font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Principal
  difference: </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
  UK GAAP, the group provided for the cost of pension and other post-retirement
  benefits over employee service lives in accordance with SSAP 24 &#147;Accounting
  for pension costs&#148;. The group also provided additional disclosures under
  FRS 17 &#147;Retirement benefits&#148; based on the valuation methodologies
  required by the standard. IAS 19 &#147;Employee Benefits&#148; takes a similar
  valuation approach to FRS 17, requiring the surplus or deficit relating to defined
  benefit post-retirement schemes to be recognised directly at fair value on the
  group&#146;s balance sheet. IAS 19 permits entities to recognise the effects
  of any movements in the surpluses or deficits immediately in reserves, in common
  with FRS 17, or to introduce these movements gradually, using a corridor approach.
  Hanson has adopted the same treatment that is required under FRS 17.</FONT></font></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Like
  FRS 17, IAS 19 requires the service cost element of pensions and other post-retirement
  benefit plans to be recognised separately from the financing elements. The net
  financing charge includes the impact of the unwinding of the discount on the
  schemes&#146; liabilities in the current year and the expected return on the
  schemes&#146; assets. Under IAS 19, Hanson has shown the service cost within
  operating profit and the net finance charge as part of finance costs. Under
  SSAP 24, both elements were included within operating profit. </FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
  UK GAAP, an asset or liability in respect of pension and post-retirement medical
  schemes was reported on the balance sheet to the extent that the timing of any
  payments differed from the charge or credit reported for the period. IFRS requires
  that pensions and other post-retirement benefit plan assets are carried at their
  fair value and plan liabilities are carried at their present value at the balance
  sheet date.</FONT></P>
<P> <font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Transition
  impact (as at January 1, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A
  provision for employee benefit deficits of &#163;139.6m has been recognised
  at the transition date, which replaces provisions of &#163;121.1m previously
  recognised under UK GAAP. The pension prepayment (reported within trade and
  other receivables under UK GAAP) of &#163;199.6m has also been derecognised
  on transition to IFRS. The overall impact is a reduction in total equity of
  &#163;218.1m on transition.</FONT></font></P>
<P> <font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Income
  statement impact (for the year ended December 31, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
  UK GAAP the group recorded a pension charge of &#163;36.9m and a charge relating
  to other post-retirement benefits of &#163;4.1m totalling &#163;41.0m within
  operating profit. Under IFRS, the group has reflected a total 2004 charge of
  &#163;37.6m, representing an operating charge of &#163;49.6m and a net financing
  credit of &#163;12.0m. Accordingly, Hanson has reduced its operating profit
  by &#163;8.6m and reported income of &#163;12.0m within net finance costs. A
  deferred tax charge of &#163;0.9m has been recognised in 2004 in respect of
  the additional pension charge, which is included within the total taxation adjustment
  (c) explained below. </FONT></font></P>
<P> <font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Balance
  sheet impact (as at December 31, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  closing balance sheet prepayment under UK GAAP is &#163;204.9m and the closing
  balance sheet provision is &#163;114.2m. Under IFRS, the prepayment is written
  off and the provision is increased by &#163;14.7m, taking the pension provision
  to &#163;48.5m and post-retirement medical schemes provision to &#163;80.4m,
  totalling &#163;128.9m. This represents the pre-tax deficit on the group&#146;s
  schemes at the balance sheet date and comprises the total of the deficits recognised
  at the transition date above, adjusted for the charge recognised in the year,
  cash payments in the period and actuarial gains and losses totalling &#163;7.5m.
  </FONT></font></P>
<P><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">c)&nbsp;&nbsp;&nbsp;Taxation</FONT></B></font><br>
  <font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Principal
  difference</FONT></I></font><br>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  scope of deferred tax under IAS 12 is wider than under UK GAAP. Under IFRS,
  deferred tax is required to be provided on all temporary differences; that is,
  the difference between the carrying value of assets and liabilities included
  in the financial statements and the basis of those assets and liabilities for
  tax purposes. Under UK GAAP, deferred tax is provided on timing differences
  that have not reversed at the balance sheet date; that is, items (e.g. pensions)
  which, for tax purposes, are taxable or deductible in periods different from
  those in which they are accounted for in the financial statements. UK GAAP prohibits
  recognition of deferred tax on certain timing differences defined in the standard.</FONT></P>
<P> <font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Transition
  impact (as at January 1, 2004)</FONT></I></font><br>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  deferred tax opening balance has increased by &#163;257.2m. This is primarily
  due to liabilities arising on temporary differences in respect of historic UK
  and US mineral reserve revaluations for which there is a requirement to provide
  deferred tax under IFRS but which were not previously required to be provided
  for under UK GAAP.</FONT></P>
<P> <font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Income
  statement impact (for the year ended December 31, 2004)</FONT></I></font><br>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
  2004, under UK GAAP, a deferred tax credit of &#163;18.7m was recognised. Under
  IFRS, an additional deferred tax credit of &#163;19.6m has been recognised.
  This principally relates to the change in the deferred tax liability balances
  with respect to the mineral reserves as well as the write-up, for Australian
  tax purposes, of Australian assets under a recently introduced Australian tax
  consolidation regime.</FONT></P>
<P> <font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Closing
  balance sheet impact</FONT></I></font><br>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At
  December 31, 2004, a deferred tax asset of &#163;1.9m was recognised together
  with an increase in the deferred tax liability of &#163;223.4m compared to the
  UK GAAP liability of &#163;111.5m. This is principally a result of the increased
  deferred tax liability in respect of mineral reserves net of deferred tax benefits
  recognised on the write-up in Australian assets, for Australian tax purposes,
  under a new Australian tax consolidation regime.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>115</FONT></TD>
    <TD align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
      to the accounts </font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div><page><a name="p116"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="#8c8a95">continued<br>
for the 12 months ended December 31, 2005</font></b></FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
    <td><HR color=#b65b17 noShade SIZE=1></td>
  </tr>
  <tr valign="top">
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">32</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Restatement
    for first-time adoption of IFRS </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><hr size="1" noshade></td>
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">d)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dividends</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Principal
            difference: </font></i><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
            UK GAAP, dividends are recognised in the period to which they relate.
            In practice this means that the group accrues for the final dividend
            proposed. Under IFRS, dividends are recognised in the period in which
            they are declared and approved. In practice, this results in the
            final dividend for the year being recognised in the following year,
    since this is when it is declared and approved.</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<P><I><FONT size="2" face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Transition impact (as at January 1, 2004): </FONT></I><FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">No
accrual is required for the 2003 final dividend
of &#163;84.5m, since this was declared and paid in 2004. As a result, the accrual
for this dividend is not recognised on transition.</FONT></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Income statement impact (for the year ended December 31, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
final 2004 dividend of &#163;93.4m approved by shareholders in 2005 has been credited to the 2004 income statement and increased by the final 2003 dividend approved in 2004 of &#163;84.5m. The net impact of this adjustment is a &#163;8.9m
credit to retained
profit.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Balance sheet impact (as at December 31, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">No
accrual is required for the 2004 final
dividend of &#163;93.4m, since this was declared and paid in 2005.</FONT></font></P>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">e)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Provisions</font></b></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Principal
            difference: </font></i><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
            UK GAAP, the group&#146;s restoration obligation provisions are discounted
            by applying a market assessed discount rate to increases in its estimated
            obligation recognised each period, IFRIC 1 &#147;Changes in Existing
            Decommissioning, Restoration and Similar Liabilities&#148; requires
            the group to apply the current market assessed discount rate to the
    whole obligation.</font></font></td>
  </tr>
</table>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Transition impact (as at January 1, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">On
transition to IFRS, the group has increased its restoration obligations as a
result of this change in policy by &#163;17.4m. This has resulted in an increase in the group&#146;s assets of &#163;5.5m directly as a result of the change in discount rates. The net impact of these adjustments on
equity is &#163;11.9m. </FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Income statement impact (for the year ended December 31, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This
has resulted in an
increase to financing costs of &#163;2.1m and an increase in depreciation of &#163;0.1m
in the year.</FONT></font></P>
<P><font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Balance sheet impact (as at December 31, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  change has resulted in an overall increase in provisions of &#163;14.8m and an additional asset of &#163;1.8m. The change is due to the additional financing cost and depreciation
  charge during the period and has a net impact on equity of &#163;13.0m.</FONT></font></P>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">f)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Joint-ventures
    and associates</font></b></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Principal
            difference: </font></i><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
            UK GAAP, Hanson uses the gross equity method of consolidation to
            account for
its share of its joint-ventures&#146; results and assets and liabilities, which
it presents on two separate lines in its balance sheet. It uses the equity method
to account for its share of its associates&#146; results and net assets. Under
IFRS, Hanson has elected to apply the equity method to both its joint-ventures
and associates. This has had no impact on net profit, but requires that the group&#146;s
share of profit from joint-ventures and associates is disclosed after finance
costs and tax. This has been disclosed in the Consolidated income statement after
group operating profit and before operating profit before impairments.<br>
<br>
The group&#146;s
joint-ventures and associates are required to adopt IFRS for the purposes of
reporting to Hanson and the adjustment below reflects the impact that this has
had on the group&#146;s
share of their profit after tax. </font></font></td>
  </tr>
</table>
<P><font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Impact: </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
adoption of IFRS by the group&#146;s joint-ventures and associates increases the
share of their profits by &#163;0.9m before an additional impairment charge of &#163;1.4m, giving a net &#163;0.5m
reduction in profit after tax.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating profit
before impairments increases by &#163;8.9m due to the &#163;0.9m above and &#163;8.0m of reclassifications. The reclassifications consist of an add back of
&#163;20.5m of impairments (shown separately below operating profit before impairments) and a deduction of &#163;3.2m of finance costs and &#163;9.3m of tax which are shown within the joint-ventures and associates&#146; column.</FONT></font></P>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">g)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share-based
    payments</font></b></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Principal
            difference: </font></i><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
            operates a number of share-based incentive schemes. Under UK GAAP,
            it recognises the cost of these over the performance period, based
            on the number of awards expected to vest and their cost (calculated
            on an intrinsic value method) to
the group. Under IFRS 2 &#147;Share-based Payment&#148;, an expense is recognised
in the profit and loss account for share-based awards expected to vest over their
performance period, based on the fair value of equity instruments granted at
the date of the award. Black Scholes, Binomial and Monte Carlo simulation models
are used, as appropriate, to calculate the IFRS 2 fair value at the date the
award is granted. The charge to the income statement under IFRS 2 is only calculated
on awards made after November 7, 2002 as a result of the transition option applied
by the group.</font></font></td>
  </tr>
</table>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Transition impact (as at January 1, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
opening liability for cash-settled awards of &#163;0.4m has been reclassified
from retained earnings where it was recorded under UK GAAP. As under UK GAAP,
IFRS required that movement in the cumulative income statement charge and utilisation
for equity-settled schemes is shown as a reserve movement within equity. This
results in no impact to the opening balance sheet for equity-settled awards. </FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Income statement impact (for the year ended December 31, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
application of IFRS 2 has
resulted in a credit for 2004 of &#163;0.1m against costs and overheads disclosed
within operating profit.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Balance sheet impact (as at December 31, 2004): </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
cash-settled liability recorded in the
balance sheet is &#163;0.3m as a result of an income statement credit of &#163;0.1m. As the net income statement charge for equity-settled schemes as a result of the transition to IFRS is &#163;nil in 2004, the overall impact on equity reserves as a
result of the transition to IFRS is also &#163;nil. A deferred tax asset of &#163;3.6m
has been recognised in respect of future tax deductions.</FONT></font></P>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">h)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Minority
    interest</font></b></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Principal
            difference: </font></i><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
            UK GAAP the group did not disclose the share of profits and losses
            of minority interests separately on the face of the income statement
            or balance sheet on grounds of immateriality. Hanson has made this
            disclosure on the face of the income statement and balance sheet
            under IFRS to highlight to the reader that the group has minority
    shareholders in certain of its subsidiaries.</font></font></td>
  </tr>
</table>
<P><font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Impact: </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
group has reclassified &#163;2.7m at January 1, 2004 from trade and other
payables, &#163;0.1m as a loss attributable to minority interest from costs and overheads within the income statement for the year ended December 31, 2004, and &#163;2.1m
at December 31, 2004 from trade and other payables to minority interest.</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
	<TD width="3%"><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">i)</FONT></B></font></TD>
	<TD><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reclassifications and other items</FONT></B></font></TD>
</TR>
<TR valign="top"><TD colspan=2></TD></TR><TR valign="top">
	<TD><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">i)</FONT></font></TD>
	<TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
	      UK GAAP the group discloses asset impairments as exceptional items within
	      operating profit. UK GAAP requires that material items </FONT><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">which
	      are unusual by virtue of size or incidence must be disclosed as exceptional,
	      where this is necessary to show a true and fair view. Under IFRS, Hanson
	      has changed the format of its income statement and as a result, the group
	      has disclosed some of its UK GAAP operating exceptional items in a separate &#147;operating
	      impairments&#148; line. IFRS is less prescriptive than UK GAAP regarding
	      income statement formats; however, IAS 1 still encourages entities to
	      disclose additional lines on the face of the income statement to assist
	      the reader in understanding the entity&#146;s financial performance. As
	      such, impairment charges have been reclassified from costs and overheads
	      to operating impairments, increasing operating profit before impairments
	      by &#163;29.3m. Changes to the disclosure of impairments relating to joint-ventures
	      and associates are described in section (f) &#145;Joint-ventures and
associates&#146; above.</font></font></font></TD>
</TR>
</TABLE>
<br>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">116</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></TD>
  </TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p117"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">32</font></b></td>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Restatement
    for first-time adoption of IFRS </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</FONT></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><hr size="1" noshade>
    </td>
    <td colspan="2"><hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td colspan="3"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ii)&nbsp;&nbsp;&nbsp;</font><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> UK
            GAAP required that profits/losses on the sale of fixed assets and
            investments and on the sale and termination of operations were shown
            separately on the face of the income statement as exceptional items,
            where these were material. As noted above, IFRS is less prescriptive
            regarding income statement formats. It requires key elements relating
            to discontinued operations to be disclosed separately from continuing
            operations, highlighting the results of discontinued operations and
            the profit or loss on disposal of the operation. These amounts are
            disclosed after tax and
are included separately in Hanson&#146;s income statement below profit after
taxation. In
order to aid the reader&#146;s understanding of the group&#146;s performance,
the profits and losses on disposal of operations are split between those relating
to current year disposals and additional profits and losses relating to disposals
which took place in previous periods. This
latter category includes charges in
respect of increases to the group&#146;s asbestos provision. </font></font></font></td>
  </tr>
</table>
<P><font size="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This
        has resulted
in operating profit after impairments being reduced by &#163;1.1m due to two
reclassifications. Current year profit after tax from operations discontinued
in the year of &#163;1.9m has been reclassified from turnover, costs and overheads,
operating profit and taxation into a new section of the income statement showing
discontinued operations.
This has resulted in a reduction in turnover of &#163;28.8m and a reduction in
costs and overheads of &#163;26.9m.</font></font></font></P>
<P><FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profits
    on sale of fixed assets of &#163;0.8m disclosed within non-operating exceptional
    items have been reclassified to costs and overheads.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The resulting exceptional profits and losses on the disposal of discontinued operations have then been analysed into disposals which have taken place in the current period and
costs incurred relating to disposals in previous periods. Exceptional tax gains and losses of &#163;38.0m have been reclassified from taxation to form part of the profit or loss on disposal of the operation to which they relate. A credit of
&#163;39.1m is recorded against &#145;Profit/loss from prior year&#146;s disposals&#146; and a charge of &#163;1.1m is reclassified to &#145;Profit/loss on current year&#146;s disposals&#146;. The total loss due to discontinued operations decreases
by &#163;38.8m as a result of the above reclassifications plus an additional net loss of &#163;0.3m explained in paragraph iii) below. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profits on
the disposal of fixed assets investments of &#163;1.0m have been reclassified
from non-operating exceptional items to profit/loss on current year disposals.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">iii)&nbsp;&nbsp;&nbsp;Cumulative
      translation exchange losses of &#163;24.7m arising in the year have
  been reclassified from retained earnings to the cumulative translation reserve
  as at December 31, 2004. As permitted by IFRS 1, this reserve was set to &#163;nil
  on  January 1, 2004 and the cumulative foreign exchange amount for 2004 has
  been transferred into the cumulative translation reserve. This has had no impact
  on
  net assets. Under IFRS, cumulative exchange differences are taken into the
  calculation of the
  profit or loss on the sale of a business to which they relate. UK GAAP does
  not require these to be taken into account. An amount of &#163;0.3m of cumulative
  exchange losses has been reclassified from the cumulative translation reserve
  to
  profit/loss on current year&#146;s disposals which forms part of discontinued
  operations in the income statement.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">iv)&nbsp;&nbsp;&nbsp;An
      element of the group&#146;s capitalised
    software with a net carrying value of &#163;2.2m has been reclassified from
    property, plant and equipment under UK GAAP to intangible assets in accordance
    with IFRS
    as at January 1, 2004. At December 31, 2004, this balance is &#163;3.3m.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">v)&nbsp;&nbsp;&nbsp;Goodwill
      with a net carrying value of &#163;27.0m held within goodwill
      under UK GAAP, has been reclassified to investment in joint-ventures and
      associates.
      In addition,
      the transition of the group&#146;s joint-ventures and associates to IFRS
      has resulted in an increase in the group&#146;s investment of &#163;0.9m,
      increasing the group&#146;s
      investment in joint-ventures and associates by &#163;27.9m in total.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">vi)&nbsp;&nbsp;&nbsp;IFRS
      requires provisions, creditors and debtors which are expected to be settled
        within one year from the balance sheet date to be classified as current
        liabilities. Long-term
        creditors with a value of &#163;31.9m have been reclassified from short-term
        to long-term creditors under IFRS. Long-term debtors of &#163;47.2m have
        been reclassified from &#145;Trade and other receivables&#146; to &#145;Long-term
        receivables&#146;
  which are partially offset by a reclassification of &#163;50.3m long-term debtors
        being reclassified to &#145;Trade and other receivables&#146;. The portion
        of provisions expected to be settled within one year has been disclosed
        separately and
        includes a reclassified amount of &#163;99.7m. In addition, the Koppers&#146; insurance
        asset and liabilities have been included within long-term receivables
        and provisions on the face of the balance sheet.</FONT></font></P>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">j)</font></b></font></td>
    <td><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Explanation of IFRS adjustments
    to the balance sheet on January 1, 2005</font></b></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          group adopted IAS 32 &#147;Financial Instruments: Disclosure and Presentation&#148; (IAS
          32) and IAS 39 &#147;Financial Instruments: Recognition and Measurement&#148; (IAS
          39) on January 1, 2005, having taken advantage of the exemption not
          to restate comparatives for IAS 32 and 39. The impact of the opening
          balance sheet adjustments as a result of this change in accounting
          policy are shown in the reconciliation of the consolidated IFRS balance
          sheet at that date. The principal differences are explained as follows:</font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Previously,
          derivative financial instruments (derivatives) were not required to
          be recognised on the balance sheet at fair value where they were hedging
          a defined financial risk (i.e. the derivative was part of a hedge relationship).
          Under IAS 39, the requirements for defining a hedge relationship (relating
          to designation, documentation and effectiveness testing) are more strictly
          defined and all derivatives are measured at fair value. Unless a derivative
          is part of an IFRS compliant hedge relationship, any changes in its
          fair value must be recognised directly in the income statement. IAS
          39 recognises three areas in which derivatives may be used as part
          of a hedge relationship: fair value, cash flow and net investment hedges.
          Determination of hedge
accounting treatment is dependent on this classification.</font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          group&#146;s hedging strategy remains unchanged and as far as practicable,
          hedge accounting has been applied under IFRS. The group considers all
          of its derivatives to be hedges of financial risks, categorised as
    follows:</font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2"><i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">i)</font></i></font></td>
    <td><font size="2"><i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Fair
    value hedges</font></i></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          group uses interest rate swaps to hedge the group&#146;s exposure to
          changes in the fair value of fixed rate debt as a result of interest
          rate movements. Under IFRS the interest on such swaps is accrued on
          an effective interest basis. The carrying amount of the hedged item
          is adjusted for gains and losses attributable to the risk being hedged.
          For effective hedges, changes in the fair values of both the hedge
          and the portion of the hedged item covered by the hedge are recognised
          in the income statement. If a hedge becomes ineffective, the hedged
          item ceases to be remeasured for subsequent changes in fair value.
          Instead, the portion of its carrying value relating to previous changes
          in fair value is amortised over its remaining life. Under UK GAAP,
          the hedged item was recorded at historic cost, with the hedging instrument
          typically being held off-balance sheet. Interest on such swaps was
          calculated
by reference to coupon rates on a straight line basis.</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2"><i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">ii)</font></i></font></td>
    <td><font size="2"><i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Cash
    flow hedges</font></i></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">When
          accounting for cash flow hedges under IFRS only the fair value of the
          hedging instrument is recorded on the balance sheet. The hedged item
          is either held off-balance sheet or recorded at historic or amortised
          cost, depending upon the type of underlying transaction. Changes in
          the fair value of the hedging instrument are taken to equity where
          they are recycled through the income statement in the same period during
          which the hedged item impacts the income statement. Although under
          UK GAAP the hedged item is also either held off-balance sheet or recorded
          at historic cost, the hedging instrument is also typically held off-balance
    sheet. </font><i></i></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2"><i><font
face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">iii) </font></i></font></td>
    <td><font size="2"><i><font
face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Net investment hedges</font></i></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          group uses forward exchange contracts to hedge foreign currency investments.
          Under IFRS, the change in the spot exchange rate element of the forward
          exchange contracts is designated against the net investment in overseas
    investments, as was previously the case under UK GAAP. </font><i></i></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2"><i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">iv)
    </font></i></font></td>
    <td><font size="2"><i><font face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Non-designated
    hedges</font></i></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As
          IFRS has more stringent rules, under which hedge accounting may be
          applied, it was not considered practicable to try to obtain hedge accounting
          for a small number of relatively low volume hedges (including hedges
          of commodities). Such hedges are deemed non-designated and are recognised
          at fair value on the balance sheet with changes in their fair value
          being recognised immediately through the income
statement.</font></font></td>
  </tr>
</table>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">117</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p118"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="#8c8a95">continued<br>
for the 12 months ended December 31, 2005</font></b></FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><HR noShade SIZE=1>
    </td>
    <td><HR noShade SIZE=1>
    </td>
    <td><HR color=#b65b17 noShade SIZE=1>
    </td>
  </tr>
  <tr valign="top">
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">US
          accounting
information</font></b><font size="2">&nbsp;</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><hr size="1" noshade>
    </td>
    <td colspan="2"><hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">a)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Comparison
            of
International and US accounting principles</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">From
          January 1, 2005, as required by the European Union&#146;s IAS Regulation,
          the group has prepared its Annual Report and Form 20-F in accordance
          with International Financial Reporting Standards (IFRS) as adopted
          by the European Union (EU), which differ in certain respects from US
          generally accepted accounting principles (US GAAP). These differences
          relate principally to the following items, and the effect of each of
          the adjustments to profit for the financial year and net equity that
    would be required to US GAAP, is set out below. </font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<P><FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS as adopted by the EU differ in certain respects from IFRS as issued by the International Accounting Standards Board (IASB). However, the consolidated financial statements
for the periods presented would be no different had the Company applied IFRS as issued by the IASB. References to IFRS hereafter should be construed as references to IFRS as adopted by the EU.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As a result of the group&#146;s transition to IFRS on January 1, 2004, the reconciliations of net income and net equity for 2004 published in previous periods have been
restated to reflect the restated profit and net equity reported within the Consolidated Income statement and Consolidated Balance Sheet. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under the IFRS transition provisions within the Securities and Exchange Commission&#146;s (SEC) Form 20-F requirements, the group is permitted to provide two years of
comparable financial information under IFRS and reconciliations to US GAAP for the periods presented. In addition, the group is providing three years of certain comparable financial information under US GAAP and selected financial US GAAP
information for five years.</FONT></font></P>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Intangible
    assets</font></b></font></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">i)</font></font></td>
    <td><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Goodwill</font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
          IFRS, goodwill arising on acquisitions completed prior to January 1,
          1998 was written off directly to reserves. From December 31, 1997 to
          January 1, 2004, all acquired goodwill was capitalised and amortised
          over a period not exceeding 20 years. Since January 1, 2004, goodwill
          continues to be capitalised, however, amortisation of goodwill ceased
          at that date. On disposal of a business, the profit or loss on disposal
          is determined including goodwill reported as part of intangible assets.
          Under US GAAP prior to January 1, 2002, goodwill arising on acquisitions
          prior to July 1, 2001, was capitalised and amortised over its estimated
          useful life, not exceeding 40 years. Under the transition provisions
          of SFAS 142 &#147;Goodwill and other intangible assets&#148;, goodwill,
          which arose during the period subsequent to July 1, 2001, was capitalised,
          but has not been amortised. From January 1, 2002, goodwill is no longer
    amortised, but is reviewed annually for impairment.</font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ii)</font></font></td>
    <td><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other
    intangible assets</font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Since
          January 1, 2002, separately identified intangible assets arising on
          acquisitions have been capitalised and amortised over their useful
          lives of between 1 and 27 years under US GAAP. Separately identified
          intangible assets recognised since transition to IFRS have been amortised
    on the same basis as under US GAAP.</font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">iii)</font></font></td>
    <td><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capitalised
    software</font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
          IFRS, computer software which is deemed not to be integral to the computer
    hardware is capitalised as part of intangible assets. </font><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
    US GAAP, the balances are reclassified into property, plant and equipment.</font></font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Impairment
    of goodwill</font></b></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
          IFRS, goodwill is reviewed for potential impairment where there is
          an indication that an impairment may have occurred. The impairment
          is measured by comparing the carrying value of goodwill for each cash
          generating unit (CGU) with the higher of the net realisable value and
          the value in use. Under US GAAP, goodwill impairment reviews are also
          conducted when an indicator of impairment exists, in addition to an
          annual impairment review as required by SFAS 142. The potential impairment
          is identified by comparing the carrying value of each reporting unit
          with its fair value. Where the carrying value including any separately
          identifiable intangible assets is greater than the fair value, an impairment
          loss is calculated based on the excess of the carrying value of goodwill
          over the implied fair value of goodwill. Where reporting units identified
          under US GAAP differ from the CGUs identified under IFRS, a reconciling
    item may arise.</font></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          group&#146;s reporting units are based on its geographical region and
          product groups. Goodwill is allocated to these reporting units based
          on the location and product base of acquisitions and disposals at the
    date of the transaction.</font></font></td>
  </tr>
</table>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Joint-ventures and associates</FONT></B></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The main adjustments that would have been necessary to reconcile the joint-ventures and associates not domiciled within the United States to US GAAP would have been in respect
of deferred tax, pensions and goodwill. The group has not included a reconciling item for these adjustments, as the effect on net income is not material.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Impairment of long-lived assets to be held and used</FONT></B></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
IFRS, property, plant and equipment and intangible assets subject to amortisation
are assessed for impairment on an annual basis. Where an indicator suggests that
there is potential for impairment, a review is completed comparing the recoverable
amount with the carrying value of the asset. The recoverable amount is either
the value in use based on the expected future cash flows discounted to present
value, or the
asset&#146;s fair value less costs to sell. Where the carrying value exceeds
the recoverable amount, the asset is impaired to the recoverable value. If in
the subsequent period, the indicator which caused the impairment no longer exists
and the
recoverable amount has improved, the impairment loss should be reversed.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under US GAAP, such assets are assessed for impairment using a three-step approach. Where an indicator suggests there is potential for impairment, the group determines whether
the sum of the estimated undiscounted cash flows attributable to the long-lived assets in question is less than their carrying amount. It is only if the sum of the undiscounted cash flows is less than the carrying value of the asset that an
impairment should be recognised. The impairment loss is calculated based on the amount by which the carrying value of the asset exceeds its fair value. When an impairment is recorded against the cost of the asset, it may not be reversed.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Variable Interest Entities (VIEs)</FONT></B></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">FIN
46 Revised (FIN 46R) requires the primary beneficiary of variable interests in
entities for which control is achieved through means other than through voting
rights to consolidate the VIE. On adoption of FIN 46(R), the group identified
a variable interest entity in which Hanson is the primary beneficiary. This entity
is Piedras y Arenas Baja, S de R L de CV (&#147;Piedras&#148;), a 51% joint-venture which
previously has been equity accounted for under US GAAP and was consolidated from January 1, 2004. Piedras is an aggregates producer located in Mexico which in 2005 had turnover of &#163;11.9m (2004: &#163;9.9m; 2003, &#163;8.0m) and a pre-tax loss
of &#163;0.5m (2004: &#163;1.1m; 2003 &#163;1.4m). In addition it had net assets at December 31, 2005 of &#163;3.5m (2004: &#163;3.5m; 2003, &#163;4.9m). Approximately 80% of the annual turnover of Piedras is to the group. There
is no recourse to the general credit of the Company for creditors (or beneficial
interest holders) of the consolidated VIE.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Capitalisation of interest costs</FONT></B></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
IFRS, the capitalisation of interest costs is optional. It is the group&#146;s policy under IFRS not to capitalise interest costs. Under US GAAP, interest costs
associated with the construction of major assets over a period of time, such as facilities for use by the company, are capitalised as part of the cost of the tangible fixed asset where the impact of the interest cost is material to the financial
statements. The interest cost capitalised represents an allocation of the interest cost incurred during the period required to complete construction of the asset. In 2005, interest costs of &#163;119.0m have been incurred. Of that amount &#163;2.2m
has been capitalised during the period as part of property, plant and equipment
under US GAAP.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Inventory valuation</FONT></B></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under IFRS, valuing inventory on a last-in-first-out (LIFO) basis is not permitted. However, under US GAAP, where the inventory is valued on a LIFO basis for tax purposes in
the local state, the same methodology must be used for accounting purposes.</FONT></font></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">118</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p119"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33</FONT></B></td>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">US
          accounting
information </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</FONT></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Derivative instruments and hedging activities<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group enters into derivative instruments to limit its exposure to interest rate, foreign exchange and commodity price risks.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Until December 31, 2004, certain derivative instruments were not required to be recognised on the balance sheet at fair value. On January 1, 2005, the group adopted IAS 32 and
39 under IFRS on a prospective basis, requiring designation of hedging instruments and recognition of all derivative instruments at fair value on the balance sheet. The group&#146;s hedging policy remains unchanged but the instruments are accounted
for as described in the Accounting policies on page 75. </FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under US GAAP, derivative instruments, whether designated as a hedge or not, are required to be recognised on the balance sheet at fair value. From January 1, 2005, the group
has applied hedge accounting for the purposes of SFAS 133 &#147;Accounting for derivative instruments and hedging activities&#148; where the requirements of SFAS 133 are met. Prior to that date, hedge accounting was not applied for the purposes of
US GAAP and therefore, in 2004, the reconciliation to net income in that period fully reflects the changes in fair value of the derivatives, other than hedges of net investment. Hedges of net investment and the treatment of realised and unrealised
gains and losses are the same under US GAAP as under IFRS, being taken to equity.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Transition adjustment<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
addition, under US GAAP, transition adjustments were required to include the
fair value of derivatives on the balance sheet on the adoption of SFAS 133 at
January 1, 2001. For those derivatives considered to be fair value hedges, the
January 1, 2001 opening fair value of &#163;17.1m was shown as current assets and liabilities &#150; derivatives and as an adjustment to debt. The adjustment to debt is being subsequently
amortised through the income statement over the residual life of the debt. For those derivatives considered to be cash flow hedges, the January 1, 2001 opening value of &#163;0.5m was shown as current assets and liabilities &#150; derivatives,
and as an adjustment to other comprehensive income. The amounts in other comprehensive
income are recognised in the income statement as the related cash flows are realised. </FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Pensions<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under both IFRS and US GAAP, the pension cost or credit is determined by reference to the pension liability and the market value of the underlying plan assets, after adjustment
to reflect any previously unrecognised pension obligations or assets. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For certain
pension plans the accumulated benefit obligation at December 31, 2005 exceeded
the fair value of related plan assets. Where a pension plan has an unfunded
accumulated benefit obligation, US GAAP requires such amount to be recognised
as a liability in the balance sheet. The adjustment resulting from the recognition
of any such minimum liability, including the elimination of amounts previously

recognised as a prepaid benefit cost, is reported as an intangible asset to the
extent of unrecognised prior service cost with the remaining amount reported
in comprehensive income.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
      US GAAP, surpluses or deficits, which may result where the actual performance
      of the scheme differs from previous actuarial assumptions,
  are dealt with on an aggregate basis. The group applies the 10% corridor test
  at the beginning of the year, to determine whether amortisation of the gain
      or loss is
  necessary. Where the gain or loss exceeds 10% of the greater of the projected
  benefit obligations or the market related value of the scheme&#146;s assets,
  this is amortised over the active participants&#146; average remaining service
  periods. Under  IFRS, the group has opted not to apply the corridor approach
  and this, therefore, represents a difference in accounting methodology between
  IFRS and US GAAP. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group also provides post-retirement healthcare and life insurance benefits, mainly in the USA, under plans to certain groups of its retired and active employees. </FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Accounting for stock-based compensation<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
IFRS, the group applies the fair value method of accounting for its stock-based
compensation plans. For accounting purposes under US GAAP, the group applies
an intrinsic
value method under APB 25 &#147;Accounting for stock issued to employees&#148; as permitted by SFAS 123 &#147;Accounting for stock based compensation&#148;.
As permitted under the transition rules for IFRS, the group has applied the accounting
methodology to awards granted after November 7, 2002.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In line with the requirements of SFAS 123 and as amended by SFAS 148 &#147;Accounting for stock-based compensation &#150; transaction and disclosure&#148;, the group provides
pro forma disclosure of the impact of applying these standards which are based on a fair value method. For awards granted prior to 2005, the group has used a Black Scholes model to calculate the fair value of awards. For awards granted since January
1, 2005, the group has changed its method used to estimate the fair value of certain awards. The Long Term Incentive Plan (LTIP) and Share Option Plan (SOP) are valued using a Monte Carlo simulation model for the portion of awards dependent on
market conditions and a binomial model for the portion of awards dependent on non-market conditions. Sharesave awards continue to be valued using a Black Scholes model.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The changes
in method used to estimate the fair value were made in order to be consistent
with the estimates used for fair values determined under IFRS. These changes
did not
have a material impact on the group&#146;s proforma net income or related per
share amounts.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plans
      excluding performance criteria &#150; Sharesave Scheme<br>
  Under IFRS, sharesave
      schemes are valued at their fair value on the date of grant and are expensed
      over the vesting period. Under US GAAP, the 20%
      discount offered
  to the group&#146;s UK employees on an Inland Revenue approved sharesave scheme
  should be expensed over the vesting period, representing the intrinsic value
  of the award.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plans
      including performance criteria &#150; Long Term Incentive Plan (LTIP)
    and Share Option Plan (SOP)<br>
  The group also operates two schemes which incorporate
    performance criteria, the SOP and the LTIP. Under IFRS, the fair value of
      the award is recognised over the performance period, based on a reasonable
      expectation
    of the extent to which the performance criteria will be met.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Adjustments to the expense are made as the number of awards expected to vest reduces as a result of employees leaving the scheme. Under US GAAP, the plans are treated as
variable compensatory plans and the expense is based on the intrinsic value, remeasured at each balance sheet date and spread over the performance period.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Provisions<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under IFRS, provisions are discounted to reflect the time-value of money based on the estimated timing of cash flows. US GAAP applies a stricter definition, permitting
discounting only where the timing of cash flows are fixed or reliably determinable. IFRS requires a current market discount rate to be applied to provisions, whereas in the instances that discounting is permitted US GAAP requires the current rate to
be used for new decommissioning provisions, or changes in estimates for existing obligations, without amendment in subsequent periods.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Accounting for restructuring costs<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under IFRS, restructuring costs are recognised where implementation of a formal plan has begun and communicated with those affected. Costs of leased property, plant and
equipment, which will no longer provide economic benefit, are provided for as part of the restructuring plan. Under US GAAP, termination benefits are recognised where a detailed formal plan has been communicated to employees. Where employees are
required to continue working until they are terminated to be eligible for the termination benefit and that period exceeds the minimum retention period, the cost is recognised ratably over the retention period. Costs of property, plant and equipment
that will continue to be incurred under a leasing contract without economic benefit are recognised once the assets cease to be used. </FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Non-monetary transactions<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
IFRS, exchanges of assets in return for an equity interest in a joint-venture
entity are transferred at the fair value of assets surrendered. The fair value
of the equity interest received is measured by its fair value, which is equivalent
to the fair value of the assets given up adjusted by the amount of cash transferred.
In this instance a proportion of the gain or loss on the transaction is recognised
in the
equity shareholders&#146; income statement.</FONT></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="3%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">119</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></td>
  </tr>
</table>
<BR>
<BR>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p120"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="#8c8a95">continued</font></b></FONT><b><font color="#8c8a95" size="3"><BR>
          <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for
        the 12 months ended December 31, 2005</FONT></font></b></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33</FONT></B></td>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">US
          accounting
information </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</FONT></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>

<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> </FONT></B><P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under US GAAP, from January 2005, the group has adopted SFAS 153 &#147;Exchanges of non-monetary assets&#148;, part of the current FASB and IASB&#146;s convergence project. The
issuance of this standard removes future differences as it is to be applied on a prospective basis. However, there are a number of residual differences on acquisitions prior to this date. Previously, APB Opinion No. 29 &#147;Accounting for
non-monetary transactions&#148; provided an exemption to its general principles of measuring such transactions at fair value where the exchange related to similar productive assets. SFAS 153 has removed this exemption for transactions taking place
after January 2005.</FONT></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Foreign exchange gains and losses on disposals of businesses<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Prior to the transition date, under IFRS, cumulative foreign exchange gains and losses relating to disposals were adjusted within reserves. Since January 1, 2004, cumulative
gains and losses are included in determining the profit or loss on disposal of the business. At that date, the group opted to set the cumulative translation reserve to nil. Under US GAAP, such gains and losses are also included in determining the
profit or loss on disposal but they are tracked from the date of acquisition of the entity. </FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Deferred tax<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
both IFRS and US GAAP, deferred taxation liabilities are provided on differences
between the book and tax bases of assets and liabilities except in certain limited
circumstances. However, under IFRS, tax written down value may be taken into
account for certain assets&#146; tax base where as US GAAP requires use of such assets&#146; tax
base for disposal. Under IFRS, deferred tax assets are recognised for future
deductions and utilisations of tax carry forwards to the extent that it is more
likely than not that suitable taxable profit is expected to be available. Under
US GAAP, deferred tax assets are recognised at their full amounts and reduced
by a
valuation allowance to the extent it is more likely than not that suitable taxable
profits will not be available. Differences in deferred taxation may occur as
a result of accounting adjustments between IFRS and US GAAP.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Discontinued operations<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued operations are those clearly distinguishable operations and activities which either ceased or left the group in the accounting period or soon thereafter, including
assets held for sale, where it is probable that the sale will complete within one year. Prior to January1, 2004, under IFRS, assets held for sale were not treated as discontinued operations. IFRS includes equity instruments as part of discontinued
operations whereas US GAAP specifically excludes equity instruments from scope.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Acquisition accounting<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US GAAP requires that a deferred tax asset or liability be raised to reflect the difference between the tax basis of assets acquired and liabilities assumed, and their fair
values at the time of acquisition. The same is true under IFRS. However, where there are differences between the fair values of these assets and liabilities under IFRS and US GAAP, there will be a resulting difference in the deferred tax calculated.
The recognition of deferred tax assets or liabilities affects the amount of goodwill recognised on acquisition. IFRS requires that contingent consideration is included within the cost of the consideration at the date of acquisition where it is
probable that the resolution of the contingency will result in the transfer of economic benefit and that the amount can be measured reliably. US GAAP, however, only permits recognition of such consideration once the contingency is resolved and the
amount to be paid is determinable. Under IFRS, when shares are issued as consideration for an acquisition, the fair value of that consideration is based upon the share price at the date the acquisition is unconditional. Under US GAAP, the
acquisition price is based upon the share price over a reasonable period of time before and after the date that the acquisitions are agreed to and announced. Where an acquisition results in negative goodwill, IFRS requires that the excess amount is
immediately written off in the Income statement. US GAAP requires the excess to initially be proportionally allocated to the fair values assigned to non-current assets. </FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Asset recognition<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under
IFRS, contingent assets become recognisable in accordance with the criteria set
out in IAS 37 &#147;Provisions, contingent liabilities and contingent assets&#148;.
Where such an asset is recognised under IFRS, it is discounted to its present
value based on the timing of expected cash flows. Although broadly similar, there
are certain circumstances under US GAAP where a contingent asset can only be
recognised if
additional criteria are met.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">New US accounting standards and pronouncements not yet adopted<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
December 2004, the Financial Accounting Standards Board (FASB) issued FASB Statement
No. 123 (Revised 2004), &#147;Share-Based Payment&#148; (SFAS 123(R)), which is a
revision of SFAS 123 &#147;Accounting for Stock-Based Compensation&#148; (SFAS 123). SFAS 123(R) supersedes APB Opinion No. 25 &#147;Accounting for Stock Issued to Employees&#148; (APB 25) which is the group&#146;s current accounting policy under US
GAAP. It also amends FASB Statement No. 95 &#147;Statement of Cash Flows&#148;.
The approach in SFAS 123(R) is similar to the approach described in SFAS 123.
However, SFAS 123(R) requires all share-based payments to employees, including
grants of share options, to be recognised in the income statement based on their
fair values. The pro forma disclosure option under SFAS 123 will no longer be
allowed. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group expects to adopt the requirements of SFAS 123(R) as its accounting policy for the financial year ended December 2006. SFAS 123(R) permits adoption of the requirements
using one of two methods: a &#147;modified prospective&#148; method where the requirements are applied to all share-based payments granted after the effective date of the statement; or a &#147;modified retrospective&#148; method which allows
entities to restate prior periods based on the amounts previously recognised under SFAS 123 for the purposes of pro forma disclosures. Hanson plans to adopt SFAS 123(R) using the modified prospective method. This requires the group to not restate
prior periods but to provide the pro forma disclosures previously required under SFAS 123. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As permitted by SFAS 123, the group currently accounts for share-based payments to employees using APB 25&#146;s intrinsic value method rather than the fair value method under
SFAS 123(R). Accordingly, the adoption of SFAS 123(R)&#146;s fair value method will impact the group&#146;s results of operations. The impact of adoption of SFAS 123(R) cannot be predicted at this time because it will depend on levels of share-based
payments granted in the future. However, had the group adopted SFAS 123(R) in prior periods, the impact of the standard would have approximated the impact of SFAS 123 as described in the disclosure of proforma net income and earnings per share in
Note 33(l). SFAS 123(R) also requires the benefits of tax deductions in excess of recognised compensation cost to be reported as a financing cash flow rather than as an operating cash flow as it is reported currently. This requirement will reduce
net operating cash flows and increase net financing cash flows in periods after adoption. While the company cannot estimate what those amounts will be in the future, the amount of operating cash flows recognised in prior periods for such excess tax
deductions were &#163;0.7m, &#163;1.1m and &#163;0.7m in 2005, 2004 and 2003 respectively.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In May 2005, the FASB issued Statement No. 154 &#147;Accounting Changes and Error Corrections&#148; (SFAS 154) which converges the methodology of accounting for changes in
accounting policy and prior period errors with that of IAS 8 &#147;Accounting Policies, Changes in Accounting Estimates and Errors&#148; (IAS 8), requiring retrospective adoption of new accounting policies to aid comparison between all periods
presented in the financial statements. The group intends to adopt this statement for US GAAP reporting purposes in the financial year ended December 2006.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In March 2005, the FASB ratified Emerging Issues Task Force Issue 04-06, &#147;</FONT><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Accounting for
Stripping Costs in the Mining Industry&#148; </FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(&#147;EITF 04-06&#148;). EITF 04-06 clarifies that post-production stripping costs, which represent costs of removing
overburden and waste materials to access mineral deposits, should be considered costs of the extracted minerals under a full absorption costing system and recorded as a component of inventory to be recognised in costs of sales in the same period as
the revenue from the sale of inventory. EITF 04-06 is effective January 1, 2006 and any capitalised post-production stripping costs will be recognised as an adjustment to retaining earnings at that date. The group expects the impact on its financial
conditions or results of operations to be immaterial.</FONT></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="3%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 120</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p121"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="bottom">
    <td width="3%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33</FONT></B></td>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">US
          accounting
information </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</FONT></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr align="left" valign="bottom">
    <td><B><font size="2"><FONT
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">b)</FONT></font></B></td>
    <td><B><font size="2"><FONT
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net income</FONT></font></B></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(restated)</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit for the financial year as reported in the consolidated income statement</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">387.6</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.2</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Minority interest</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit for the year attributable to equity holders of the Company</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">387.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Adjustments:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible assets &#150; amortisation</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible assets &#150; impairment*</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">15.5</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(321.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investments in joint-ventures</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property, plant and equipment &#150; impairment</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(19.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property, plant and equipment &#150; depreciation</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Inventory valuation</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Receivables</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Change in fair value of derivatives</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(7.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pensions</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(31.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(15.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share-based payments</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(11.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(14.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(42.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit and loss on disposals &#150; goodwill</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(7.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit and loss on disposals &#150; cumulative exchange losses</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation on above adjustments</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">23.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation methodology</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">110.5</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">73.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net income/(loss) as adjusted to accord with US GAAP</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">463.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Arising from:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing operations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">473.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued operations &#150; profit from operations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14.5</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued operations &#150; loss on disposals</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(24.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(48.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net income</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">463.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Includes goodwill previously written off to reserves under UK GAAP pre 1998</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The 2004 taxation methodology adjustment includes the impact of a tax write-up of depreciable fixed assets under a new tax consolidation regime recently introduced in
Australia.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left"><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">c)</FONT></B></font></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Earnings
    per share</FONT></B></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Per share</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Per ADS</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Per share</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Per ADS</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Per share</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Per ADS</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pence</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pence</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic &#150; income from continuing operations</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">65.0</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">324.8</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.3</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40.5</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">202.8</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic &#150; income from discontinued operations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(20.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(45.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic &#150; net income</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">63.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">318.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">157.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted &#150; income from continuing operations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">64.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">321.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">201.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted &#150; income from discontinued operations</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(20.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(44.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted &#150; net income</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">63.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">315.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">156.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">d)</FONT></B></td>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Statement
    of comprehensive income</FONT></B></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>



<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=3% align=left></TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
    income/(loss) as adjusted to accord with US GAAP</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">463.7</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.9</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">231.7</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other comprehensive income:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Translation adjustment for the period, net of tax of &#163;nil</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">82.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(15.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">30.4</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Change in fair value of derivatives and related items, net of tax of &#163;nil</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.6</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top"><hr size="1" noshade>
  </TD>
  <TD align=left valign="top"><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=left valign="top">
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Unfunded accumulated benefit obligation and additional minimum liability &#150; net of tax of &#163;nil (&#163;nil, &#163;77.6m)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">121.8</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total comprehensive income/(loss)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">541.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(41.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">384.5</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan=2 align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Movements
    in other comprehensive income amounts (net of related tax) are as follows:</FONT></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td width="50%"><hr size="1" noshade></td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left></TD>
	<TD rowspan="4" align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Unfunded ABO</FONT>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">and additional</FONT>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">minimum liability</FONT>
	</TD>
	<TD rowspan="4" align=left></TD>
	<TD rowspan="4" align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Derivative</FONT>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">financial</FONT>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">instruments</FONT>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">gains/(losses)</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD rowspan="3" align=left></TD>
	<TD rowspan="3" align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Currency</FONT>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">translation</FONT>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">differences</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At January 1, 2003</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(126.1</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.6</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(52.2</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(179.9</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Movement in the year</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">121.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">30.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">152.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At December 31, 2003</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(21.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(27.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Movement in the year</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(15.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(15.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At December 31, 2004</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(37.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(42.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Movement in the year</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">82.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">78.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At December 31, 2005</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">44.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">35.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="3%"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 121</FONT></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p122"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><p><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
            to the accounts <font color="#8c8a95">continued</font><br>
        <font color="#8c8a95">for the 12 months ended December 31, 2005</font></b></font></p>
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">    US accounting information </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued </font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr>
    <td><b><font size=2
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">e)</font></b></td>
    <td><b><font size=2
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net equity</font></b></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD colspan="2" align=right><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD rowspan="4" align=left><font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD rowspan="5" align=left><font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
  <TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(restated)</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net equity as reported in the consolidated balance sheet</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,672.3</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,411.0</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Adjustments:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible assets &#150; goodwill</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(45.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(37.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible assets &#150; other cost</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(13.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible assets &#150; other accumulated amortisation</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible assets &#150; net adjustment</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(57.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(41.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investments in joint-ventures</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(20.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(44.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Receivables</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Inventory</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current liabilities &#150; derivatives</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(22.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(63.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Defined benefit pension surplus</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">458.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">470.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Defined benefit pension deficit</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">27.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Trade and other payables</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Borrowings &#150; derivatives</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Minority interest</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation on above adjustments</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(141.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(156.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation methodology</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">164.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">53.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">373.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">272.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net equity as adjusted to accord with US GAAP</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,046.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,683.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
</TABLE>
<font size="2"></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">f) </font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Cash
    flow statement</font></b></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          consolidated statements of cash flows prepared under IFRS present substantially
          the same information as those required under US GAAP. These statements
          differ, however, with
regard to classification of items within them.</font></font></td>
  </tr>
</table>
<P>
  <FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under US GAAP, cash and cash equivalents for cash flow purposes include short-term liquid resources but not overdrafts. Under IFRS, overdrafts are included within the
  definition of cash equivalents. Under US GAAP, capitalised interest is treated as part of the cost of the asset to which it relates and thus included as part of investing cash flows; under IFRS all interest is treated as operating
activities.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD colspan="2" align=right><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</TD>
	<TD rowspan="4" align=left></TD>
</TR>
<TR valign="bottom">
  <TD rowspan="2" align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
  <TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash inflows from operating activities</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">473.4</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">509.6</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">478.9</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash (outflows)/inflows from investing activities</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(460.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(208.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(171.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash (outflows)/inflows from financing activities</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(407.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(350.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(85.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(Decrease)/increase in cash and cash equivalents</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(393.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(48.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">222.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Effect of foreign exchange rate changes</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">82.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(67.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(82.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash and cash equivalents at January 1</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,394.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,510.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,370.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash and cash equivalents at December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,083.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,394.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,510.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
</TABLE>
<BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">g)</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">    Additional information required by US GAAP in respect of taxation</font></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        components of the corporate tax profit and loss (charge)/credit on continuing
    operations are as follows:</font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD colspan="2" align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</TD>
    <TD rowspan="4" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD rowspan="2" align=left>  <font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current taxes</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(27.1</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(41.0</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(38.6</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred taxes</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">141.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">80.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">69.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">114.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The effective tax rate on continuing operations differs from the UK statutory rate for the following reasons:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
      <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK statutory rate</FONT></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(111.6</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11.0</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(80.0</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Overseas tax rate differences</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">34.5</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Effect of current year events on prior period tax balances</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">52.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">33.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Utilisation of losses brought forward, net of excess losses</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">124.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">54.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Impairment</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(82.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australian tax write-up</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">64.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B>	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">15.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total continuing tax credit</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">114.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">122</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts </FONT></TD>
  </TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p123"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33</font></b></td>
    <td><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">    US accounting information </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</FONT></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Significant
    components of the deferred tax liabilities and assets are as follows:</font></font></td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
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  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD rowspan="3" align=left><font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT></TD>
    <TD rowspan="4" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred tax liabilities:</FONT></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></font></TD>
	<TD width=8% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">481.1</FONT></B></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">469.4</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">524.9</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pensions and other post-retirement benefits</FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">167.5</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">113.0</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">113.8</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other</FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.5</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">78.5</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">105.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total deferred tax liabilities</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">650.1</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">660.9</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">744.6</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deferred tax assets:</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Environmental obligations</FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">116.7</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">87.9</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70.5</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Losses</FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">114.8</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other</FONT></font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">175.6</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">137.2</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">105.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total deferred tax assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">407.1</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">225.1</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">176.2</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net deferred tax liabilities</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">243.0</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">435.8</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">568.4</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The valuation allowance established against deferred tax assets at December 31, 2005 was &#163;75.4m (2004: &#163;108.0m), the movement in the year being &#163;32.6m (2004:
&#163;108.0m). The valuation allowance is in respect of unrecognised tax losses of &#163;250.0m (2004: &#163;360.0m).</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The group has
reserves for taxes that may become payable in future periods as a result of tax
audits. It is the group&#146;s policy to establish reserves for taxes that may
 become payable in future years as a result of an examination by tax authorities.
The tax reserves are analysed at each balance sheet date and adjustments are
made as events occur to warrant adjustment to the reserves. At any given time,
the group is
undergoing tax audits in several tax jurisdictions and covering multiple years.
The accrual for these reserves at December 31, 2005 was &#163;103.0m (&#163;108.5m). </FONT></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
decrease is due to revisions to the best reasonable estimate of the tax exposure,
cash paid on certain audits and settlements of certain audits.</FONT></font></P>
<P><FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      group has not provided deferred tax liabilities related to differences
      of its foreign subsidiaries
  and joint ventures under Accounting Principles Board Opinion (APB) 23, &#147;Accounting
  for Income Taxes &#150; Special Areas&#148; as it is the group&#146;s
  policy to
  permanently reinvest such earnings. Quantifying the amount of undistributed earnings and deferred tax liabilities is not practical.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#147;FASB
Staff Position No 109-2&#148; Accounting and Disclosure Guidance for the Foreign
Earnings Repatriation Provision within the American Jobs Creation Act of 2004&#148;,

provides guidance under FASB Statement No. 109, &#147;Accounting for Income Taxes,&#148; with
respect to recording any potential impact of the repatriation provisions of the
American Jobs Creation Act of 2004. Hanson has determined that the benefits
are immaterial to the financial statements at December 31, 2005.</FONT></font></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">h)</font></b></font></td>
    <td><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">      Additional information required by US GAAP in respect of pensions
    and other post-employment medical benefits</FONT></B></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          weighted average rates for calculating year end benefit obligations
          and forecast cost in the main retirement plans and post-employment
          medical benefits are as
follows:</font></font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD rowspan="4" align=left><font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="4" align=left></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="4" align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Post-</FONT></B></TD>
	<TD rowspan="4" align=left></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="4" align=left></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="4" align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-</FONT></TD>
	<TD rowspan="4" align=left></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="4" align=left></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="4" align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-</FONT></TD>
    <TD rowspan="4" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">employment</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employment</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employment</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Pension</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Pension</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">medical</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">medical</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">medical</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">benefits</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">benefits</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">benefits</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">UK</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">USA</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">USA</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">USA</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">%</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted-average discount rates</FONT></TD>
	<TD width=6% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.80</FONT></B></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=6% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.60</FONT></B></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=6% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.60</FONT></B></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.30</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.75</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=7% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.75</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.40</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.25</FONT></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.25</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Rates of increase in compensation levels</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.25</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.25</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.50</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.25</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.50</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.25</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expected long-term rates of return on assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.60</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.75</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.70</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.00</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.90</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.50</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Initial post-retirement benefit trend rate*</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.00-5.00</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.00-5.00</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
      <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.00-5.00</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="19" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*2005,
    2004 and 2003 assumed to decrease by 1% per annum to 5%</font></TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A summary of the components of net periodic pension cost for Hanson&#146;s pension plans is as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD width=2% align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD width=2% align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Defined benefit plans</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">52.5</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.4</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.6</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Defined contribution plans</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.1</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.6</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Multi-employer plans</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3.8</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.8</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total pension expense under US GAAP</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">68.4</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50.8</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">57.8</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The net periodic pension costs for Hanson&#146;s main pension plans and post-retirement benefit plans in the UK and US are as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD rowspan="9" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
	<TD rowspan="8" align=left><font size="2">&nbsp;</font>  <font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font>  <font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Post-</FONT></B>
	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-</FONT>
	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">employment</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employment</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employment</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">UK</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">US</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">medical</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">medical</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">medical</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pensions</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pensions</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">benefits</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pensions</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pensions</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pensions</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pensions</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Service cost</FONT></TD>
	<TD width=6% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19.5</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=6% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10.2</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=6% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.1</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.9</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.1</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.7</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">32.0</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.2</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.4</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest cost</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">66.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">31.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">63.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">61.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expected return on assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(71.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(36.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(67.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(39.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(59.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(48.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amortisation of transition assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(15.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Recognised loss/(gain)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">25.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Recognised prior service cost/(income)</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gain due to settlement on curtailment</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net periodic benefit cost</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">17.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">29.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">45.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">123</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p124"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top"><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes
          to the accounts <font color="#8c8a95">continued</font><br>
          <font color="#8c8a95">for the 12 months ended December 31, 2005</font></b></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">US
    accounting information </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The following information shows the items that would be disclosed under US GAAP for Hanson&#146;s main pension plans and post-retirement benefit plans in the UK and USA:
</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD colspan="2" align=right><hr size="1" noshade>
</TD>
  </TR>
<TR valign="bottom">
	<TD rowspan="8" align=left><font size="2">&nbsp;</font>  <font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font>  <font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</TD>
    <TD rowspan="9" align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Post-</FONT></B>
	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-</FONT>
	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="2" align=left><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">employment</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employment</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employment</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">UK</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">US</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">medical</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">medical</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">medical</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pensions</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pensions</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">benefits</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pensions</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pensions</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pensions</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pensions</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Benefit obligation at beginning of year</FONT></TD>
	<TD width=6% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,246.7</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=6% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(515.3</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=6% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(80.4</FONT></B>
	</TD>
	<TD width=2% align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,188.0</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(525.9</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(87.9</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,146.0</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(544.0</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD width=6% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(100.2</FONT>
	</TD>
	<TD width=2% align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Service cost</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(19.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(10.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(32.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest cost</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(66.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(31.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(63.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(31.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(61.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(35.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Plan participants&#146; contributions</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Actuarial loss</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(82.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(14.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(15.8</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(7.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(24.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(31.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Benefits paid</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">51.5</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">35.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">48.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Plan amendments</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Divestitures, curtailments and settlements</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(11.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Others</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exchange movements</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(62.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Benefit obligation at end of year</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,380.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(597.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(103.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,246.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(515.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(80.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,188.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(525.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(87.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
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  <TD align=right>&nbsp;</TD>
</TR>
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  <TD align=left></TD>
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  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Change in plan assets</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
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	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fair value of plan assets at beginning of year </FONT></font></TD>
	<TD align=right><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,217.8</font></b> </font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">499.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,150.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">514.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,046.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">458.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Actual return on plan assets</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">185.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">32.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">72.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">49.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">119.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">96.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Employer contributions</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">28.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">13.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">33.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">27.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">52.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Plan participants&#146; contributions</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Benefits paid</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(51.5</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(35.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(46.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(35.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.5</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(48.1</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(39.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(10.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Divestitures</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
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  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Others</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.6</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exchange movements</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">59.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(39.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(53.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Fair value of plan assets at end of year</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,396.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">569.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,217.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">499.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,150.8</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">514.7</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Funded status</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Funded status of plans at December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">15.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(28.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(103.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(28.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(15.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(80.4</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(37.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(87.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Unrecognised prior service cost</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(8.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(7.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">13.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Unrecognised net actuarial (gain)/loss</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">266.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">209.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">314.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">181.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">328.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">186.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(14.7</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Unrecognised transition asset</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net amount recognised</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">290.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">183.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(104.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">296.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">168.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(96.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">292.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">178.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(108.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD colspan="18" align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts
recognised in the balance sheet consist of:</FONT><font size="2">&nbsp;</font>	<font size="2">&nbsp;</font><font size="2">&nbsp;</font>	<font size="2">&nbsp;</font><font size="2">&nbsp;</font>	<font size="2">&nbsp;</font><font size="2">&nbsp;</font>	<font size="2">&nbsp;</font><font size="2">&nbsp;</font>	<font size="2">&nbsp;</font><font size="2">&nbsp;</font>	<font size="2">&nbsp;</font><font size="2">&nbsp;</font>	<font size="2">&nbsp;</font><font size="2">&nbsp;</font>	<font size="2">&nbsp;</font><font size="2">&nbsp;</font>	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Prepaid benefit cost</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">291.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">192.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">296.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">176.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">292.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">188.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Accrued benefit liability</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(104.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(7.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(96.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(108.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Additional minimum liability</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(7.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible asset</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Accumulated other comprehensive income</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#8211;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#8211;</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net amount recognised</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">290.8</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">183.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(104.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">296.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">168.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(96.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">292.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">178.1</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(108.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>

<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The accumulated benefit obligation for defined benefit pension plans was &#163;1,850m (&#163;1,617.4m) at December 31. The projected benefit obligation, accumulated benefit
obligation and fair value of plan assets for the plans with accumulated benefit obligations in excess of plan assets were &#163;31.8m, &#163;30.6m and &#163;16.5m (2004: &#163;18.5m, &#163;18.2m and &#163;15.6m).</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The following benefit payments, which reflect future service, as appropriate, are expected to be paid:</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD colspan="2" align=right><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD rowspan="6" align=left><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;</font></TD>
	<TD rowspan="3" align=left><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
	<TD width=2% rowspan="4" align=left><font size="1">&nbsp;</font></TD>
	<TD rowspan="3" align=left><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
	<TD width=2% rowspan="4" align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Post-</FONT></TD>
    <TD width=2% rowspan="6" align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">employment</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">medical</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD width=8% align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></TD>
	<TD width=8% align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US</FONT></TD>
	<TD width=8% align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">benefits</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2006</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">52.9</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.5</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.4</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2007</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">54.4</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.4</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.4</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2008</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55.9</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.6</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2009</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">57.5</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.7</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.2</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2010</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">59.1</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.1</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2011&#150;2015</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">320.7</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">204.8</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 124</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
    to the accounts</FONT></TD>
  </TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p125"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> US
    accounting information </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade>
    </td>
    <td><hr size="1" noshade>
    </td>
  </tr>
</table>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">On December 8, 2003, the Medicare Prescription Drug, Improvement and Modernisation Act (the &#147;Act&#148;) was signed into law. The Act introduces a prescription drug benefit
under Medicare as well as a federal subsidy to sponsors of retiree health care benefit plans. As of December 31, 2003, the Company gave consideration of the Act&#146;s changes to its other post-employment medical benefits by reducing the accumulated
benefit obligation by approximately &#163;12.4m for that portion of the benefit pertaining solely to prescription drugs. This amount was reflected in the &#147;Actuarial (gains) and losses&#148; of the rollforward of the accumulated benefit
obligation for 2003. The Company has recorded no benefit for this change in its net periodic benefit cost for 2003, but recorded income of approximately &#163;0.9m and &#163;2.0m in 2005 and 2004, respectively as a result of decreased service and
interest costs and by amortising the unrecognised gain over the expected service lives of the active participants.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assumed health care trend rates have a significant effect on the amounts reported for the post-retirement medical benefit plans. A one-percentage point change in assumed health
care cost trend rates would have the following effects on active and non-active liabilities as at December 31, 2005:</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1-percentage</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1-percentage</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">point increase</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">point decrease</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Effect on total of service and interest cost components</FONT></font></TD>
	<TD width=13% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.4</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=13% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.3</FONT>
	</font></TD>
	<TD width=2% align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Effect on post-retirement medical benefit obligation</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.4</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The US plans&#146; assets are primarily included in the Hanson Building Materials America Inc. Pension Trust (&#147;Trust&#148;),
which invests in listed stocks and bonds. At December 31, 2003, December 31,
2004 and at December 31, 2005 the Trust had no investment in Hanson ordinary
shares.</FONT>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Within the UK, the fund assets are dealt with by several directly invested funds for the periods ended December 31, 2005, 2004 and 2003 where funds did not invest in the shares
of the Company.</FONT></P>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">i)</font></b></font></td>
    <td><font size="2"> <b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Additional
            information required by US GAAP in respect of accounting for the
            impairment of fixed assets
and for fixed assets to</font></b>        <b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">be disposed
    of</font></b></font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="5" align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A summary of the impairment charges that have been recognised under US GAAP is as follows:</FONT></font>	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets to be disposed of</FONT></font></TD>
	<TD width=10% align=right><font size="2">
<B>&#8211;</B>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=10% align=right><font size="2">
&#8211;	</font></TD>
	<TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets to be held and used</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">372.2</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">372.2</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disclosed as:</FONT></font></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Impairment charges recognised under IFRS:</FONT></font></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating impairment charges</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">23.6</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">29.8</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued operations&#146; impairments</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.9</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating impairment reversals</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(19.6</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Charge for the year under IFRS</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4.0</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51.2</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Less: Adjustment to goodwill impairment recognised under US GAAP</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(15.5</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">321.0</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Plus: Adjustment to property, plant and equipment impairment under US GAAP</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19.6</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total charge under US GAAP</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">372.2</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Charged against:</FONT></font></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Intangible assets &#150; goodwill</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">324.8</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5.9</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">25.4</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investment in joint-ventures</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20.5</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other assets</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.5</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">372.2</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
</TABLE>
<font size="2"><P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2005, previously recognised impairment charges against property, plant and equipment in North America of &#163;19.6m have been reversed. The reversal of such impairments is
not permitted under US GAAP. In addition, an impairment of goodwill of &#163;17.6m has been recognised under IFRS. Under US GAAP, &#163;15.5m of this impairment has been recognised previously and therefore the IFRS impairment has been
reversed.</FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Of the amounts charged as impairments in 2004 under IFRS, &#163;nil had been charged in prior years as amortisation under US GAAP or previously impaired under IFRS, and is
therefore shown as a reduction in the difference between the charge under IFRS and US GAAP. The operating impairment charge of &#163;29.3m in 2004 under IFRS relates to various operations within North America, the UK and Asia Pacific, where it has
been necessary to make an impairment provision for the difference in these operations&#146; carrying values compared with the higher of their value in use or net realisable value. </FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2004, an impairment charge of &#163;320.8m was recognised under US GAAP in relation to Hanson Aggregates UK goodwill following the annual SFAS 142 impairment review. This
related in part to goodwill which was written off to reserves under IFRS prior to 1998 and also reflected the current assessment of implied goodwill following the recent strategic review of this business. In addition, &#163;2.7m of goodwill was
written off under US GAAP in relation to Asia Pacific&#146;s Singapore operations. </FONT></P>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">j)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additional
            information required by US GAAP in respect of accounting for intangible
    assets subject to amortisation</font></b></font></td>
  </tr>
  <tr align="left" valign="top">
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other
          intangible assets subject to amortisation primarily consisting of purchase
          options, order backlogs and non-compete agreements capitalised since
          2003, that have a cost of &#163;35.0m (&#163;12.9m) and an accumulated
          amortisation charge of &#163;5.5m (&#163;3.4m). The estimated aggregate
          amortisation expense for each of the next five years is &#163;2.4m, &#163;2.3m, &#163;2.2m, &#163;1.9m
    and &#163;1.8m.</font></font></td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">125</font></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
        to the accounts</FONT></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p126"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top"><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Notes to the accounts </b><font color="#8c8a95"><b>continued</b></font> <b><br>
<font color="#8c8a95">for the 12 months ended December 31, 2005</font></b></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> US
    accounting information </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade>
    </td>
    <td><hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">k)&nbsp;</font></b></font></td>
    <td><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additional information
    required by US GAAP in regards to goodwill</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">An
          analysis of goodwill of group companies by reporting segment is given
    below:</font></font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD rowspan="4" align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD rowspan="2" align=left><font size="1">&nbsp;</font>	</TD>
  <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD rowspan="3" align=left><font size="1">&nbsp;</font>	<font size="1">&nbsp;</font>	</TD>
  <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD rowspan="2" align=left><font size="1">&nbsp;</font>	</TD>
  <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD rowspan="2" align=left><font size="1">&nbsp;</font>	</TD>
  <TD rowspan="4" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD rowspan="3" align=left><font size="1">&nbsp;</font>	<font size="1">&nbsp;</font>	</TD>
  <TD rowspan="4" align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT>
	</font></TD>
  </TR>
<TR valign="bottom">
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">North America</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Building</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Building</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asia</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continental</FONT>
	</font></TD>
  </TR>
<TR valign="bottom">
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Products</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Aggregates</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Products</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pacific</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Europe</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT>
	</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As at January 1, 2003</FONT></font></TD>
	<TD width=8% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">145.8</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=8% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">279.3</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=7% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">313.0</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=7% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.0</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=7% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">214.9</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=7% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">98.9</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=7% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.7</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=7% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,110.6</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Currency retranslation</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(23.4</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(14.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">30.7</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.5</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(7.7</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Impairments</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.4</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.8</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.4</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(31.7</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reallocations</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(20.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(20.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Acquisitions</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.3</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.7</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">29.6</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disposals</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.5</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(17.7</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.9</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(39.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">As at December 31, 2003</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">144.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">265.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">308.9</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">36.0</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">206.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">61.7</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19.5</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,041.6</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Currency retranslation</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(16.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.3</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(7.6</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(28.6</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Impairments</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(320.8</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(324.8</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reallocations</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(12.9</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.9</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Acquisitions</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.3</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.3</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.1</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35.9</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disposals</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.6</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.7</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(37.9</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(40.2</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">As at December 31, 2004</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">114.0</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">274.4</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">37.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">212.9</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.3</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">23.3</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">674.0</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Currency retranslation</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23.6</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">29.5</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.7</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.3</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.4</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">61.7</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Impairments</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.6</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reallocations</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(10.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(17.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(27.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Acquisitions</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">34.0</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">42.4</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">111.9</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.5</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.3</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">190.1</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Disposals</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.6</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.9</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">As at December 31, 2005</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">165.4</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">346.3</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">148.5</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">212.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14.6</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.8</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">887.7</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<font size="2"></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">l)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additional
    information required by US GAAP in regards to employee share schemes</font></b></font></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2">        <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        has various share option and sharesave schemes. A description of the
        plans is included in note 5. In addition, certain employees have participated
        in the Hanson Inland Revenue Approved Share Option Scheme, under which
        they were granted ordinary shares by purchase. The fair value of options
    granted during the years ended: 2005, 2004 and 2003 are as follows:</font></font></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Long Term</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sharesave</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share Option</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Incentive Plan</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Schemes</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Schemes</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fair value of options granted during the years ended</FONT></font></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left></TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December 31, 2005</FONT></font></TD>
	<TD width=12% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">307.7</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=12% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133.7</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=12% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">76.2</FONT></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December 31, 2004</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">116.1</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">81.5</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December 31, 2003</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In 2004 and
2003, the group applied historical volatility as its basis to estimate expected
volatility for the proforma disclosure required by SFAS 123. In light of guidance
provided by IFRS and in conjunction with external advisors, the group has re-evaluated
its process for estimating volatility in 2005 resulting in volatility assumptions
which are more reflective of market conditions. This process has been applied
prospectively for SFAS 123 reporting purposes in 2005. The changes did not have
a material impact on the group&#146;s proforma net income or related per share
amounts.</FONT>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The weighted
average fair value of share options and long-term incentive plans granted in
2005 were estimated using a Monte Carlo pricing model where the award includes
 market-based performance criteria and a binomial pricing model where the award
includes non-market-based performance criteria. The assumptions used were as
follows: dividend yield 4.3%, expected volatility 24.9% for Long Term Incentive
Plans and
30.7% for the share option plan and expected life of three years for the Long
Term Incentive Plan and 6.5 years for the Share Option Plan and a risk free interest
rate 4.8% for the Share Option Plan.</FONT></P>
<P><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The weighted
    average fair value of sharesave schemes granted in 2005 were estimated using
    a Black Scholes pricing model using
  the following assumptions: dividend yield 4.3%, expected volatility 26.7% and
  expected life of 5.4 years.</FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The weighted average fair value of options granted in 2004 and 2003 were estimated using the Black-Scholes option pricing model with the following assumptions: dividend yield
4.3% (4.0%, nil) expected volatility of 28.1% (29.2%, nil) risk free interest rate of 4.9% (5.0%, nil) and expected life of 4.2 years (4.2 years, nil) for the sharesave schemes and 6.5 years (2.5 years, nil) for the share option plans.</FONT></P>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">126</font></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
        to the accounts</FONT></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p127"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">33</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> US
    accounting information </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade>
    </td>
    <td><hr size="1" noshade>
    </td>
  </tr>
</table>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Under US GAAP, the group applies the methodologies set out in APB 25 &#147;Accounting for stock issued to employees&#148; and related interpretations. Had the group adopted
SFAS 123 &#147;Accounting for stock-based compensation&#148;, the net income/(loss) under US GAAP would have been:</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net income/(loss) as adjusted to accord with US GAAP</FONT></font></TD>
	<TD width=10% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">463.7</FONT></B>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=10% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.9</FONT>
	</font></TD>
	<TD width=2% align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD width=10% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">231.7</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Add back: Compensation expense under APB 25</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18.8</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.0</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.8</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deduct: Proforma SFAS 123 charge</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(8.4</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(7.2</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Proforma net income/(loss)</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">474.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(27.9</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">230.3</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Per share</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Per ADS</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Per share</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Per ADS</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Per share</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Per ADS</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pence</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pence</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic</FONT></font></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net income/(loss) as adjusted to accord with US GAAP</FONT></font></TD>
	<TD width=7% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">63.7</FONT></B>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=7% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">318.3</FONT></B>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=7% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.6</FONT>
	</font></TD>
	<TD width=2% align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD width=7% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.3</FONT>
	</font></TD>
	<TD width=2% align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD width=7% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.6</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=7% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">157.9</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Add back: Compensation expense under APB 25</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.5</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.9</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.9</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.9</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deduct: Proforma SFAS 123 charge</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.1</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.7</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.4</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.9</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Proforma net income/(loss)</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">65.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">325.5</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.8</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.9</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.4</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">156.9</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted</FONT></font></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net income/(loss) as adjusted to accord with US GAAP</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">63.0</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">315.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.6</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.3</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">156.5</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Add back: Compensation expense under APB 25</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.5</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12.8</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.9</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.7</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.8</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.9</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deduct: Proforma SFAS 123 charge</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.1</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(5.7</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.4</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.9</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Proforma net income/(loss)</FONT></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">64.4</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">322.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.8</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(18.8</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.1</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">155.5</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<font size="2"></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">m)</font></b></font></td>
    <td><font size="2">
      <p><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additional
            information required by US GAAP in regards to movement in valuation
            allowances</font></b></p>
    </font> </td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD colspan="2" align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD rowspan="4" align=left></TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="4" align=right><font size="1">&nbsp;</font></TD>
	<TD rowspan="3" align=right><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Additions</FONT></font></TD>
	<TD rowspan="4" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="3" align=right><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="4" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD rowspan="2" align=right><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD rowspan="4" align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">charged to</FONT></font></TD>
  </TR>
<TR valign="bottom">
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Balance at</FONT></font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">costs and</FONT></font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Balance at</FONT></font></TD>
  </TR>
<TR valign="bottom">
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 1</FONT></font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exchange</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">expenses</FONT></font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Deductions*</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December 31</FONT></font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Provision for doubtful debts</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT></font></TD>
	<TD width=9% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">29.6</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=9% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.9</FONT>
	</font></TD>
	<TD width=2% align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD width=9% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.3</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=9% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.5</FONT>
	</font></TD>
	<TD width=2% align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD width=12% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.5</FONT></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.5</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2.0</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14.6</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.7</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">32.4</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">32.4</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.9</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6.7</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(11.1</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">29.9</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=left><font size="2"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*Represents
    the excess of amounts written off, over recoveries and subsidiaries disposed</font></font></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Provisions for doubtful debts are recorded based on management&#146;s assessment of prior experience and knowledge of the customer and local economic conditions.
</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">n)</font></b></font></td>
    <td>
      <p><b><font size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additional
      information required by US GAAP in respect of listed securities</font></b></p>
    </td>
  </tr>
  <tr>
    <td colspan="2"><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
        has unconditionally guaranteed the listed debt securities of Hanson Australia
        Funding Limited which is a 100% owned finance subsidiary of Hanson. The
        financial statements of these subsidiaries are not appended to this document,
        in accordance
with Rule 3-10(b) of Regulations S-X, as Hanson&#146;s consolidated financial
statements are contained within the Annual Report and Form 20-F.</font></td>
  </tr>
</table>

<P>
<FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson does not believe that at the current time there are any significant restrictions on the ability of the above mentioned finance subsidiaries to make their funds available
to other group companies.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">127</font></td>
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
        to the accounts</FONT></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p128"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="4" align=left><b><font size="3"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS
            selected financial data<br>
    </font><font color="#8c8a95" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
    income statement data</font></font></b></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group
      turnover<SUP><font size="1">&#134;</font></SUP></FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Aggregates North America</FONT></TD>
    <TD width=8% align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">980.6</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">897.3</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Building Products North America</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">753.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">647.4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Aggregates UK</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">811.5</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">771.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Building Products UK</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">368.2</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">300.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Australia</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">464.6</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">413.2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Asia Pacific</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">108.4</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">124.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Continental Europe</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">228.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">228.0</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,715.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,383.0</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Group
      operating profit before impairments<SUP><font size="1">&#134;</font></SUP></FONT></B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Aggregates North America</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">138.4</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">127.6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Building Products North America</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">125.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">111.2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Aggregates UK</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">108.8</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">74.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Building Products UK</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">37.8</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.8</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Australia</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">81.6</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">66.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Asia Pacific</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.1</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Continental Europe</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19.9</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">23.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Central</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(31.5</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(22.7</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">488.8</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">423.4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
      impairments</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(4.0</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(29.3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
      profit</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">484.8</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">394.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
      finance costs</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(55.5</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(46.8</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit
      before taxation</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">429.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">347.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      on continuing operations</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(34.4</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(27.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit
      after taxation &#150; continuing operations</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">394.9</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">320.2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued
      operations</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(7.3</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(56.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit
      for the year</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">387.6</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Less
      amounts attributable to minority interest</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(0.3</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit
      attributable to equity holders of the Company</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">387.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
      profit per ordinary share (pence)</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">65.6</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">53.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic
      earnings per share (pence)</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">54.2</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">43.6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted
      earnings per ordinary share (pence)</FONT><font size="2"><SUP><FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</FONT></SUP></font></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">53.6</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">43.2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends
      paid in the year (pence)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18.65</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">17.30</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted
      average number of shares &#150; basic</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">728.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">734.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted
      average number of shares &#150; diluted</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">735.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">741.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="5" align=left> <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit
      after tax</font><font size="2"><sup><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;
      </font></sup><font
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">in respect of joint-ventures
      and associates for North America, UK, Australia &amp; Asia Pacific and Continental
      Europe have been included in Group operating profit before impairments<sup><font size="1">&#134;</font>
      </sup>for these divisions. The total amounts for joint-ventures and associate
      profit after tax<sup><font size="1">&#134;</font> </sup>are 2005 &#150; &#163;40.5m (&#163;23.2m).</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <sup></sup></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#134;</font></sup><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
    operations</font></td>
  </tr>
</table>
<P><b><FONT color="#8c8a95" size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
  balance sheet data</FONT></b></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Non-current
      assets</FONT></TD>
    <TD width=8% align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4,221.7</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,663.7</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current
      assets</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,246.5</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,484.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets
      held for sale</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.5</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      assets</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6,476.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,160.6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Non-current
      liabilities</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2,202.8</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(2,023.7</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Current
      liabilities</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1,601.6</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1,725.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      liabilities</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(3,804.4</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3,749.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
      Assets</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,672.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,411.0</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Equity</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Called-up
      share capital</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">73.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Own
      shares</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(73.3</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(30.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reserves</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,669.6</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,365.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Attributable
      to equity holders of the Company</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,670.0</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,408.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Minority
      interests</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      equity</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,672.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,411.0</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number
      of allotted, called-up and fully paid shares</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">737.0</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">737.0</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT color=#000000
      size=1
      face=AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif>128</FONT></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS
      selected financial data</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p129"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="10" align=left><b><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US
          GAAP selected financial data<br>
  <font color="#8c8a95"> Consolidated income statement data</font></font></b></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="10" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2002</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2001</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Turnover
      including joint-ventures and associates</FONT></TD>
    <TD width=8% align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4,084.6</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,810.2</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,956.5</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4,000.5</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4,179.4</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
      profit including joint-ventures and associates</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">429.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">82.2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">430.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">500.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">489.2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Continuing
      operations &#150; net income</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">473.2</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">297.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">282.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">333.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued
      operations &#150; profit from operations</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14.5</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Discontinued
      operations &#150; loss on disposals</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(24.0</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(48.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(73.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(25.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(43.7</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Income/(loss)
      before cumulative effect of change in accounting principle</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">463.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">231.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">271.8</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">302.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cumulative
      effect of change in accounting principle</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(900.4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
      income/(loss) available for appropriation</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">463.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">231.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(628.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">302.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2002</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2001</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pence</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Adjusted
      weighted average basic number of ordinary shares (millions)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">728.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">734.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">733.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">735.0</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">735.4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic
      &#150; income from continuing operations</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">65.0</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">45.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic
      &#150; loss from discontinued operations</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.3</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(9.0</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic
      &#150; income/(loss) before cumulative effect of change in accounting principle</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">63.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37.0</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">41.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic
      &#150; cumulative effect of change in accounting principle</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(122.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Basic
      &#150; net income/(loss)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">63.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(85.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">41.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Adjusted
      weighted average diluted number of ordinary shares (millions)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">735.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">741.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">740.4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">740.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">737.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted
      &#150; income from continuing operations</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">64.3</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40.2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">45.2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted
      &#150; loss from discontinued operations</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.3</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(1.4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(4.2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted
      &#150; income/(loss) before cumulative effect of change in accounting principle</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">63.0</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">41.0</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted
      &#150; cumulative effect of change in accounting principle</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(121.5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Diluted
      &#150; net income/(loss)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">63.0</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(3.6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(84.8</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">41.0</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P> <b><FONT color="#8c8a95" size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
  balance sheet data</FONT></b></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2002</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2001</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
    </TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      assets</FONT></TD>
    <TD width=8% align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7,269.5</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6,560.2</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7,210.9</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7,082.2</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8,436.3</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Long-term
      debt</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,161.6</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,058.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,465.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">972.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,599.3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
      capital</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">73.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">73.7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,473.9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,471.8</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
      assets and shareholders&#146; equity</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3,046.1</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,683.8</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,874.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,605.8</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3,556.5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number
      of shares</FONT></TD>
    <TD align=right> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">737.0m</FONT></B>
    </TD>
    <TD align=left> <B></B></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">737.0m</FONT>
    </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">737.0m</FONT>
    </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">737.0m</FONT>
    </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">735.9m</FONT>
    </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left><hr size="2" noshade color="#000000"></TD>
    <TD align=right><hr size="2" noshade color="#000000"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><FONT color=#000000
      size=1
      face=AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif>129</FONT></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US
      GAAP selected financial data</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p130"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><b><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investor
    information</font></b></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="3" align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Financial
      calendar</font></b></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ordinary</FONT></TD>
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ADS</FONT></TD>
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">CDI</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Final
      dividend for the year to December 31, 2005</FONT></TD>
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">shareholders</FONT></TD>
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">holders</FONT></TD>
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">holders</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=40% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ex-dividend
      date</FONT></TD>
    <TD width=20% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">April
      5, 2006</FONT></TD>
    <TD width=25% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">April
      5, 2006</FONT></TD>
    <TD width=15% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">April
      3, 2006</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Record
      date</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">April
      7, 2006</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">April
      7, 2006</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">April
      7, 2006</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Payment
      date</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">May
      5, 2006</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">May
      12, 2006</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">May
      12, 2006</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(Subject
      to shareholder approval at the AGM)</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan=2 align=left>&nbsp;</TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interim
      dividend for the six months to June 30, 2006</FONT></TD>
    <TD colspan=2 align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">payable
      September 2006 (provisional)</FONT><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interim
      2006</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Full
      year 2006</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Results
      announcements (provisional)</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">August
      2, 2006</FONT></TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">February
      22, 2007</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
  </TR>
</TABLE>
<P> <B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dividends<br>
  </FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cash
  dividends are paid to shareholders as of record dates that are fixed in accordance
  with the dividend procedure timetable published by the London Stock Exchange.
  Hanson pays an interim dividend, normally in September, and a final dividend,
  subject to receiving shareholder approval at the AGM, normally at the end of
  April or early May following the end of the financial year. For the tax treatment
  of dividends paid to shareholders resident in the USA, please refer to the Ancillary
  Information section of this report.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends in respect of the financial years ending December 31 were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD colspan="5" align=right> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Per
      ordinary share</font></TD>
    <TD align=left></TD>
    <TD colspan="5" align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Per
      ADS</FONT></TD>
    <TD align=left></TD>
    <TD colspan="5" align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Per
      ADS</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD colspan="5" align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD colspan="5" align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD colspan="5" align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interim</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Final</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interim</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Final</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interim</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Final</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">cents</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">cents</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">cents</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2001</FONT></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.45</FONT></TD>
    <TD width=1% align=right><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">9.55</FONT>
    </TD>
    <TD width=1% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14.00</FONT></TD>
    <TD width=1% align=right><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.25</FONT></TD>
    <TD width=1% align=right><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">47.75</FONT>
    </TD>
    <TD width=1% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70.00</FONT></TD>
    <TD width=1% align=right><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">32.62</FONT></TD>
    <TD width=1% align=right><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">69.60</FONT></TD>
    <TD width=1% align=right><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">102.22</FONT></TD>
    <TD width=1% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2002</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">4.55</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">10.85</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">15.40</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.75</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">54.25</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">77.00</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">35.24</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">88.22</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">123.46</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2003</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.00</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">11.95</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">16.95</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">25.00</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">59.75</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">84.75</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">41.05</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">105.27</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">146.32</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.35</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">12.80</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">18.15</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">26.75</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">64.00</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">90.75</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">47.74</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">121.83</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">169.57</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2005</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.85</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">14.15</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">20.00</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">29.25</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70.75</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100.00</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">52.59</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#135;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#135;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">*</font><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">If
      approved by shareholders at the AGM to be held on April 26, 2006, the recommended
      final dividend of 14.15p per ordinary share for the year ended December
      31, 2005 will be payable on May 5, 2006 to ordinary shareholders on the
    register at close of business (London time) on April 7, 2006</font></td>
  </tr>
  <tr valign="top">
    <td><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#135;</FONT><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For
      holders of ADSs and CDIs, the dividend base rate is declared in pence and
      is converted to US dollars (for ADS holders) and Australian dollars (for
      CDI holders) on the UK dividend payment date using the</FONT> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">prevailing
      exchange rates on that day. Payment of the final dividend for the year ended
    December 31, 2005 to holders of ADSs and CDIs will be on May 12, 2006</FONT></td>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ordinary shareholders who wish to have future dividends paid direct into their bank or building society account should contact Lloyds TSB Registrars at the address shown on the
inside back cover. Payment to banks outside the UK is available to private shareholders subject to a small charge.</FONT></P>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dividend
  policy<br>
  </FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  Board remains committed to a progressive dividend policy, although this will
  be subject to maintaining a reasonable level of dividend cover over the medium-term.
  The increase of 10.0% in the dividend for 2002, of 10.1% for 2003, of 7.1% for
  2004, followed by an increase of 10.2% for 2005 reflects the introduction of
  a more progressive approach to dividend payments. Future dividends will be dependent
  upon Hanson&#146;s earnings, financial condition and other factors.</FONT></P>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Dividend
  reinvestment programme<br>
  </FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">There
  is a dividend reinvestment programme (&#147;DRIP&#148;) for registered holders
  of Hanson ADSs who reside in the USA or Canada. This programme provides holders
  with a convenient and economical method (lower brokerage commissions) of investing
  cash dividends and optional cash deposits in additional ADSs at the market price,
  by having their purchases combined with those of other participants. For more
  information or a copy of the Hanson DRIP booklet call Citibank Shareholder Services
  on (877) 248 4237 or write to Citibank at the address shown on the inside back
  cover.</FONT></P>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Major
  shareholders<br>
  </FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">To
  its knowledge, Hanson is not owned or controlled directly or indirectly by any
  government or by any other corporation. As of February 21, 2006, Hanson has
  been notified of the following persons who, directly or indirectly, are interested
  in 3% or more of the issued share capital. The voting rights of the major shareholders
  listed below are the same as for the other holders of ordinary shares or ADSs.
  </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number
      of</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">%
      of issued share</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Name</FONT></TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ordinary
      shares million</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">capital
      at date of notification</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Vanguard
      Windsor Funds &#150; Vanguard Windsor II Fund</FONT></TD>
    <TD width=15% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.1</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
    <TD width=15% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.3</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Legal
      &amp; General Investment Management</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.9</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Standard
      Life Group</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">22.4</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Prudential
      plc</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.9</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Barclays
      Bank plc</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.9</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Zurich
      Financial Services</FONT></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.9</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">3.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right><hr size="1" noshade color="#000000"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other
  than as identified above and interests held as bare nominee, Hanson has not
  been notified of any other interests in 5% or more of the ordinary shares (including
  ADSs) in the three years prior to the date of the Annual Report and Form 20-F.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As
  at February 21, 2006 15.5m ADSs were held of record in the USA. The 77.7m ordinary
  shares (10.8% of the issued share capital, excluding shares held in treasury)
  representing those ADSs were registered in the name of National City Nominees
  Limited.</FONT></P>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As
  of February 21, 2006, approximately 0.3m ordinary shares were held of record
  in the USA by approximately 260 record holders. Hanson believes that as of February
  21, 2006, approximately 3.83% of its outstanding ordinary shares were also beneficially
  owned by US holders. Since certain of these securities are held by brokers or
  other nominees, the number of holders of record in the USA may not be representative
  of the number of beneficial owners or of where the beneficial owners are resident.
  </FONT></P>
<P> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Ordinary
  shareholders<br>
  </FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As
  at February 21, 2006 there were 736,968,849 ordinary shares in issue, of which
  18,250,000 were held in treasury. There were 48,168 registered holders.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT color=#000000
      size=1
      face=AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif>130</FONT></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investor
      information</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p131"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Listings<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
ordinary shares are listed on the Official List of the UK Listing Authority (the &#147;Official
List&#148;) and admitted to trading on the London Stock Exchange. The
7.875% notes due 2010 of the Company are also listed on the Official List and
admitted to trading on the London Stock Exchange.</FONT></P>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
    the USA, Hanson ordinary shares are listed on the New York Stock Exchange
    in the form of ADSs and trade
  under the
  symbol &#147;HAN&#148;. Each ADS represents five Hanson ordinary shares. Each
  ADS is evidenced by a direct-registered ADS unless an American Depositary Receipt
  is specifically requested by the holder. Citibank N.A. is the ADS Depositary
  under a  Deposit Agreement, dated as of October 14, 2003. Hanson Building Materials
  America, Inc., whose office is at 1333 Campus Parkway, Monmouth Shores Corporate
  Park, Neptune, New Jersey 07752, USA, is Hanson&#146;s
  agent in the USA in respect of ADSs. The 5.25% notes due 2013 of Hanson Australia
  Funding Limited are also listed on the NYSE. Hanson is subject to the regulations
  of the SEC in the USA as they apply to foreign companies. </FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In Australia, Hanson ordinary shares are listed on the Australian Stock Exchange in the form of CDIs. Each CDI represents one Hanson ordinary share. Hanson Australia Pty
Limited, whose office is at Level 6, 35 Clarence Street, Sydney, NSW 2000, Australia, is Hanson&#146;s agent in Australia in respect of CDIs.</FONT></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The following table shows, for the periods indicated, (i) the reported high and low sales prices based on the Daily Official List of the London Stock Exchange for Hanson
ordinary shares and (ii) the reported high and low sales prices on the NYSE for Hanson ADSs.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD colspan=2 align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">London Stock Exchange</FONT></TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">NYSE</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD colspan=2 align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence per ordinary share</FONT></TD>
	<TD colspan=2 align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US dollars per ADS</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">High</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Low</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">High</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Low</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Calendar 2001</FONT></TD>
	<TD width="9%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">567.00</FONT></TD>
	<TD width="9%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">425.00</FONT></TD>
	<TD width="9%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37.00</FONT></TD>
	<TD width="9%" align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">31.20</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Calendar 2002</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">539.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">264.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.66</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.23</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Calendar 2003</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">436.75</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">256.75</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">21.55</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Calendar 2004</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;First quarter</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">451.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">398.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">42.40</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.26</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Second quarter</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">446.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">377.75</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">39.96</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">34.49</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Third quarter</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">410.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">360.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">33.71</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Fourth quarter</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">449.25</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">399.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">43.30</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">36.90</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Calendar 2005</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;First quarter</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">536.75</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">451.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50.52</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">42.35</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Second quarter</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">539.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">476.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">49.08</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">44.09</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Third quarter</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">608.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">531.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55.99</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.55</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Fourth quarter</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">640.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">527.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55.62</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.72</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Most recent six months</FONT></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;August 2005</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">595.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">569.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">53.38</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50.22</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;September 2005</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">608.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">583.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55.99</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51.43</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;October 2005</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">594.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">527.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">51.91</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.72</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;November 2005</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">606.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">580.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">52.60</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">50.96</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;December 2005</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">640.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">609.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55.62</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">52.80</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;January 2006</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">663.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">624.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">58.96</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">54.95</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">February 2006 (through February 21, 2006)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">696.00</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">656.50</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">60.70</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">57.56</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Annual
General Meeting<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
AGM will be held at 11.00am on April 26, 2006 at the Institute of Electrical
Engineers, 2 Savoy Place, London WC2R 0BL. Shareholders being sent the Annual
Report and Form  20-F have also received a separate notice of the AGM, incorporating
explanatory notes of the resolutions to be proposed at the meeting.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Holders of ADSs and CDIs are not members of the Company but may instruct their respective depositary as to the exercise of voting rights at the AGM pertaining to the number of
ordinary shares represented by their ADSs and CDIs.</FONT></font></P>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ordinary shareholders may submit their proxy electronically via the internet at www.sharevote.co.uk or, if they have already registered with Lloyds TSB Registrars on-line
portfolio service, they may appoint their proxy by visiting www.shareview.co.uk. Ordinary shareholders who are CREST participants may use the CREST proxy voting service for submitting electronic proxy appointments and voting instructions for the
AGM. Full instructions on using these electronic voting options are included on the separate notice of the AGM.</FONT></P>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Hanson website: www.hanson.biz<br>
</FONT></B><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our website www.hanson.biz is now firmly established and we are continuing our long-term on-line strategy to realise commercial benefits, maximise cost savings and reinforce
the Hanson brand. Via our website you can download our corporate reports, news releases and investor presentations, consult frequently asked questions, check dividend information and use share price data tools. Key features include:</FONT></P>
<P>
<I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">E-mail distribution service<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson operates an e-mail distribution service for news releases and other corporate information. This service includes e-mail alerts two days prior to results announcements
and publication of Company reports.</FONT></P>
<P>
<I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Share price data<br>
</FONT></I><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Shareholders
can view Hanson&#146;s latest share price on-line and also use the share price
look-up tool to access historical share prices.</FONT></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Interactive share price charting tool<br>
</FONT></I></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This
feature enables you to chart Hanson&#146;s share price on-line over a selected time period since demerger (1997) and/or relative to the FTSE 100 Index and/or the FTSE
Construction &amp; Building Materials Index.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

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      <TD width="3%"><FONT face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif
      size=1>131</FONT></TD>
      <TD><div align="left"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investor
      information</FONT></div></TD>
    </TR>

</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p132"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Investor
information <font color="#8c8a95">continued</font></b></FONT></p>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">E-communication<br>
</FONT></B><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
encourages shareholders to elect to receive shareholder documents such as Annual
and Interim Reports and shareholder circulars electronically, by downloading
from the
Company&#146;s website, rather than by post. There are clear advantages to doing so &#150; it
means less cost for the Company, less paperwork for shareholders to deal with,
speedier delivery of documents and it is environmentally friendly. All future
shareholder mailings will allow for electronic distribution for those electing
this option.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Shareholders choosing to take advantage of this option, which is free to shareholders, will receive an e-mail notification each time a shareholder publication is placed on the
Company&#146;s website. Please note that those so electing will be able to change their mind about receiving documents by electronic notification at any time and that it will be the responsibility of the shareholder to notify any change of e-mail
address.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ordinary shareholders who wish to register to receive future shareholder documents electronically should access the Shareview facility provided by Lloyds TSB Registrars at
www.shareview.co.uk. To register, shareholders will need their shareholder reference number (which can be found on the share certificate or dividend voucher). Agreement to the terms and conditions applying will be sought at the end of the
registration process. The registration facility is now open.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Lloyds TSB Registrars will be happy to answer any queries on 0870 600 0632 (if calling from the UK) or +44 121 415 7085 (if calling from overseas).</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Shareholder facilities<br>
</FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Any enquiries relating to ordinary shareholdings should be addressed to Lloyds TSB Registrars. Up-to-date information on holdings, including balance movements and information
on recent dividends, can be found on www.shareview.co.uk, where ordinary shareholders can also notify a change of address and set up or change dividend mandate instructions.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investors in the UK may take advantage of a postal low-cost share dealing service to buy or sell Hanson ordinary shares, held in a certificated form, in a simple, economic
manner. Basic commission is 1% with a minimum charge of &#163;15. Purchases are subject to Stamp Duty Reserve Tax of 0.5%. Full details can be obtained from Hoare Govett Limited, 250 Bishopsgate, London EC2M 4AA. Tel 020 7678 8300.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Alternatively, Lloyds TSB Registrars offer Shareview Dealing, a service which allows UK resident shareholders to sell or purchase Hanson ordinary shares via the internet by
logging on to www.shareview.co.uk/dealing or via telephone on 0870 850 0852. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Holders of Hanson CDIs with a value of less than A&#36;15,000 can take advantage of a facility, offered by Link Market Services Limited, to sell all their shares in a
cost-effective and efficient manner. Full details on this share sale facility can be obtained by contacting Link Market Services Limited on +61 (0)2 8280 7111.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Holders of ADSs and CDIs should address enquiries to Citibank Shareholder Services and Link Market Services Limited (details on the inside back cover), respectively.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">ShareGift<br>
</FONT></B></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ordinary shareholders with only a small number of shares (including many overseas shareholders) whose value makes it uneconomic to sell them may wish to consider donating them
to charity through ShareGift, an independent charity share donation scheme. The relevant share transfer form may be obtained from Lloyds TSB Registrars. ShareGift is administered by the Orr Mackintosh Foundation, registered charity no. 1052686.
Further information about ShareGift may be obtained on 020 7337 0501 or from www.ShareGift.org. There are no implications for capital gains tax purposes (no gain or loss) on gifts of shares to charity and it is now also possible to obtain income tax
relief.</FONT></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Unsolicited mail<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As UK law obliges companies to make their share registers available to other organisations, shareholders may receive unsolicited mail. Shareholders in the UK who wish to limit
the amount of unsolicited mail they receive should contact the mailing preference service either by telephone on 0845 703 4599, online at www.mpsonline.org.uk or by writing to Mailing Preference Service, FREEPOST 29 LON20771, London W1E
0ZT.</FONT></font></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

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      <TD width="3%"><FONT face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif
      size=1>132</FONT></TD>
      <TD><div align="left"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investor
          information</FONT></div></TD>
    </TR>

</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p133"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P><b>
<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ancillary information</FONT></b></P>
<div style="float: left; width: 48%">
<P><B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Description
  of business<br>
  </FONT></B><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">General development of business<br>
  </FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson became a business focused purely on building materials in 1997 following the demerger of the old Hanson conglomerate. The major building materials companies remaining
  within Hanson at the time were ARC, Hanson Brick and Cornerstone.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson management transformed the business into a world leading building materials company through a series of disposals and acquisitions, the largest of which was the
acquisition of the Australian construction materials business, Pioneer International, in May 2000.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Following
      a series of restructurings, Hanson now operates as four identifiable trading
      regions: Hanson North America (46.7% of 2005 continuing turnover), Hanson
      UK (31.7% of 2005 continuing turnover), Hanson Australia &amp; Asia Pacific
      (15.4% of 2005 continuing turnover), and Hanson Continental Europe (6.2%
      of 2005 continuing turnover).</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This
      structure reinforces a continued focus on our core values of cost and margin
      control, together with disciplined
        and proactive growth via capital expenditure and bolt-on acquisitions.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">North America<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson&#146;s
North American operations are organised into two operating groups, Hanson Aggregates
North America and Hanson Building Products North America, with a corporate office
in Neptune, New Jersey.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">(a) Hanson Aggregates North America<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates North America, headquartered in Dallas, Texas produces aggregates, ready-mixed concrete, asphalt and cement has over 350 operating locations throughout the
USA.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">(b) Hanson Building Products North America<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
Building Products North America, headquartered in Dallas, Texas, is divided into
two sub-groups, Pipe &amp; Precast and Brick &amp; Tile. Pipe &amp; Precast, also
headquartered in Dallas, produces concrete pipes, and products and precast concrete for the US and Canadian markets. Brick &amp; Tile,
with its headquarters in Charlotte, North Carolina, produces bricks for the US
and Canadian markets from its principal manufacturing factories in Canada, Texas,
and the Carolinas, and roof tiles from its plants in Florida, California, Texas
and Arizona.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">UK<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson reports as two groups in the UK, Hanson Aggregates UK and Hanson Buildings Products UK. </FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">(a) Hanson Aggregates UK<br>
</FONT></I></font><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates UK produces aggregates, ready-mixed concrete and asphalt in the UK through its own operations and is a partner in a number of joint-venture companies, the
most significant of which is Midland Quarry Products Limited, owned jointly with a member of the Tarmac group of companies. </FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Included within Hanson Aggregates UK are Hanson&#146;s marine dredging operations which, through a wholly owned subsidiary and United Marine Holdings Limited, a joint-venture
with a member of the Tarmac group of companies, supply sea-dredged aggregates to the UK, Belgium, Holland and France.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">(b) Hanson Building Products UK<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products UK supplies bricks and concrete products, concrete flooring, precast concrete and packed aggregates products throughout the UK.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Australia &amp; Asia Pacific<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Australia is a major supplier of construction materials to the Australian market. Its operations are divided into two operating groups: Hanson Construction Materials,
which produces ready-mixed concrete and aggregates; and Hanson Building Products, which produces blocks, pavers and retaining walls. Its other major interests include (i) its 25% share in Cement Australia Holdings Pty Ltd, jointly owned with Rinker
Group Ltd and Holcim Ltd, which operates cement plants in New South Wales, Tasmania and Queensland, and (ii) Pioneer Road Services Pty Ltd, jointly owned with Shell Australia Ltd, which operates as an asphalt and contracting business.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Asia Pacific operates in the south east Pacific region, principally in Malaysia, Hong Kong and Singapore.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Continental Europe<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Continental Europe operates various aggregates, ready-mixed concrete and asphalt operations in Spain, the Czech Republic, The Netherlands, Belgium, France, Germany and Israel.</FONT></font></P></div>
<div style="float: left; width: 4%"></div>
<div style="float: right; width: 48%">
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additional information<br>
Exchange
rates<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
following table sets forth for the periods indicated the average noon buying
rates in US dollars per &#163;1 (to the nearest cent), calculated by using the
average of the exchange rates on the last day of each full calendar month during
the period.</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Average</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Year ended December 31, 2001</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.44</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Year ended December 31, 2002</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.51</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Year ended December 31, 2003</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.65</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Year ended December 31, 2004</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.84</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Year ended December 31, 2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.82</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Year ending December 31, 2006 (through February 21, 2006)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.76</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The following table sets forth the high and low noon buying rates for the last six months in US dollars per &#163;1 (to the nearest cent).</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">High</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Low</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">August 2005</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.81</FONT></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.77</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">September 2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.84</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.76</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">October 2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.79</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.75</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">November 2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.78</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.71</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December 2005</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.77</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.72</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">January 2006</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.79</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.74</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">February 2006 (through February 21, 2006)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.78</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1.73</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Business overview<br>
</FONT></B><font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Seasonality<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Seasonality is a significant factor affecting all of our operations. In our major markets in the USA, the UK and northern Continental Europe, activity is very much concentrated
during the period between March and November, while the winter in Australia and the rainy season and Chinese New Year in Asia Pacific cause a material slow-down in operations during these periods. Unusual weather patterns, in particular heavy and
sustained rainfall during peak construction periods, can cause significant delays and have an adverse impact on our businesses.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Sources and availability of raw materials<br>
</FONT></I><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
generally own or lease the real estate on which the raw materials, namely aggregates
and clay resources/reserves, essential to our main businesses are found, although
in the  case of the marine businesses of Hanson Aggregates UK and Hanson Aggregates
North America, we operate under licences from the relevant national and local
authorities.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
      are also a significant purchaser of certain important materials such as
      cement,
  bitumen, steel, gas, fuel and other energy supplies, the cost of which can
      fluctuate by material amounts and consequently have an adverse impact on
      our businesses.
  We are not generally dependent on any one source for the supply of these products,
   other than in certain jurisdictions with regard to the supply of gas and electricity.
  Competitive markets generally exist in the jurisdictions in which we operate
  for the supply of cement, bitumen, steel and fuel. In 2005, percentage price
  changes
  in the cement market ranged from a 2%-20% increase.Bitumen
  prices are affected by general oil price changes. In 2005, percentage price changes
  in the bitumen market ranged from a decrease of 11% to an increase of 46%.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Sales and marketing<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Although sales and marketing activities are more important in connection with our brick business in both the USA and the UK, where branding of the product is a factor, in
general the nature of the majority products, ie rock, sand, gravel, ready-mixed concrete and concrete products, and the cost of transportation means that marketing and selling is conducted on a more localised basis, with an emphasis on service and
delivery. Sales and marketing costs tend to be relatively low in relation to the overall delivered price of our products.</FONT></font></P>
<P><font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Competitive position<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Statements
relating to Hanson&#146;s position as one of the leading heavy building materials
companies, one of the largest producers of aggregates and one of the largest
producers of heavy building products are based on management estimates.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Governmental regulation (including environmental)<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Many products produced by our operating units are subject to government regulation in various jurisdictions regarding production and sale. We believe that our operating units
have taken, and continue to take, measures to comply with applicable laws and government regulations in the jurisdictions in which we operate so that the risk of sanctions does not represent a material threat to any of the operating units
individually or to Hanson as a whole. We also believe that compliance with these regulations does not substantially affect the ability of our subsidiaries to compete with similarly situated companies.</FONT></font></P></div>
<br clear="all">
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD width="3%"><font size="1"> &nbsp;</font></TD>
      <TD width="0%"><font size="1"> &nbsp;</font></TD>
    </TR>
    <TR>
      <TD><FONT face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif
      size=1>133</FONT></TD>
      <TD><div align="left"><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ancillary
      information</FONT></div></TD>
    </TR>

</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p134"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Ancillary information <font color="#8C8A95">continued</font></b></FONT></P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In addition
to the regulatory framework described above, our operating units are subject
to extensive regulation by national, state and local agencies concerning such
matters  as planning, environmental and health and safety compliance. In addition,
numerous governmental permits and approvals are required for our operations.
We believe that our operating units are currently operating in substantial compliance
with, or
under approved variances from, various national, state and local regulations.
We do not believe that such compliance will materially adversely affect our business
or results of operations. In the past, our subsidiaries have made significant
capital  and maintenance expenditures to comply with planning, water, air and
solid and hazardous waste regulations and these subsidiaries may be required
to do so in the future. From time to time, various agencies may serve cease and
desist orders or
notices of violation on an operating unit or deny its applications for certain
licences or permits, in each case alleging that the practices of the operating
unit are not consistent with the regulations or ordinances. In some cases, the
relevant  operating unit may seek to meet with the agency to determine mutually
acceptable methods of modifying or eliminating the practice in question. We believe
that our operating units should be able to achieve compliance with the applicable
regulations
and ordinances in a manner which should not have a material adverse effect on
our business, financial condition or results of operations.</FONT></P>
<P><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Approximately,
    100 present and former US operating sites, or portions thereof, currently
    or previously
  owned  and/or leased by current or former companies acquired by Hanson (responsibility
  for which remains with a member of the Hanson group) are the subject of claims,
  investigations, monitoring or remediation under the US federal Comprehensive

Environmental Response, Compensation and Liability Act (&#147;CERCLA&#148;),
  the US federal Resource Conservation and Recovery Act or comparable US state
  statutes or agreements with third parties. These proceedings are in various stages
  ranging from  initial enquiries to active settlement negotiations to implementation
  of response actions. In addition, a number of present and former Hanson operating
  units (responsibility for which remains with a member of the Hanson group) have
  been named as
  Potentially Responsible Parties (&#147;PRPs&#148;) at approximately 40 off-site
  landfills under CERCLA or comparable state statutes. In each of these matters
  the Hanson operating unit is working with the governmental agencies involved
  and other PRPs  to address environmental claims in a responsible and appropriate
  manner. A substantial majority of these operating and landfill sites are covered
  by the environmental insurance policy referred to under the heading &#147;Material
  Contracts&#148;
  referred to below.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We do not believe that any of the above proceedings relating to operating sites and off-site landfills not covered by the environmental insurance policy should materially
adversely affect our business, financial condition or results of operations. At December 31, 2005, we had accrued &#163;179.3m for environmental obligations, including legal and other costs, at such sites as are not covered by the above-mentioned
environmental insurance policy. Costs associated with environmental assessments and remediation efforts are accrued when determined to represent a probable loss and to be capable of being reasonably estimated. There can be no assurance that the
ultimate resolution of these matters will not differ materially from our estimates.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We cannot predict whether future developments in laws and regulations concerning environmental and health and safety protection will affect our earnings or cash flow in a
materially adverse manner or whether our operating units will be successful in meeting future demands of regulatory agencies in a manner which will not materially adversely affect our business, financial condition or results of
operations.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For other legal proceedings against Hanson, see note 26 of the Notes to the accounts.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Patents and trademarks<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our operating units have various patents, registered trademarks, trade names and trade secrets and applications for, or licences in respect of, the same that relate to various
businesses. We believe that certain of these intellectual property rights are of material importance to the businesses to which they relate. We believe that the material patents, trademarks, trade names and trade secrets of our operating
subsidiaries and divisions are adequately protected and that the expiration of patents and patent licences should not have a material adverse effect upon our business, financial condition or results of operations.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Employees<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As at December 31, 2005, the group employed 24,300 employees. An analysis of employee numbers by business and geographical area is found in note 4 of the Notes to the accounts.
We believe that in general our relationship with our employees and trade unions or other bodies representing our employees is good.</FONT></font></P>
</div>
<div style="float: left; width: 4%">
</div>
<div style="float: right; width: 48%">
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Property, plants and equipment<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As
of December 31, 2005, our operating units owned 1,121 plants and other freehold
properties, of which 486 were located in North America, 297 were located in the
UK, 295 were located in Australia and Asia and 43 were located in Continental
Europe. The remaining properties of our operating units throughout the world,
including other manufacturing facilities, warehouses, stores and offices, were
leased. None of the
individual properties is considered to have a value that is of major significance
in relation to our assets as a whole. For a description of certain environmental
issues that may affect our utilisation of our assets, see under the heading &#147;Governmental regulation (including environmental)&#148; referred
to above.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Material contracts<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For
details relating to the Deposit Agreement under which the Hanson ADSs were issued,
the indentures under which the group&#146;s public bonds were issued and various
agreements and indemnities relating to the demergers, see under the heading &#147;Exhibits&#148; included in Hanson PLC&#146;s
2005 Annual Report and Form 20-F filed with the Securities and Exchange Commission.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In August 1998, an agreement was reached under which, for a one-off premium and related transaction costs totalling &#36;275m, insurance cover of &#36;800m (after payment by
the group of the first &#36;100m of remediation costs arising since January 1, 1998) was available to meet the costs of remediating the environmental liabilities relating to the former Koppers&#146; company operations of Beazer plc
(&#147;Beazer&#148;) (acquired by Hanson in 1991). The insurance cover is provided by the subsidiaries of two leading reinsurance companies, Centre Solutions (a member of the Zurich Group) and Swiss Re. Administration of the environmental
remediation programme will continue to be carried out by Beazer.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In April 2005, we entered into a five year &#163;500m multi-currency revolving credit facility arranged by Barclays Capital and J.P. Morgan plc with a syndicate of banks. This
replaced our five year &#163;519.2m facility due to expire in March 2006. The new facility contains a US&#36;947m swingline advance facility and a sub-limit of up to &#163;300m for Australian dollar loan note advances. In addition, in July 2004, we
entered into a five year US&#36;475m facility arranged by Banc of America Securities Limited and Citigroup Global Markets Limited with a syndicate of banks. This facility is available to be drawn as either cash advances or standby letters of
credit.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exchange controls<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">There
are no UK restrictions on the import or export of capital including foreign exchange
controls that affect the remittances of dividends or other payments to non-resident
holders of ordinary shares except as otherwise set forth in &#147;Taxation information for US shareholders&#148; below
and except for certain restrictions imposed from time to time by HM Treasury
pursuant to legislation such as The United Nations Act 1946 and the Emergency
Laws Act 1964 against the government or residents of certain countries.</FONT></font></P>
<P><font size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">
Except for the general limitations contained in the Company&#146;s Memorandum
and Articles of Association and in the Deposit Agreement governing the Company&#146;s ADSs, and certain restrictions that may be imposed from time to time by HM
Treasury under legislation as described above, under English law and Hanson&#146;s
Memorandum and Articles of Association, persons who are neither residents nor
nationals of the UK may freely hold, vote and transfer ordinary shares in the
same
manner as UK residents or nationals.</FONT><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Taxation information for US shareholders<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The following paragraphs are intended as a general guide only and do not purport to be a complete technical analysis or listing of all potential tax effects relevant to the
ADSs or the ordinary shares. The statements of US federal tax laws set forth below are based on provisions of the US Internal Revenue Code of 1986, as amended, current and proposed US Treasury regulations promulgated thereunder, and administrative
and judicial decisions, all of which are subject to change, possibly on a retrospective basis.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This discussion addresses only US shareholders that beneficially own and hold ADSs or ordinary shares as capital assets and use the US dollar as their functional currency, and
that are either a citizen or resident of the USA for US federal income tax purposes, or a corporation, or other entity treated as a corporation for US federal income tax purposes, created or organised under the laws of the USA or any political
subdivision thereof, or an estate the income of which is subject to US federal income taxation regardless of its sources, or a trust, if a court within the USA is able to exercise primary supervision over the administration of the trust and one or
more US persons have the authority to control all substantial decisions of the trust (each a &#147;US shareholder&#148; for the purposes of this discussion).</FONT></font></P>
</div><br clear="all">
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">134</font></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ancillary
    information </FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p135"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>

<div style="float: left; width: 48%">
<P>
  <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The discussion does not consider the tax treatment of beneficiaries of trusts or estates, partnerships or other pass-through entities or persons who hold ordinary shares or
ADSs through a partnership or other pass-through entity.</FONT></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This discussion does not address all aspects of US federal income taxation, such as US federal gift or estate tax, nor state or local taxation. It does not address the tax
consequences for financial institutions, financial services entities, insurance companies, dealers in securities or foreign currencies, persons subject to the alternative minimum tax, persons owning directly, indirectly or by attribution 5% or more
of the total combined voting power of the stock of Hanson, persons carrying on a trade or business in the UK through a permanent establishment, persons who acquired ordinary shares or ADSs as compensation, persons who elect mark-to-market
accounting, tax-exempt entities or private foundations, persons that hold the ordinary shares or ADSs as part of a straddle, hedge, constructive sale or conversion transaction or other integrated transaction, persons whose functional currency is
other than the US dollar, certain expatriates or former long-term residents of the USA or holders who elected to apply the provisions of the former income tax convention between the USA and the UK.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US shareholders and holders of Hanson ADSs should consult their tax advisors with regard to the application of the US federal income tax laws to their particular situation, as
well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Considerations relevant to the ADSs and ordinary shares<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US
shareholders of ADSs are not members of the Company but may instruct Citibank
N.A., the Depositary,
as to the exercise of voting rights pertaining to the number of ordinary shares
represented by their ADSs. However, US shareholders of ADSs are generally treated
as the owners of the underlying ordinary shares for purposes of the US-UK double
taxation conventions relating to income and gains (the &#147;UK-US income tax
treaty&#148;) and to estate and gift taxes (the &#147;Estate and Gift Tax Convention&#148;),
and generally for purposes of the US federal tax laws.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Taxation of dividends<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A
US shareholder will be required to include in gross income as ordinary income
the amount of
any dividend paid on the ordinary shares or ADSs on the date the dividend is
received to the extent the dividend is paid out of our current or accumulated
earnings and profits, as determined for US federal income tax purposes. Dividends
in excess of these earnings and profits will be applied against, and will reduce,
the US
shareholder&#146;s basis in the ADSs or ordinary shares and, to the extent in
excess of such basis, will be treated as gain from the sale or exchange of such
ADSs or ordinary shares. In addition, dividends of current or accumulated earnings
and profits will be foreign source passive income for US foreign tax credit purposes
and will not qualify for the dividends-received deduction otherwise available
to corporations. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends paid out of current or accumulated earnings in foreign currency to a US shareholder will be includable in the income of a US shareholder in a US dollar amount
calculated by reference to the exchange rate on the date the dividend is received, regardless of whether the dividend is in fact converted into US dollars on such date. A US shareholder that receives a foreign currency dividend and converts the
foreign currency into US dollars subsequent to receipt will have foreign exchange gain or loss based on any appreciation or depreciation in the value of the foreign currency against the US dollar, which will generally be US source ordinary income or
loss.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">An individual
US shareholder&#146;s &#147;qualified dividend income&#148; is subject to tax at a reduced rate of tax of 15%. For this purpose, qualified dividend income
includes dividends from foreign corporations if (a) the stock of such corporation with respect to which such dividend is paid is readily tradable on an established securities market in the USA, including NASDAQ, or (b) such corporation is eligible
for the benefits of a comprehensive tax treaty with the USA that includes an information exchange programme and is determined to be satisfactory to the US Secretary of the Treasury. The US Secretary of the Treasury has indicated that the UK-US
income tax treaty which came into effect on March 31, 2003 (the &#147;Treaty&#148;) is satisfactory for this purpose. Dividends will not, however, qualify for the reduced rate if such corporation is treated for the tax year in which dividends are
paid (or in the prior year) as a &#147;passive foreign investment company&#148; for US federal income tax purposes. Based on the nature of Hanson&#146;s operations, Hanson does not believe that it would be treated as a passive foreign investment
company. Accordingly, if Hanson&#146;s beliefs are correct, dividend distributions with respect to its ordinary shares or ADSs should be treated as qualified dividend income and subject to the US shareholder&#146;s
satisfaction of the holding period requirements described below, should be eligible
for the reduced 15% US federal income tax rate. A US shareholder will not be
entitled to the reduced rate: (a) if the US shareholder has not held the ordinary
shares or ADSs for at least 61 days of
the 121 day period beginning on the date which is 60 days before the ex-dividend
date; or (b) to the extent the US shareholder is under an obligation to make
related payments on substantially similar or</FONT></font></P>
</div>
<div style="float: left; width: 4%">
</div>
<div style="float: right; width: 48%">
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">related property.
Any days during which a US shareholder has diminished its risk of loss on the
ordinary shares or ADSs are not counted towards meeting the 61 day holding period
required by the statute. The UK does not currently apply a withholding tax on
dividends under its internal laws. However, if such a withholding tax were introduced,
the UK would be entitled, under the Treaty, in certain circumstances to
impose a withholding tax at a rate of up to 15% on dividends paid to a US shareholder.
Subject to applicable limitations, a US shareholder who was subject to any such
withholding should be entitled to claim a deduction for withheld tax or, subject
to the holding period requirements mentioned below, a credit for such withholding
tax against such holder&#146;s US federal income tax liability. The US foreign
tax credit limitation may be reduced to the extent that dividends are eligible
for the
reduced rate described above.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Taxation of capital gains<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Upon
a sale or other disposition of ordinary shares or ADSs, a US shareholder will
recognise
gain or loss for US federal income tax purposes in an amount equal to the difference
between the US dollar value of the amount realised and the US shareholder&#146;s tax basis (determined in US dollars) in such ordinary shares or ADSs. Generally, such gain or loss will be capital gain or loss and will be long-term capital
gain or loss if the US shareholder&#146;s holding period for such ordinary shares
or ADSs exceeds one year. Any such gain or loss generally will be income or loss
from sources within the US for foreign tax credit limitation purposes. Long-term
capital gain of a non-corporate US shareholder is generally subject to a maximum
tax rate of 15%. The deductibility of a capital loss recognised on the sale or
exchange of ordinary shares or ADSs is subject to limitations. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">If the ordinary
shares or ADSs are publicly traded, a disposition of such ordinary shares or
ADSs will be considered to occur on the &#147;trade date&#148;, regardless of the
US shareholder&#146;s method of accounting. A US shareholder that uses the cash method of accounting calculates the US dollar value of the proceeds received on the sale as of the date that the sale settles. However, a US shareholder that uses the
accrual method of accounting is required to calculate the value of the proceeds of the sale as of the &#147;trade date&#148; and,
therefore, may realise foreign currency gain or loss, unless such US shareholder
has elected to use the settlement date to determine its proceeds of sale for
purposes of calculating such foreign currency gain or loss. In addition, a US
shareholder that receives foreign currency upon the sale or exchange of the ordinary
shares or ADSs and converts the foreign currency
into US dollars subsequent to receipt will have foreign exchange gain or loss
based on an appreciation or depreciation in the value of the foreign currency
against the US dollar. Foreign exchange gain or loss will generally be US source
ordinary
income or loss.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A US citizen who is resident (or in certain circumstance has been resident within the previous five UK years of assessment for tax) or ordinarily resident in the UK or a US
corporation which is resident in the UK by reason of being managed and controlled in the UK or a US citizen who, or US corporation which, is trading in the UK through a branch or agency and has used, held or acquired ADSs or ordinary shares for the
purposes of such trade, branch or agency, may be liable for both UK and US tax on any gain on the disposal of ADSs or ordinary shares. Subject to certain limitations, such a person will generally be entitled to a tax credit against any US federal
tax liability for the amount of any UK tax (namely, capital gains tax in the case of an individual and corporation tax on chargeable gains in the case of a corporation) which is paid in respect of such gain.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">US information reporting and backup withholding<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A
US shareholder is generally subject to information reporting requirements with
respect to dividends
paid in the USA on ADSs or ordinary shares. In addition, a US shareholder is
subject to backup withholding (currently at a rate of 28%) on dividends paid
in the USA on ADSs or ordinary shares unless the US shareholder provides an IRS
Form W-9 or otherwise establishes an exemption. A US shareholder is subject to
information reporting and backup withholding (currently at a rate of 28%) on
proceeds paid from a sale, exchange, redemption or other disposition of ADSs
or ordinary shares unless the US shareholder provides an IRS Form W-9 or otherwise
establishes
an exemption.</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Backup
      withholding is not an additional tax. The amount of any backup withholding
      will be allowed as a credit against a US shareholder&#146;s
  US federal income tax liability and may entitle such holder to a refund, provided </FONT><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">that

certain information is furnished on a timely basis to the IRS.</FONT></font></P>
</div><br clear="all">
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">135</font></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ancillary
    information </FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p136"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Ancillary information <font color="#8C8A95">continued</font></b></FONT></P>
<div style="float: left; width: 48%">
<P>
<I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Inheritance tax<br>
</FONT></I><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
United Kingdom imposes inheritance tax, broadly, on transfers of capital which
occur on death and in the preceding seven years. HM Revenue &amp; Customs is known to
consider that the Estate and Gift Tax Convention applies to inheritance tax and it is understood that, in practice, both the HM Revenue &amp; Customs and the US Internal Revenue Service apply the provisions of the Estate and Gift Tax Convention to
inheritance tax. On this assumption, an ADS or ordinary share held by an individual who is domiciled in, or a citizen of, the United States and is not a national of or domiciled in the United Kingdom will not be subject to UK inheritance tax on the
individual&#146;s death or on a transfer of the ADS or ordinary share during the individual&#146;s
lifetime except in the exceptional case where the ADS or ordinary share is part
of the business property of a UK permanent establishment or an enterprise or
pertains to a UK fixed base of an individual used for the performance of independent
personal services. Special rules apply where an ADS or ordinary share is held
in trust. The Estate and Gift Tax Convention generally provides a credit
for the amount of any tax paid in the United Kingdom against the US federal tax
liability or for tax paid in the USA to be credited against the United Kingdom
liability (according to rules set out in the Convention) in a case where the
ADS or ordinary share is subject both to UK inheritance tax and to US federal
gift or estate tax.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Stamp duty and stamp duty reserve tax<br>
</FONT></I></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Stamp
duty will, subject to certain exceptions, be payable at the rate of 1.5%, rounded
up to the nearest &#163;5, on any instrument transferring ordinary shares to
the Custodian of the Depositary on the value of such ordinary shares. In accordance
with the terms of the Deposit Agreement, any tax or duty payable by the Depositary
or the Custodian of the Depositary on future deposits of ordinary shares may
be
charged by the Depositary to the party to whom ADRs are delivered against such
deposits.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">No UK stamp duty will be payable on any transfer of an ADR evidencing an ADS, provided that the ADR (and any separate instrument of transfer) is executed and retained at all
times outside the UK and is not required to be admitted in evidence in any proceedings in the United Kingdom. A transfer of an ADR evidencing an ADS in the United Kingdom could attract stamp duty at a rate of 0.5%, rounded up to the nearest &#163;5.
Any transfer (which will include a transfer from the Depositary to an ADS holder) of the underlying ordinary shares could result in a stamp duty liability at the rate of 0.5%, rounded up to the nearest &#163;5. On a transfer from a nominee to the
beneficial owner (the nominee having at all times held the ordinary shares on behalf of the beneficial owner) under which no beneficial interest passes and which is neither a sale nor arises under a contract of sale nor is in contemplation of sale,
a fixed &#163;5 stamp duty will be payable. The amount of stamp duty or stamp duty reserve tax payable is generally calculated at the applicable rate on the purchase price of the ordinary shares.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Stamp duty reserve tax at a rate of 0.5% will be payable on any agreement to transfer ordinary shares or any interest therein unless an instrument transferring the ordinary
shares is executed and stamp duty at a rate of 0.5%, rounded up to the nearest &#163;5 has been paid. Stamp duty reserve tax will not be payable on any agreement to transfer ADRs representing ADSs.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Incorporation of the Company<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson PLC is a public limited company incorporated on December 31, 2002 in England and Wales.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Memorandum and Articles of Association<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
Company&#146;s Amended and Restated Memorandum and Articles of Association is included as Exhibit 1.1 to Hanson PLC&#146;s 2005 Annual Report and Form 20-F filed with the
Securities and Exchange Commission and is incorporated herein by reference. A summary description of certain provisions of the Deposit Agreement relating to the Company&#146;s
ADSs was included in the Report on Form 6-K dated November 11, 2003 which was
filed with the SEC. The information set forth in the Report on Form 6-K dated
November 11, 2003 (which was incorporated by reference in certain Registration
Statements) is incorporated herein by reference.</FONT></font></P>
<p><B><FONT size="2" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Registered office</FONT></B><font size="2"><BR>
    <FONT size="2" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1 Grosvenor Place</FONT><font size="2"><BR>
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">London SW1X 7JH</FONT><BR>
    <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Telephone + 44 (0) 20 7245 1245</FONT></font></font></p><font size="2">
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Documents on display<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
furnishes annual and special reports and other information with the SEC. These
documents may be read and copied at the SEC&#146;s Public Reference Room at 450
Fifth Street, N.W., Washington DC 20549. Please call the SEC at 1-800-SEC-0330
for further information on the public reference rooms and their copy charges.
Filings with the SEC are also available to the public from commercial document
retrieval services
and on the website maintained by the SEC at www.sec.gov.</FONT></font></P>
</font></div><font size="2"><br clear="all">
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">136</font></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ancillary
    information </FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">
</font><div style="page-break-before:always"></div>
<font size="2"><page><a name="p137"></a>
<p><a href="#contents">Back to Contents</a></p>
<p><b><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Definitions</font></b></p>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan=2><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
      this document the following words and expressions shall, unless the context
      otherwise requires, have the following meanings:</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR align="left">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Act/Companies
      Act</FONT></TD>
    <TD width=50%><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      Companies Act 1985 (as amended)</FONT></TD>
  </TR>
  <TR align="left">
    <TD colspan=2> <HR noshade size=1></TD>
  </TR>
  <TR align="left">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ADR</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">American
      Depositary Receipt evidencing title to an ADS</FONT></TD>
  </TR>
  <TR align="left">
    <TD colspan=2> <HR noshade size=1></TD>
  </TR>
  <TR align="left">
    <TD valign="top"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ADS</FONT></TD>
    <TD valign="middle"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">American
      Depositary Share representing five underlying Ordinary Shares of Hanson
      PLC</FONT></TD>
  </TR>
  <TR align="left">
    <TD colspan=2> <HR noshade size=1></TD>
  </TR>
  <TR align="left">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">AGM</FONT></TD>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Annual
      General Meeting</FONT></TD>
  </TR>
  <TR align="left">
    <TD colspan=2> <HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ASX</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australian
      Stock Exchange Limited</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">bn</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Billion</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">CDI</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">CHESS
      Depositary Interest</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Company
      or company</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      PLC, sometimes referred to as New Hanson</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Court</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      High Court of Justice in England and Wales</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR valign="top">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Demergers</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      demergers of US Industries, Inc. in 1995, Imperial and Millennium in 1996
      and The Energy Group in 1997</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Depositary</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Citibank,
      as depositary under the deposit agreement dated</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">as
      of October 14, 2003 pursuant to which ADSs are issued</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Directors</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      Directors of Hanson PLC</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">EGM</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Extraordinary
      General Meeting</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ESOP</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Employee
      Share Ownership Plan</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Existing
      business/operations</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operations
      excluding acquisitions made in the current year</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Free
      cash flow</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
      cash flow after interest and taxation</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">FRS</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
      Reporting Standard (UK)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Old
      Hanson and/or New Hanson as the case may be</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      or the group</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      and its subsidiaries</FONT></TD>
  </TR>
  <TR valign="top">
    <TD colspan=2> <HR noshade size=1></TD>
  </TR>
  <TR valign="top">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      PLC</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A
      company incorporated in England and Wales (No. 4626078) which was formerly
      named Hanson Building Materials PLC prior to October 14, 2003</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Heritage</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operations
      owned by the group for more than 12 months</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">International
      Financial Reporting Standards</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR valign="top">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">LIBOR</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      London inter-bank offered rate, the variable rate of interest charged by
      a bank when lending to other banks in the London inter-bank market</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">London
      Stock Exchange</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">London
      Stock Exchange plc</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">m</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Million</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Millennium</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Millennium
      Chemicals, Inc.</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">New
      Hanson</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      PLC</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">NYSE</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">New
      York Stock Exchange, Inc.</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR valign="top">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Old
      Hanson</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      Building Materials Limited, a company incorporated in England and Wales
      (No 488067), formerly named Hanson PLC prior to October 14, 2003</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR valign="top">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ordinary
      shares/shares</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ordinary
      shares of &pound;2 each or of 10p each in the capital of Old Hanson and
      New Hanson respectively</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pioneer</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pioneer
      International Limited</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pound
      sterling, &pound;, pence or p</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Refers
      to units of UK currency</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ppts</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Percentage
      points</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">SEC</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Securities
      and Exchange Commission of the United States</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR valign="top">
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Scheme
      or Scheme of Arrangement</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      scheme of arrangement under section 425 of the Act approved by the Court
      on October 13, 2003</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Scheme
      effective date</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">October
      14, 2003</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">SFAS</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Statement
      of Financial Accounting Standards (United States)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">SOX</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sarbanes-Oxley
      Act of 2002 (United States)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">SSAP</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Statements
      of Standard Accounting Practice (UK)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      Energy Group</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      Energy Group plc</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UITF</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Urgent
      Issues Task Force (UK)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK
      or United Kingdom</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">United
      Kingdom of Great Britain and Northern Ireland</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK
      GAAP</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Generally
      accepted accounting principles applied in the UK</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US
      dollar, US$, cents or c</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Refers
      to units of US currency</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US
      GAAP</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US
      generally accepted accounting principles</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">USA,
      US or United States</FONT></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">United
      States of America</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD colspan=2><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Figures
      in parentheses in tables and financial statements are used to represent
      negative numbers.</FONT></TD>
  </TR>
  <TR>
    <TD height="19" colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR valign="bottom">
    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>137</FONT></TD>
    <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Definitions</font></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font size="2"><page><a name="p138"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<p><font size="3"><b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Glossary
  of terms and US equivalents</font></b></font> </p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Terms
      used in the Annual Report and Form 20-F</FONT></B></font></TD>
    <TD align="left"><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">US
      equivalent or brief description^</FONT></B></font></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Accounts</FONT></font></TD>
    <TD width=50% align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
      statements</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Allotted</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Issued</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR valign="top">
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Associate</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A
      business which is not a subsidiary or a joint-venture, but in which the
      group has a shareholding and exercises significant influence</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Borrowings</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Called-up
      share capital</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ordinary
      shares, issued and fully paid</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital
      allowances</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tax
      depreciation</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
      statement of recognised income and expense</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Statement
      of changes in stockholders&#146; equity</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Finance
      lease</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital
      lease</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
      year</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fiscal
      year</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Freehold</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ownership
      with absolute rights in perpetuity</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Gearing</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Leverage</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Group,
      or consolidated, accounts</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
      financial statements</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest
      payable</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest
      expense</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest
      receivable</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interest
      income</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR valign="top">
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Joint-venture</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A
      business which is jointly controlled by the group and one or more external
      partners</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Nominal
      value</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Par
      value</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
      profit</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
      operating income</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Payables</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Accounts
      payable and accrued liabilities</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension
      scheme</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Pension
      plan</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Income
      (or earnings)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit
      attributable to equity holders of the Company</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Net
      income attributable to ordinary shareholders</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reserves</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Stockholders&#146;
      equity other than capital stock</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
      capital</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ordinary
      shares, capital stock or common stock issued and fully paid</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR valign="top">
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
      premium account</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Additional
      paid-in capital relating to proceeds of sale of stock in excess of par value
      or paid-in surplus (not distributable)</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Shares
      in issue</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Shares
      outstanding</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      assets</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      identifiable assets</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total
      equity</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Stockholders&#146;
      equity</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Turnover</FONT></font></TD>
    <TD align="left"><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Revenues/sales</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2><HR noshade size=1></TD>
  </TR>
  <TR>
    <TD colspan="2">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2"><font size="1"><SUP><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">^</FONT></SUP></font><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US
      equivalent refers to the most comparable US term to that used in the Annual
      Report and Form 20-F. It should not be assumed that the terms used in the
      Annual Report and Form 20-F and the</FONT> <font size="2"><font size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US
      equivalent are identical</font></font></TD>
  </TR>
  <TR>
    <TD colspan="2">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT
      face=AkzidenzGroteskBE-Light,Arial,Helvetica,sans-serif color=#000000
      size=1>138</FONT></TD>
    <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Glossary
      of terms and US equivalents</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<font size="2"><page><a name="p139"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Cross
  reference to Form 20-F</b></FONT><font size="2">
  </font> </p>
<P> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
  information in this document that is referenced in the following table is included
  in Hanson PLC&#146;s 2005 Form 20-F and is filed with the Securities and Exchange
  Commission.</FONT></P>
<hr size="1" noshade>
<div style="float: left; width:48%">
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="top">
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Item</FONT></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Page</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD width=7% align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1</FONT></B></font></TD>
      <TD width=2% align=left>&nbsp;</TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Identity
        of Directors, senior management and advisors</FONT></B></font></TD>
      <TD width=2% align=left>&nbsp;</TD>
      <TD width=19% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2</FONT></B></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Offer
        statistics and expected timetable</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">3</FONT></B></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Key
        information</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Selected
        financial data</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">IFRS
        selected financial data</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">128</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=right><hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">US
        GAAP selected financial data</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">129</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exchange
        rates</FONT></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">B</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capitalisation
        and indebtedness</FONT></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Reason
        for the offer and use of proceeds</FONT></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">D</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Risk
        factors</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Principal
        risks and uncertainties</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">45-48</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">4</FONT></B></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Information
        on the Company</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">History
        and development of the Company</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Incorporation
        and name</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">53</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Incorporation
        of the Company/registered office</FONT></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">136</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Description
        of business</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        9 &#150; Discontinued operations</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">88-90</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        25 &#150; Business combinations</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">101</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital
        expenditure</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">B</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Business
        overview</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;Industry
        and markets</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5-9</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp;&nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Description
        of business</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp;&nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        2 &#150; Segmental analysis</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">77-81</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&nbsp;Seasonality</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sources
          and availability of raw materials</FONT></font></DIV></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp;&nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sales
        and marketing</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp;&nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Competitive
        position</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp;&nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Patents
        and trademarks</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">134</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <div style="margin-left:6%; text-indent:-3%"> <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Government
          regulations (including environmental)</FONT></font></div></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133-134</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Organisational
        structure</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp;&nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        14 &#150; Investments</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">92-93</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp;&nbsp; &nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Description
        of business</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">D</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Property,
        plant and equipment</FONT></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">134</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"> <font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Government
          regulation (including environmental)</font></font></div></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">133-134</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"> <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
          13 &#150; Property, plant and equipment</FONT></font></div></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">92</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">5</FONT></B></font></TD>
      <TD colspan=3 align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Operating
        and financial review and prospects</FONT></B></font></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Operating
        results</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
        of operations</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5-36</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Financial
        review</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">37-44</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">B</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Liquidity
        and capital resources</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"> <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Funding,
          liquidity and treasury management</FONT></font></div></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">42</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Capital
        expenditure</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">40</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
        cash flow statement</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">72</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"> <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
          24 &#150; Reconciliation of changes in total equity</FONT></font></div></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">99</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        29 &#150; Financial risk management</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">106-109</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=right><hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Research
        and development, patents and licences, etc</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"> <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
          3 &#150; Costs and overheads of continuing operations</FONT></font></div></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">82</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Patents
        and trademarks</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">134</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">D</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Trend
        information</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Review
        of operations</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">5-36</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">E</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Off
        balance sheet arrangements</FONT></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">41</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">F</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tabular
        disclosure of contractual obligations</FONT></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">42</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">G</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Safeharbour</FONT></TD>
      <TD colspan=2 align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Inside
        front cover</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">6</FONT></B></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Directors,
        senior management and employees</FONT></B></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Directors
        and senior management</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Board
        of Directors</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">52</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">B</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Compensation</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration
        report</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">61-67</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Board
        practices</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        Board of Directors</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55-56</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Service
        contracts</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">66</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
        governance</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55-60</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration,
        Nominations and Audit Committees</FONT></font></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">56-58</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">D</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Employees</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        4 &#150; Directors and employees</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">82-83</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">E</FONT></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
        ownership</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration
        report</FONT></font></TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">61-67</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"> <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
          33 (l) &#150; Additional information required</FONT></font></div></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"> <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">by
          US GAAP in regards to employee share schemes</FONT></font></div></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">126-127</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
  </TABLE>
</div>

<div style="float: right; width:48%">
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="top">
      <TD align=left> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Item</FONT></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Page</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=right><hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="top">
      <TD width=7% align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">F</FONT>
      </TD>
      <TD width=2% align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Description
        of option plans</FONT></font></TD>
      <TD width=2% align=right>&nbsp;</TD>
      <TD width=19% align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">64-65</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Major
        shareholders and related party transactions</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Major
        shareholders</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">130</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">B</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Related
        party transactions</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Remuneration
        report</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">61-67</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        30 &#150; Related party transactions</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">110</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Interests
        of experts and counsel</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Financial
        information</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
        financial statements</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">See
        Item18</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Asbestos</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">38-39</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        21 &#150; Provisions</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">96-98</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        26 &#150; Contingent liabilities</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">101-102</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividend
        policy</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">130</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">B</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Significant
        changes</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        31 &#150; Subsequent events</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">110</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">9</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">The
        offer and listing</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
        price history</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Listings</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">131</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">B</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Plan
        of distribution</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Markets</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Listings</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">131</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">D</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Selling
        shareholders</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">E</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dilution</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">F</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expenses
        of the issue</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">10</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Additional
        information</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share
        capital</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">130</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        23 &#150; Share capital</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">99</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">B</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Memorandum
        and articles of association</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">136</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Material
        contracts</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">134</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">D</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exchange
        controls</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">134</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">E</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"> <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Taxation
          information for US shareholders</FONT></font></div></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">134-136</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">F</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends
        and paying agents</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">130</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">G</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Statement
        by experts</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">H</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Documents
        on display</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">136</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">I</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Subsidiary
        information</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">142</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD colspan="3" align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Quantitative
        and qualitative disclosures about market risk</FONT></B></font></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"> <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Funding,
          liquidity and treasury management</FONT></font></div></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">42</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        29 &#150; Financial risk management</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">106-109</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">12</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Description
        of securities other than equity securities</FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">13</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Defaults,
        dividend arrearages and delinquencies</FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14</font></b></font></TD>
      <TD align=left></TD>
      <TD align=left><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Material
              modifications to the rights of security holders <font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> and
      use of proceeds</font></b></font></font></b></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right valign="bottom"><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</font></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">15</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Controls
        and procedures</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">A</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Evaluation
        of disclosure controls and procedures</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">59</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Internal
        control</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">58-59</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">B</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Management&#146;s
        annual report on internal controls over</FONT></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">financial
        reporting</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">59</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">C</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Attestation
        report</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">69</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">D</FONT>
      </TD>
      <TD align=left></TD>
      <TD align=left> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Changes
        in internal controls over financial reporting</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">59</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Reserved</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16</FONT><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">A</font></b></font></B>
        </font></TD>
      <TD align=left> <font size="2"><B></B></font></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Audit
        committee financial expert</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Audit
        Committee</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">57</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16</FONT></B><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">B</font></b>
        </font></TD>
      <TD align=left> <font size="2"><B></B></font></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Code
        of ethics</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Corporate
        governance</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">55</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16</FONT><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">C</FONT></B></font></B></font></TD>
      <TD align=left> <font size="2"><B></B></font></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Principal
        accountant fees and service</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        3 &#150; Remuneration of auditors</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">82</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Audit
        committee</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">57</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16</FONT><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">D</FONT></B></font></B></font></TD>
      <TD align=left> <font size="2"><B></B></font></TD>
      <TD align=left><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exemptions
        from the listing standards for audit committees </FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right valign="bottom"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</font></font></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">16</FONT><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">E</FONT></B></font></B></font></TD>
      <TD align=left> <font size="2"><B></B></font></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Repurchase
        activity</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;&nbsp;<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Note
        24 &#150; Own shares</FONT></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">17</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Financial
        statements</FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">18</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Financial
        statements</FONT></B></font></TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <div style="margin-left:6%; text-indent:-3%"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Report
          of independent registered public accounting firm </FONT></div></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">68-69</font></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
          income statement</FONT></font></DIV></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">70</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
          balance sheet</FONT></font></div></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">71</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
          cash flow statement</FONT></font></div></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">72</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left> <div style="margin-left:6%; text-indent:-3%"> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Consolidated
          statement of recognised income and &nbsp;expense</FONT></div></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">73</font></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Accounting
          policies</FONT></font></div></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">74-77</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> </TD>
      <TD align=left></TD>
      <TD align=left><div style="margin-left:6%; text-indent:-3%"><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes
          to the accounts</FONT></font></div></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">74-127</FONT></TD>
    </TR>
    <TR valign="top">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="top">
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">19</FONT></B>
        </font></TD>
      <TD align=left></TD>
      <TD align=left> <font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Exhibits</FONT></B></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR valign="top">
      <TD height="20" align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right> <hr size="1" noshade></TD>
    </TR>
  </TABLE>
</div>
<br clear="all">
<font size="2"><BR>
</font>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">139</FONT>
    </TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Cross
      reference to Form 20-F</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div><page><a name="p140"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Audit
    report for parent Company accounts</b></font><b></b> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Independent auditor&#146;s report to the shareholders of Hanson PLC<br>
</FONT></B><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
  have audited the parent company financial statements of Hanson PLC for the
year ended December 31, 2005 which comprise the Balance Sheet and the related
notes
  I to VII. These parent Company financial statements have been prepared under
  the accounting policies set out therein. We have also audited the information
  in the Directors&#146; Remuneration report that is described as having been
audited. </FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We have reported separately on the group financial statements of Hanson PLC for the year ended December 31, 2005.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">This report is made solely to the Company&#146;s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we
might state to the Company&#146;s members those matters we are required to state to them in an auditors&#146; report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company&#146;s members as a body, for our audit work, for this report, or for the opinions we have formed.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Respective responsibilities of Directors and auditors<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
Directors are responsible for preparing the Annual Report and Form 20-F, the
Directors&#146; Remuneration report and the parent Company financial statements in accordance
with applicable United Kingdom law and Accounting Standards (United Kingdom Generally Accepted Accounting Practice) as set out in the Statement of Directors&#146; Responsibilities.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Our responsibility is to audit the parent Company financial statements and the part of the Directors&#146; Remuneration report to be audited in accordance with relevant legal
and regulatory requirements and International Standards on Auditing (UK and Ireland).</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We report to you our opinion as to whether the parent Company financial statements give a true and fair view and whether the parent Company financial statements and the part of
the Directors&#146; Remuneration report to be audited have been properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Directors&#146; Report is not consistent with the parent Company financial
statements, if the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Directors&#146; remuneration and other
transactions is not disclosed.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We read other information contained in the Annual Report and Form 20 F and consider whether it is consistent with the audited parent Company financial statements. The other
information comprises only the Directors&#146; report, the unaudited part of the Directors&#146; Remuneration report, the Chairman&#146;s statement and the Review of operations and the Financial review. We consider the implications for our report if
we become aware of any apparent misstatements or material inconsistencies with the parent Company financial statements. Our responsibilities do not extend to any other information.</FONT></font></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Basis of audit opinion<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We
conducted our audit in accordance with International Standards on Auditing (UK
and Ireland) issued by the Auditing Practices Board. An audit includes examination,
on a test basis, of evidence relevant to the amounts and disclosures in the parent
Company financial statements and the part of the Directors&#146; Remuneration report to be audited. It also includes an assessment of the significant estimates and judgments
made by the Directors in the preparation of the parent Company financial statements, and of whether the accounting policies are appropriate to the Company&#146;s
circumstances, consistently applied and adequately disclosed.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give
reasonable assurance that the parent Company financial statements and the part of the Directors&#146; Remuneration report to be audited are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our
opinion we also evaluated the overall adequacy of the presentation of information in the parent Company financial statements and the part of the Directors&#146; Remuneration report to be audited.</FONT></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Opinion</font></b></font></TD>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">In
    our opinion:</font></font></TD>
  </tr>
  <tr valign="top">
    <td width="3%">&#8211;</td>
    <td><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the parent Company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Practice, of the state of the Company&#146;s affairs as at December 31, 2005; and</FONT></font></td>
  </tr>
  <tr valign="top">
    <td></TD>
    <td></TD>
  </tr>
  <tr valign="top">
    <td>&#8211;</td>
    <td><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">the parent Company financial statements and the part of the Directors&#146; Remuneration report to be audited have been properly prepared in</FONT> <FONT
face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">accordance with the Companies Act 1985.</FONT></font></td>
  </tr>
</table>
<p><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ernst &amp; Young
      LLP</FONT><font size="2"><BR>
      <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Registered auditor</FONT><BR>
      <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">London</FONT><BR>
      <FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">February 23, 2006</FONT></font><BR>
</p>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 140</font></TD>
      <TD align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Audit
      report for parent Company accounts</font></TD>
    </TR>

</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p141"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><b><font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    PLC &#150; Company</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;    </td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"> <b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Statement
          of Directors&#146; responsibilities in respect of the accounts<br>
    </font></b><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Company
    law requires the Directors to prepare accounts for each financial period
    which give a true and fair view of the state of affairs of the Company and
    of the profit or loss for that period. In preparing those accounts, the Directors
    are required to:</font></font></td>
  </tr>
  <tr valign="top">
    <td width="3%">&#8211;</td>
    <td><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">select suitable accounting policies and then apply them consistently;</FONT></font></td>
  </tr>
  <tr valign="top">
    <td></TD>
    <td></TD>
  </tr>
  <tr valign="top">
    <td>&#8211;</td>
    <td><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">make judgements and estimates that are reasonable and prudent;</FONT></font></td>
  </tr>
  <tr valign="top">
    <td></TD>
    <td></TD>
  </tr>
  <tr valign="top">
    <td>&#8211;</td>
    <td><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and</FONT></font></td>
  </tr>
  <tr valign="top">
    <td></TD>
    <td></TD>
  </tr>
  <tr valign="top">
    <td>&#8211;</td>
    <td><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">prepare the accounts on the going concern basis unless it is inappropriate to presume that the Company will continue in business.</FONT></font></td>
  </tr>
</table>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Directors confirm that the accounts comply with the above requirements.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them
to ensure that the accounts comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font size="2"> <b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Balance
          sheet </font></b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">as
    at December 31, 2005</font></font></TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="7" align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD colspan="3" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(restated)</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="3" align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Notes</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT size="1" face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#163;m</FONT></B>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size="1" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Fixed assets</FONT></B></font></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investments in subsidiaries</FONT></font></TD>
	<TD width=8% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(II)</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8,590.7</FONT></B>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=8% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8,590.7</FONT>
	</font></TD>
	<TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Current assets</FONT></B></font></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other debtors</FONT></font></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">0.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">0.1</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts due in less than one year from subsidiary undertakings</FONT></font></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">14.9</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.7</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts due in more than one year from subsidiary undertakings</FONT></font></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">436.9</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">390.6</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">451.9</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">399.4</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Creditors </FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150; due within one year</FONT></font></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Amounts due to subsidiary undertakings</FONT></font></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6,555.2</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6,356.3</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.875% notes 2010</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(III)</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(9.0</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(8.2</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Other creditors</FONT></font></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(1.6</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6,565.8</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6,364.5</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net current liabilities</FONT></B></font></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(6,113.9</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5,965.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Total assets less current liabilities</FONT></B></font></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,476.8</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,625.6</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Creditors &#150; due after one year</FONT></B></font></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.875% notes 2010</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(III)</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(433.7</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(387.9</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Net assets</FONT></B></font></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,043.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,237.7</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="2" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Capital and reserves</FONT></B></font></TD>
	<TD align=left></TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Called-up share capital</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(IV)</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">73.7</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Own shares</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(IV)</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(72.8</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(26.1</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit and loss account</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(IV)</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,042.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,190.1</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Equity shareholders&#146; funds</FONT></B></font></TD>
	<TD align=left></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,043.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,237.7</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="6" align=left><hr size="2" noshade></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">I)</font></b></font></td>
    <td><font size="2"> <b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Accounting
            Policies
 </font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">a)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Accounting
    convention</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
          accounts are prepared in accordance with UK accounting principles (including
    applicable accounting standards), using the historical cost convention.</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<font size="2">
<P><B><FONT
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">b)&nbsp;&nbsp;&nbsp;&nbsp;Profit and loss<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">As
    permitted by the exemption in Section 230 of the Companies Act 1985 the Company
    has not presented its own profit and loss account. The loss for the year
    dealt with in the
accounts of Hanson PLC was &#163;11.2m (loss of &#163;21.5m). After dividends of &#163;136.2m (&#163;127.3m) the loss for the year was &#163;147.4m (loss of &#163;148.8m). </FONT></P>
<P><B><FONT
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">c)&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The cost of equity-settled transactions with employees, for awards granted after November 7, 2002, is measured at fair value on the date of grant and is recognised as an
expense over the vesting period. Fair value is determined by an external valuer using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of
the shares of the Company (market conditions).</FONT></P>
<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">For awards evaluated on non-market conditions or no performance criteria, an expense is ultimately only recognised for awards which vest. Where an award is dependent upon a
market condition, the cost of the award is recognised irrespective of whether the award vests unless the employee leaves during the vesting period. At each balance sheet date before vesting, the cumulative expense is calculated representing the
extent to which the vesting period has expired and management&#146;s best estimate of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the income
statement, with a corresponding entry in equity. </FONT></P>
<P><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">d)&nbsp;&nbsp;&nbsp;&nbsp;Dividends<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividends
    attributable to the shareholders&#146; are taken directly to equity when
declared. Interim dividends are recognised when paid. </FONT></P>
<P><B><FONT
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">e)&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Assets, liabilities, revenues and costs denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transactions. Monetary assets and
liabilities at the balance sheet date are re-translated at year end rates of exchange. Exchange differences arising are taken to the profit and loss account. </FONT></P>
<P><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">f)&nbsp;&nbsp;&nbsp;&nbsp;Fixed
  asset investments<br>
</FONT></B><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fixed asset investments are stated at cost, except where it is required to reflect a provision for a permanent diminution in value.</FONT></P>
</font>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 141</font></TD>
      <TD align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      PLC &#150; Company </font></TD>
    </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p142"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td> <font size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Hanson
    PLC &#150; Company <font color="#8c8a95">continued</font></b></font></td>
  </tr>
  <tr>
    <td>&nbsp;    </td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">I)</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Accounting
    Policies </font></b><font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">g)</font></b></font></td>
    <td> <b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> </font></b><font size="2"><b><font
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Interest bearing loans
    and borrowings</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">All
          loans and borrowings are initially recognised at the fair value of
          the consideration received less directly attributable transaction costs.    </font></font><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">After
    initial recognition, interest-bearing loans and borrowings are subsequently
    measured at amortised cost using the effective interest method. Gains and
    losses are recognised in the profit and loss account when the liabilities
    are derecognised as well as through the amortisation process.</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> </font><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">h)&nbsp;&nbsp;&nbsp;&nbsp;Own
        shares<br>
</font></b></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Own
        equity instruments which are reacquired (treasury shares) are deducted
        from shareholders&#146; funds. No gain or loss is recognised in profit or loss on the purchase, sale,
  issue or cancellation of the Company&#146;s own equity instruments. </FONT></font></p>
<p><font size="2"><B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">i)&nbsp;&nbsp;&nbsp;&nbsp;Cash
        flow<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        Company has taken advantage of the exemption available to it under FRS1 &#147;Cash flow statements&#148; not
        to prepare a statement of cash flows. </FONT></font></p>
<p><font size="2"><B><FONT
face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">j)&nbsp;&nbsp;&nbsp;Changes in accounting
        policy<br>
</FONT></B></font><font size="2"><I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">FRS
        20 &#147;Share-based payment&#148;</FONT></I></font><br>
        <font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">FRS 20 is effective for accounting periods beginning on or after January 1,2005 and as such has been applied to these accounts. Under FRS 20, the cost of equity-settled
transactions with employees is recognised in the profit and loss account over their vesting period by reference to the fair value at the date at which they are granted. The charge is only calculated on awards made after November 7, 2002 as a result
of the transition option applied by the Company. </FONT></font></p>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">FRS 21 &#147;Events after the balance sheet date&#148;</FONT></I></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">FRS 21 is effective for accounting periods beginning on or after January 1, 2005 and as such has been applied for the first time to these accounts. Under FRS 21, the charge and
liability for the final proposed dividend are not recognised in accounts until approved by the shareholders at the AGM (declared). Previously, the dividend was recognised when proposed by the Directors.</FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">FRS 26 &#147;Financial Instruments: measurement&#148; </FONT></I></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">FRS
26 is effective for accounting periods beginning on or after January 1, 2005
and as such has been applied for the first time to these accounts. Under FRS
26, all loans and borrowings are initially recognised at the fair value of the
consideration received less directly attributable transaction costs. After initial
recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the
effective interest method. Previously, interest in respect of the coupon that
had been accrued at the balance sheet date was shown within &#145;other creditors&#146;. </FONT></font></P>
<P><font size="2">
<I><FONT face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Impact on financial statements </FONT></I></font><br>
<font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
2004 accounts previously reported have been restated for the adoption of FRS
20, FRS 21 and FRS 26 as follows: &#145;dividend accruals&#146; have decreased by &#163;93.4m;
and the loss for the year has decreased by &#163;91.7m. The net impact is to increase &#145;shareholders&#146; funds&#146; as at December 31, 2004 by &#163;93.4m. </FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font size="2"> <b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">II)&nbsp;&nbsp;&nbsp;&nbsp;Investments
          in subsidiaries</font></b></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="8" align=left><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Principal
        subsidiary undertakings at December 31, 2005, none of which are held
    directly by the Company, are as follows:</font></font></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Principal activity</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">% owned</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Country</FONT></font></TD>
	<TD align=right><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Year ended</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Quarry Products Europe Ltd</FONT></font></TD>
	<TD width=35% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarry operations</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=10% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=10% align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December</FONT></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Cook LLP</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">investments</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
    <TD align=right><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</font></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> December</font></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Drake LLP</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">investments</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
    <TD align=right><font size="2"><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</font></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> December</font></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Building Products Ltd</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">building products manufacturer</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Permanente Cement, Inc</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">cement operations</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">USA</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Construction Materials Pty</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarry operations and supply of ready-mixed concrete</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Aggregates Southeast, Inc</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">quarry operations</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">USA</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson Pipe and Products, Inc</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">supply of pipe and products</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">100</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">USA</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">December</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">III)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Loans</font></b></font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
    2010 7.875% notes are wholly repayable in 2010.</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">IV)&nbsp;&nbsp;&nbsp;&nbsp;Shareholders&#146; funds</font></b></font></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="9" align=left><hr size="1" noshade></TD>
  </TR>
<TR valign="bottom">
	<TD rowspan="3" align=left></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD rowspan="3" align=left></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Profit and</FONT>
	</font></TD>
	<TD rowspan="3" align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
	<TD align=left><font size="1">&nbsp;</font>

	</TD>
	<TD rowspan="3" align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Share</FONT></font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Own</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">loss account</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Total</FONT>
	</font></TD>
  </TR>
<TR valign="bottom">
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">capital</FONT></font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">shares</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(restated)</FONT>
	</font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(restated)</FONT>
	</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD colspan="7" align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left><font size="1">&nbsp;</font></TD>
	<TD align=right><font size="2">
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#163;m</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At January 1, 2005 (as previously reported)</FONT></B></font></TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></font></TD>
	<TD width=2% align=right>&nbsp;</TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(26.1</FONT></B>
	</font></TD>
	<TD width=2% align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,096.7</FONT></B>
	</font></TD>
	<TD width=2% align=left></TD>
	<TD width=8% align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,144.3</FONT></B>
	</font></TD>
	<TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Restatement</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">93.4</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">93.4</FONT>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At January 1, 2005 (as restated)</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(26.1</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,190.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,237.7</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Loss for the year</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.2</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(11.2</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Dividend on ordinary shares</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(136.2</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(136.2</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Employee share awards</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(0.5</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Purchase of own shares</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(46.7</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(46.7</FONT>
	</font></TD>
	<TD align=left><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">At December 31, 2005</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">73.7</FONT></B></font></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(72.8</FONT></B>
	</font></TD>
	<TD align=left><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></font></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,042.2</FONT></B>
	</font></TD>
	<TD align=left></TD>
	<TD align=right><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,043.1</FONT></B>
	</font></TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="2" noshade></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<font size="2"><P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Full details of the authorised and issued share capital, and the own shares held are provided within the notes to the group&#146;s Annual Report and Form 20-F. </FONT></P>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">V)</font></b></font></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Contingent
    liabilities</font></b></font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Contingent
          liabilities of the Company consist of &#163;1,468.4m (&#163;1,180.9m)
          of bond, commercial paper and bank facilities which are guaranteed
          on behalf of subsidiary
undertakings.</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">VI)</font></b></font></td>
    <td><font size="2"> <b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> Directors&#146; emoluments</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Full
          details of Directors&#146; emoluments are provided in the Remuneration
    report on page 61.</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="3%" align=left><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"> 142</font></TD>
      <TD align=left> <font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
      PLC &#150; Company </font></TD>
    </TR>
</TABLE>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p143"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">VII)</font></b></td>
    <td><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share-based
    payments</font></b></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
  </tr>
</table>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Details of each of the employee share plans in place are given in note 5 of the group Annual Report and Form 20-F.</FONT></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Long Term Incentive Plan<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Conditional
awards were made over 799,064 ordinary shares on March 1, 2005 which will vest,
subject to the performance measurement targets being attained, on March 1, 2008.
The
weighted average fair value of each share award granted is &#163;3.45 (&#163;3.01)
..</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font size="2"> <font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        following table illustrates the number of, and movements in, share awards
    during the year under this plan:</font></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="6" align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number</FONT></B>
	</TD>
	<TD rowspan="2" align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number</FONT>
	</TD>
	<TD rowspan="2" align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">outstanding</FONT></B>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">outstanding</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#146;000</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#146;000</FONT>
	</TD>
	<TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At January 1</FONT></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,185.4</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,074.7</FONT>
	</TD>
	<TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Awarded</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">799.1</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">866.8</FONT>
	</TD>
	<TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(55.3</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(140.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expired</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(505.2</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(381.3</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercised</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(168.4</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(234.8</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2,255.6</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2,185.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share Option Plan<br>
</FONT></B><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Options
were granted over 488,236 ordinary shares on March 1, 2005 and, subject to the
performance measurement targets being attained, will be exercisable between March
1, 2008 and February 28, 2015 at an exercise price of 514.3p per share. The weighted
average fair value of each share option granted is &#163;1.10 (&#163;1.11) .</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="8" align=left><font size="2"> <font color="#181718" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
        following table illustrates the number and weighted average exercise
        prices of, and movements in, share options during the year under the
    plan.</font></font></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="7" align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=left>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>

	</TD>
	<TD rowspan="3" align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Weighted</FONT></B></TD>
	<TD rowspan="3" align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD rowspan="3" align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
    <TD rowspan="3" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">average</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average</FONT></TD>
  </TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">outstanding</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">exercise price</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">outstanding</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercise price</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#146;</FONT><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">000</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pence</FONT></B></TD>
	<TD align=right>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#146;000</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At January 1</FONT></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,800.4</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">388.4</FONT></B></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,509.3</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">384.0</FONT></TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Granted</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">488.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">514.3</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">568.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">439.6</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(298.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">461.8</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(276.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">469.2</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expired</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(33.1</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">473.3</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercised</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(57.6</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">466.7</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,899.3</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">405.4</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,800.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">388.4</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercisable at December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">165.2</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">468.7</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">156.5</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">473.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD colspan=2 align=right>&nbsp;</TD>
  <TD colspan=3 align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> <b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Range
    of exercise prices for the share option plan (pence per share)</font></b></TD>
  <TD align=left></TD>
  <TD colspan=2 align=right>&nbsp;</TD>
  <TD colspan=3 align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD colspan=2 align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="8" align=left>

	</TD>
	<TD align=left></TD>
	<TD colspan=2 align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Options outstanding</FONT></TD>
	<TD colspan=2 align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Options exercisable</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD rowspan="2" align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
	<TD align=left></TD>
	<TD rowspan="2" align=left></TD>
	<TD align=left></TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">remaining</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">outstanding</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">contract life</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercise price</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercisable</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercise price</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#146;000</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">years</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#146;000</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><hr size="1" noshade></TD>
	<TD align=left><hr size="1" noshade></TD>
	<TD align=left><hr size="1" noshade></TD>
	<TD align=left><hr size="1" noshade></TD>
	<TD align=left><hr size="1" noshade></TD>
	<TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</font></b><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">:</font></b> </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">290.4p-461.8p</FONT>
	</TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,245.9</FONT></B></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.5</FONT></B></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">354.4</FONT></B></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">66.5</FONT></B></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">461.8</FONT></B></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">461.9p-514.3p</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">653.4</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">8.0</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">502.8</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">98.7</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">473.3</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1,899.3</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">7.7</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">405.4</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">165.2</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">468.7</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004</FONT></B><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">:</font></b></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">290.4p-461.8p</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,245.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">8.2</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">354.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">461.9p-473.3p</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">554.6</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">6.9</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">465.0</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">156.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">473.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">1,800.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">7.8</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">388.4</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">156.5</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">473.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Sharesave Scheme<br>
</FONT></B><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">During
2005, options were granted over 22,727 shares which will ordinarily be exercisable
at an exercise price of 395.0p per share during the period; June 1 to November
30, 2008 for the three year Scheme; June 1 to November 30, 2010 for the five
year Scheme; and June 1 to November 30, 2012 for the seven year scheme. The weighted
average fair value of each share option granted is &#163;1.34 (&#163;1.43).
</FONT></font></P>
<P><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      following table illustrates the number and weighted average exercise prices
  of, and movements in, share options during the year in the Sharesave Scheme:</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=left>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Weighted</FONT></B></TD>
	<TD align=left>

	</TD>
	<TD align=left>

	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">average</FONT></B></TD>
	<TD align=left>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">outstanding</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">exercise price</FONT></B></TD>
	<TD align=left>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">outstanding</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercise price</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#146;000</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pence</FONT></B></TD>
	<TD align=right>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#146;</FONT></B>000</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At January 1</FONT></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">89.3</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">326.8</FONT></B></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">68.6</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">322.9</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Granted</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">22.7</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">395.0</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">32.2</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">328.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(2.7</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">351.9</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">328.5</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Expired</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercised</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(36.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">320.6</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(5.6</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">284.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">72.4</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">350.4</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">89.3</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">326.8</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercisable at December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.4</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">428.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR valign="top">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD width="3%" align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">143</FONT></TD>
    <TD align=left><FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    PLC &#150; Company</FONT></TD>
  </TR>
</TABLE>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p144"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Hanson PLC &#150; Company
<font color="8C8A95">continued</font></b></FONT></P>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left"><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">VII)</font></b></td>
    <td><font size="2"><b><font face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Share-based
    payments </font></b><font face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">continued</font></font></td>
  </tr>
  <tr>
    <td colspan="2"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"> <b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Range
    of exercise prices for the sharesave scheme (pence per share)</font></b></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD colspan=4 align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD colspan=4 align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="8" align=left>

	</TD>
	<TD align=left></TD>
	<TD colspan=4 align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Options outstanding</FONT></TD>
	<TD align=left>

	</TD>
	<TD colspan=3 align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Options exercisable</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD rowspan="2" align=left></TD>
	<TD rowspan="4" align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
	<TD rowspan="4" align=left></TD>
	<TD align=left></TD>
	<TD rowspan="4" align=left>

	</TD>
	<TD rowspan="2" align=left></TD>
	<TD rowspan="4" align=left></TD>
	<TD align=left></TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">remaining</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">outstanding</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">contract life</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercise price</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercisable</FONT></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercise price</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#146;000</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">years</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></TD>
	<TD align=right>&nbsp;
</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#146;000</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B><b><font size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">:</font></b></TD>
	<TD width=10% align=right><font size="2">&nbsp;</font></TD>
	<TD width=2% align=left></TD>
	<TD width=10% align=right><font size="2">&nbsp;</font></TD>
	<TD width=2% align=left></TD>
	<TD width=10% align=right><font size="2">&nbsp;</font></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=10% align=right><font size="2">&nbsp;</font></TD>
	<TD width=2% align=left></TD>
	<TD width=10% align=right><font size="2">&nbsp;</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">318.0p-323.0p</FONT>
	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">20.0</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.4</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">318.0</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">323.1p-428.0p</FONT>
	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">52.4</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">1.8</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">362.8</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">72.4</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2.0</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">350.4</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2004:</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">237.0p-323.0p</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">46.1</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.3</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">313.8</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">323.1p-428.0p</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">43.2</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.6</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">340.6</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.4</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">428.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">89.3</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.4</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">326.8</FONT></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2.4</FONT></TD>
	<TD align=right>&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">428.0</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The assumptions used to fair value the equity-settled options granted in the LTIP, Share Option Plan and Sharesave Scheme are included in note 5 of the group Annual Report and
Form 20-F.</FONT></P>
<P><font size="2">
<B><FONT face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Other Schemes<br>
</FONT></B></font><font size="2"><FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31, 2005 there are no options outstanding under the Executive Share Option Schemes A and B.</FONT></font></P>
<P><font size="2">
<FONT face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The following tables illustrate the number and weighted average exercise prices of, and movements in, share options for the other schemes.</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
	<TD rowspan="7" align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
	<TD align=left>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Number of</FONT></B>
	</TD>
	<TD rowspan="3" align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Weighted</FONT></B></TD>
	<TD rowspan="3" align=left>

	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Number of</FONT>
	</TD>
	<TD rowspan="3" align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">ordinary shares</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">average</FONT></B></TD>
	<TD align=right><b><font size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif"> </font></b><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">ordinary
    shares</font> </TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">average</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">outstanding</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">exercise price</FONT></B></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">outstanding</FONT>
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">exercise price</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#146;000</FONT></B>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">pence</FONT></B></TD>
	<TD align=right>&nbsp;
	</TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><B><FONT size=1 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#146;</FONT></B>000</FONT>
	</TD>
	<TD align=left></TD>
	<TD align=right>
<FONT size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">pence</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Executive Share Option Scheme:</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At January 1</FONT></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">24.0</FONT></B>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">331.3</FONT></B></TD>
	<TD width=2% align=left><font size="2">&nbsp;</font>

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">30.0</FONT>
	</TD>
	<TD width=2% align=left><font size="2">&nbsp;</font></TD>
	<TD width=10% align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">331.3</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercised</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(13.0</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">331.3</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(6.0</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">331.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">331.3</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">331.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercisable at December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">11.0</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">331.3</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">24.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">331.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Executive Share Option Schemes A and B:</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At January 1</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">157.9</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">356.4</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">516.0</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">419.7</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Forfeited or expired</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(100.9</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">482.6</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercised</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">(157.9</FONT></B>
	</TD>
	<TD align=left>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">)</FONT></B></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">356.4</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">(257.2</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">433.9</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">At December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">157.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">356.4</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Exercisable at December 31</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<B><FONT size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
	<TD align=left><font size="2">&nbsp;</font>

	</TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">157.9</FONT>
	</TD>
	<TD align=left><font size="2">&nbsp;</font></TD>
	<TD align=right>
<FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">356.4</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">144</font></td>
    <td><font size=1 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson
    PLC &#150; Company</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="pibc"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><FONT size="3" face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><b>Shareholder
contact information</b></FONT></p>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="35%"><b><font color="#b65b17" size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Information</font></b><font color="#b65b17"><br>
        <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Ordinary
      shares:</font><br>
      <i><font size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Lloyds
      TSB Registrars</font></i></font><br>
      <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Shareholder
      Services</font><br>
      <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">The
      Causeway</font><br>
      <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Worthing</font><br>
      <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">West
      Sussex BN99 6DA</font><br>
      <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</font></td>
    <td width="2%">&nbsp;</td>
    <td width="35%"> <B><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Md,Arial,Helvetica,sans-serif">Hanson
          PLC contacts</FONT></B><font color="#b65b17"><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Company
      Secretary</FONT></font><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Paul
      Tunnacliffe</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">E-mail
    paul.tunnacliffe@hanson.biz</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><i><font color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">UK
          investors</font></i><br>
      <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tel
      0870 600 0632</font><br>
      <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fax
    0870 600 3980</font></td>
    <td>&nbsp;</td>
    <td><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Investor
        Relations</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Nick
      Swift</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">E-mail
    nick.swift@hanson.biz</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Overseas
          investors</FONT></I><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tel
      +44 (0) 121 415 7085</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fax
      +44 (0) 1903 854 031</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">www.shareview.co.uk</FONT></td>
    <td>&nbsp;</td>
    <td><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">www.hanson.biz</FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">American
        Depositary Shares (ADSs):</FONT><font color="#b65b17"><BR>
        <I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Citibank
      Shareholder Services</FONT></I></font><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">PO
      Box 43077</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Providence</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">RI
      02940-3077</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">USA</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fax
      +1 201 324 3284</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">E-mail
    citibank@shareholders-online.com</FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><i><font color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">US
          investors</font></i><br>
      <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tel
    +1 877 248 4237</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><i><font color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Non-US
          investors</font></i><br>
      <font size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tel
    +1 816 843 4281</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">CHESS
        Depositary Interests (CDIs):</FONT><font color="#b65b17"><BR>
        <I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Link
      Market Services Limited</FONT></I></font><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Level
      12</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">680
      George Street</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Sydney</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">NSW
      2000</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Australia</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tel
      +61 (0) 2 8280 7111</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Fax
      +61 (0) 2 9287 0303</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">www.linkmarketservices.com.au</FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK
        Investor share dealing services </FONT><font color="#b65b17"><BR>
        <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">for
      Hanson ordinary shares:</FONT><BR>
      <I><FONT size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Hoare
      Govett Limited</FONT></I></font><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">250
      Bishopsgate</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">London
      EC2M 4AA</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">UK</FONT><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Tel
    +44 (0) 20 7678 8300</FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><I><FONT color="#b65b17" size=2 face="AkzidenzGroteskBE-It,Arial,Helvetica,sans-serif">Lloyds
          TSB Registrars</FONT></I><BR>
      <FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Shareview
      Dealing<BR>
      The
      Causeway<BR>
      Worthing<BR>
      West
      Sussex BN99 6DA<BR>
      UK<BR>
      Tel
      0870 850 0852<BR>
      www.shareview.co.uk/dealing</FONT></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p??"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<FONT color="#B65B17" size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif">Hanson PLC </FONT><FONT size=2 face="AkzidenzGroteskBE-Regular,Arial,Helvetica,sans-serif"><br>
1 Grosvenor Place <br>
London SW1X 7JH<br>
Tel &nbsp;+44 (0) 20 7245 1245 <br>
Fax +44 (0) 20 7235 3455 <br>
www.hanson.biz</FONT></P>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page><a name="p??"></a>
<p><a href="#contents"><font size="2">Back to Content</font></a></p>
<p align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></p>
<p align="left"><font size="2" face="serif"><br>
  </font><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant
  hereby certifies that it meets all of the requirements for filing on Form 20-F
  and that is has duly caused and authorized the undersigned to sign this annual
  report on its behalf.</font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td colspan="2" align="left"><font size="2" face="serif"><b>HANSON PLC</b></font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" width="50%">&nbsp;</td>
    <td align="left" width="8%"><font size="2" face="serif">By: </font></td>
    <td align="left"><font size="2" face="serif"><u>/s/ Graham Dransfield</u></font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">Name: </font></td>
    <td align="left"><font size="2" face="serif">Graham Dransfield</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">Title: </font></td>
    <td align="left"><font size="2" face="serif">Chief Legal Officer</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">Date: March 1, 2006</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p?"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"><b>EXHIBIT INDEX</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
  <tr valign="top" bgcolor="#FFFFFF">
    <td width="10%" align="left"><a href="b821007ex1-1.txt"><font size="2" face="serif">1.1</font></a></td>
    <td align="left"><a href="b821007ex1-1.txt"><font size="2" face="serif">Amended and Restated Memorandum
        and Articles of Association of Hanson PLC.</font></a></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">2.1</font></td>
    <td align="left"><font size="2" face="serif">Deposit Agreement, dated as
        of October 14, 2004, among Hanson PLC, Citibank, N.A. as depositary and
        the holders from time to time of the ADRs issued thereunder (incorporated
        by reference to Exhibit 1 to Hanson PLC&#8217;s Report on Form 6-K filed
        on November 10, 2003).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">2.2</font></td>
    <td align="left"><font size="2" face="serif">Indenture dated as of September
        27, 2000 among Old Hanson and The Bank of New York, as Trustee (incorporated
        by reference to Exhibit 4.1 to Amendment No. 1 to Old Hanson&#8217;s
        Registration Statement No. 333-12510 on Form F-3.</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">2.3</font></td>
    <td align="left"><font size="2" face="serif">First Supplemental Indenture
        dated as of February 10, 2004 to the Indenture referred to in Exhibit
        2.4 hereof, among Old Hanson, Hanson PLC and The Bank of New York, as
        Trustee (incorporated by reference to Exhibit 2.5 to Hanson PLC&#8217;s
        Annual Report on Form 20-F for the year ended December 31, 2003).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">2.4</font></td>
    <td align="left"><font size="2" face="serif">Indenture dated as of March
        18, 2003 among Hanson Australia Funding Limited, Old Hanson and The Bank
        of New York, as Trustee (incorporated by reference to Exhibit 4.2 to
        Old Hanson&#8217;s Registration Statement No. 333-98517 on Form F-3.</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">2.5</font></td>
    <td align="left"><font size="2" face="serif">First Supplemental Indenture
        dated as of February 10, 2004 to the Indenture referred to in Exhibit
        2.6 hereof among Hanson Australia Funding Limited, Old Hanson, Hanson
        PLC and The Bank of New York, as Trustee (incorporated by reference to
        Exhibit 2.7 to Hanson PLC&#8217;s Annual Report on Form 20-F for the
        year ended December 31, 2003).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">2.6</font></td>
    <td align="left"><font size="2" face="serif">Form of Indenture among Hanson
        Finance America, Inc., Old Hanson and The Bank of New York, as Trustee
        (incorporated by reference to Exhibit 4.3 to Old Hanson&#8217;s Registration
        Statement No. 333-98517 on Form F-3).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">2.7</font></td>
    <td align="left"><font size="2" face="serif">Hanson hereby agrees to furnish
        the Commission, upon its request, copies of any instruments that define
        the rights of holders of long-term debt of Hanson and its subsidiaries
        that are not filed as exhibits to the Annual Report and Form 20-F.</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.1</font></td>
    <td align="left"><font size="2" face="serif">Form of Demerger Agreement,
        between Old Hanson, Hanson Overseas Holdings Ltd. and Millennium (incorporated
        by reference to Exhibit 10.7 to Millennium&#8217;s Registration Statement
        on Form 10 (SEC File No. 1-12091)).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.2</font></td>
    <td align="left"><font size="2" face="serif">Form of Indemnification Agreement,
        between Old Hanson and Millennium (incorporated by reference to Exhibit
        10.8 to Millenium&#8217;s Registration Statement on Form 10 (SEC File
        No. 1-12091)).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.3</font></td>
    <td align="left"><font size="2" face="serif">Form of Tax Sharing and Indemnification
        Agreement, between Old Hanson, Hanson Overseas Holdings Ltd. and Millenium
        (incorporated by reference to Exhibit 10.9(b) to Millenium&#8217;s Registration
        Statement on Form 10 (SEC File No. 1-12091)).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.4</font></td>
    <td align="left"><font size="2" face="serif">Form of Deed of Tax Covenant,
        between Old Hanson, Hanson Overseas Holdings Ltd. and Millennium (incorporated
        by reference to Exhibit 10.9(b) to Millenium&#8217;s Registration Statement
        on Form 10 (SEC File No. 1-12091)).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.5</font></td>
    <td align="left"><font size="2" face="serif">Amendment to the Deed of Tax
        Covenant, dated January 28, 1997 (incorporated by reference to Exhibit
        3.1(e) to Old Hanson&#8217;s Annual Report on Form 20-F for the year
        ended December 31, 1998).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.6</font></td>
    <td align="left"><font size="2" face="serif">Agreement, dated August 28,
        1996 among Imperial, Old Hanson, J. Henry Schroder &amp; Co. Ltd and
        certain other parties (incorporated by reference to Exhibit 3.2(a) to
        Old Hanson&#8217;s Annual Report on Form 20-F for the year ended December
        31, 1997).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.7</font></td>
    <td align="left"><font size="2" face="serif">Deed, dated August 28, 1996
        between Old Hanson and Imperial (incorporated by reference to Exhibit
        3.2(b) to Old Hanson&#8217;s Annual Report on Form 20-F for the year
        ended December 31, 1997).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.8</font></td>
    <td align="left"><font size="2" face="serif">Demerger Agreement dated August
        28, 1996 between Old Hanson and Imperial (incorporated by reference to
        Exhibit 3.2(c) to Old Hanson&#8217;s Annual Report on Form 20-F for the
        year ended December 31, 1997).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.9</font></td>
    <td align="left"><font size="2" face="serif">Form of Demerger Agreement between
        Old Hanson and The Energy Group (incorporated by reference to Exhibit
        3.2 to Energy&#8217;s Registration Statement on Form 20-F (SEC File No.
        1-14576)).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.10</font></td>
    <td align="left"><font size="2" face="serif">Form of Deed between Old Hanson
        and Rollalong Ltd (incorporated by reference to Exhibit 3.3 to Energy&#8217;s
        Registration Statement on Form 20-F (SEC File No. 1-14576)).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.11</font></td>
    <td align="left"><font size="2" face="serif">Form of Indemnification Agreement
        between Old Hanson and the Energy Group (incorporated by reference to
        Exhibit 3.4 to Energy&#8217;s Registration Statement on Form 20-F (SEC
        File No. 1-14576)).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.12</font></td>
    <td align="left"><font size="2" face="serif">Form of Tax Sharing and Indemnification
        Agreement among Old Hanson, Cavenham, The Energy Group and Gold Fields
        American Corporation (incorporated by reference to Exhibit 3.5 to Energy&#8217;s
        Registration Statement on Form 20-F (SEC File No. 1-14576)).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">4.13</font></td>
    <td align="left"><font size="2" face="serif">Form of Peabody Acquisition
        Agreement among US Holdings, Inc., GFAC International Holdings Inc. (
        GFAC ), Old Hanson and The Energy Group (incorporated by reference to
        Exhibit 3.6 to Energy&#8217;s Registration Statement on Form 20-F (SEC
        File No. 1-145476)).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">8.1</font></td>
    <td align="left"><font size="2" face="serif">Principal subsidiary undertakings
        (incorporated by reference to list of principal subsidiary undertakings
        on page 64 in the Annual Report and Form 20-F).</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><a href="b821007ex12-1.htm"><font size="2" face="serif">12.1</font></a></td>
    <td align="left"><a href="b821007ex12-1.htm"><font size="2" face="serif">Certification of Alan J. Murray
        filed pursuant to 17 CFR 240.13a-14(a).</font></a></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><a href="b821007ex12-2.htm"><font size="2" face="serif">12.2</font></a></td>
    <td align="left"><a href="b821007ex12-2.htm"><font size="2" face="serif">Certification of Jonathan C.
        Nicholls filed pursuant to 17 CFR 240.13a-14(a).</font></a></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><a href="b821007ex13-1.htm"><font size="2" face="serif">13.1</font></a></td>
    <td align="left"><a href="b821007ex13-1.htm"><font size="2" face="serif">Certification
          of Alan J. Murray furnished pursuant to 17 CFR 240.13a-14(b) and 18
        U.S.C.&sect;1350.</font></a></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><a href="b821007ex13-2.htm"><font size="2" face="serif">13.2</font></a></td>
    <td align="left"><a href="b821007ex13-2.htm"><font size="2" face="serif">Certification
          of Jonathan C. Nicholls furnished pursuant to 17 CFR 240.13a-14(b)
        and 18 U.S.C. &sect;1350.</font></a></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><a href="b821007ex14-1.htm"><font size="2" face="serif">14.1</font></a></td>
    <td align="left"><a href="b821007ex14-1.htm"><font size="2" face="serif">Consent of Independent Registered
        Public Accounting Firm.</font></a></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
</body>

</html>
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{"company-data": {"conformed-name": "HANSON PLC", "cik": "0001265725", "assigned-sic": "1400", "irs-number": "000000000", "state-of-incorporation": "X0", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "333-109672", "film-number": "06653420"}, "business-address": {"street1": "1 GROSVENOR PLACE", "street2": "LONDON", "city": "ENGLAND", "state": "X0", "zip": "SW1X7JH", "phone": "4402072594156"}, "mail-address": {"street1": "1 GROSVENOR PLACE", "street2": "LONDON", "city": "ENGLAND", "state": "X0", "zip": "SW1X7JH"}, "former-company": {"former-conformed-name": "HANSON BUILDING MATERIALS PLC", "date-changed": "20031001"}}
Prepared and filed by St Ives Financial
UNITED
  STATES
SECURITIES
  AND EXCHANGE COMMISSION
Washington,
  DC 20549
FORM
  20-F
(Mark One)
REGISTRATION
      STATEMENT PURSUANT TO SECTION 12
(b)
OR
(g)
OF
THE SECURITIES EXCHANGE ACT OF 1934
OR
ANNUAL
      REPORT PURSUANT TO
SECTION
13
OR
15 (d)
OF
THE
SECURITIES EXCHANGE ACT OF 1934
For
      the fiscal year ended December 31, 2005
OR
TRANSITION
      REPORT
PURSUANT
TO
SECTION
13
OR
15 (d)
OF
THE
SECURITIES
      EXCHANGE ACT OF 1934
For
      the transition period from __________ to __________
Commission
  file number 333-109672
HANSON
      PLC
(successor
  to Hanson Building Materials Limited)
(Exact
Name of Registrant as Specified in Its Charter)
n/a
(Translation of
  Registrant's name into English)
England
  and Wales
(Jurisdiction
  of incorporation or organization)
1
  Grosvenor Place
London SW1X 7JH, England
(Address of principal executive offices)
Securities
  registered or to be registered pursuant to Section 12(b) of the Act.
Title
      of each class
Name
      of each exchange on which registered
American
      Depositary Shares
The New
      York Stock Exchange, Inc.
Ordinary
      Shares of £0.10 each
The New
      York Stock Exchange, Inc.*
5.25% Notes
      due 2013**
The New
      York Stock Exchange, Inc.
*
Listed,
      not for trading, but only in connection with the registration of American
      Depositary Shares, pursuant to the requirements of the Securities and Exchange
      Commission.
**
Issued
      by Hanson Australia Funding Limited, an indirect wholly owned subsidiary
      of the Registrant, and guaranteed as to certain payments by the Registrant.
Securities
  registered or to be registered pursuant to Section 12(g) of the Act.
None
(Title of
  Class)
Securities
  for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
(Title of
  Class)
Indicate
  the number of outstanding shares of each of the issuer's classes of capital
  or common stock as of the close of the period covered by the annual report.
736,968,849
  Ordinary Shares of £0.10 each were outstanding.
Indicate by
  check mark whether the registrant (1) has filed all reports required to be filed
  by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
  12 months (or for such shorter period that the registrant was required to file
  such reports), and (2) has been subject to such filing requirements for the
past 90 days.
Yes
No
Indicate by check
  mark which financial statement item the registrant has elected to follow.
Item 17
Item
      18
1
Financial highlights
2
Chairman's
    statement
3
Chief
    Executive's overview
4
Summary financial results
5
Review of operations
14
Hanson Aggregates North America
18
Hanson Building Products North America
22
Hanson Aggregates UK
26
Hanson Building Products UK
30
Hanson
    Australia & Asia Pacific
34
Hanson Continental Europe
37
Financial review
45
Principal risks and uncertainties
49
Corporate responsibility
52
Board of Directors
53
Report of the Directors
55
Corporate governance
61
Remuneration report
68
Auditors' reports
70
Consolidated income statement
71
Consolidated balance sheet
72
Consolidated cash flow statement
73
Consolidated
statement of recognised income and expense
74
Notes to the accounts
128
IFRS selected financial data
129
US GAAP selected financial data
130
Investor information
133
Ancillary information
137
Definitions
138
Glossary of terms and US equivalents
139
Cross reference to Form 20-F
140
Audit report for parent Company accounts
141
Hanson
    PLC – Company
ibc
Shareholder contact information
A Scheme of Arrangement (the "Scheme") was approved by shareholders of Old Hanson on September 19, 2003, subsequently approved by the Court on October 13, 2003 and
became effective at the close of business on October 14, 2003 (the "Scheme Effective Date"). Under the Scheme, shareholders in Old Hanson received, in substitution for each of their ordinary shares of £2 in nominal value in Old
Hanson, one ordinary share of 10p in nominal value in New Hanson, following a reduction in the nominal capital of New Hanson approved by the Court on October 20, 2003 and effective from October 21, 2003.
For
    the purposes of producing the Annual Report and Form 20-F of New Hanson,
    unless otherwise expressly specified (a) references to the Company and its
    subsidiaries or Hanson and its subsidiaries, or the group, refer to Old Hanson
    and its subsidiaries up to the close of business on the
  Scheme Effective Date and to New Hanson (including Old Hanson) and its subsidiaries
    as from that time and (b) references to Hanson or the Company are to Old
    Hanson up to the close of business on the Scheme Effective Date and to New
    Hanson as from that time. At the Scheme Effective Date New Hanson had no
    business assets.
Solely
for the convenience of the reader, the Annual Report and Form 20-F contains translations
of certain amounts in pounds sterling ("£") or pence
("p") into US dollars ("US dollars" or "$")
or cents ("c"). The translations of pounds sterling and pence to US
dollars and cents appearing in the Annual Report and Form 20-F have been made
at the noon  buying rate in New York City for cable transfers in pounds sterling
as certified for customs purposes by the Bank of New York (the "noon buying
rate") on the date of the information so translated.
These
translations should not be construed as representations that the pound sterling
amounts actually represent such US dollar amounts or could be converted into
US dollars at the rates indicated. On February 21, 2006 the noon buying rate
was $1.74 per £1. For additional information on exchange rates between the pound sterling and the US dollar, see "Exchange Rates" on
page 133 of the Annual Report and
Form 20-F.
Each of Hanson, Hanson Aggregates North America,
Hanson Building Products North America, Hanson Aggregates UK, Hanson Building
Products UK, Hanson Australia & Asia Pacific and Hanson Continental Europe
(as such expressions are referred to in the Annual Report and Form 20-F) is either
a holding company or divisional entity, and does not itself carry out any of
the business activities described on page 53 of the Annual Report and Form 20-F.
References to 'we', 'our' or 'us', unless the content otherwise requires, is, in the context of a description of the group's businesses,
operational activities or liabilities, a reference to those of the relevant subsidiary company. References to Hanson or the Company should, where appropriate, be construed as a reference to the group or one or more of the Company's
subsidiaries.
The market, industry and product segment data contained in the Annual Report and Form 20-F have been taken from industry and other sources available to Hanson in the relevant
jurisdictions and, in some cases, adjusted based on relevant management's knowledge of the industry. Hanson has not independently verified any third-party market information. Similarly, while Hanson believes its internal estimates are reliable,
they have not been verified by independent sources.
Some of the information included in the Annual Report and Form 20-F, including documents incorporated by reference, are, or may be deemed to be, "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (United States). Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results and developments to
differ materially from future results and developments expressed or implied by such forward-looking statements. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words
such as 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project', 'plan', 'believe' and other words and terms of similar meanings in discussion of future
operating or financial performance.
Such factors include, but are not limited to, changes in economic conditions, especially in the USA, the UK and Australia; changes in governmental policy or legislation
relating to public works expenditure and housing; inclement weather conditions; the competitive market in which we operate; changes in governmental policy or legislation that could effect regulatory compliance and other operating costs; disruption
to, or increased costs of, the supply of materials, energy and fuel to our business; pension and post-retirement healthcare costs; ineffective implementation of computer software systems; our inability to achieve success in our acquisition strategy;
exchange rate fluctuations; potential liabilities, including asbestos, arising out of former businesses and activities; adequacy of Koppers' environmental insurance and US litigation exposure. Hanson does not undertake any obligation to update
or revise publicly such forward-looking statements. All written, oral or other tangible and electronic forward-looking statements attributable to Hanson or persons acting on behalf of Hanson are expressly qualified in their entirety by this
cautionary statement.
Front
cover:
Hanson
    Aggregates North America – the New
Bridgeport plant, near Dallas, Texas,
USA.
Back to Contents
Financial
      highlights
Summary statistics for the year ended December 31, 2005
2005
2004
% change
Group turnover*
†
£3,715.7m
£3,383.0m
9.8
Operating profit before impairments
†
£488.8m
£423.4m
15.4
Profit before taxation
†
£429.3m
£347.3m
23.6
Profit for the year
£387.6m
£264.2m
46.7
Net cash inflow from operating activities
£471.2m
£507.5m
(7.2
)
Net debt
£989.6m
£695.2m
42.3
Gearing
#
37.0%
28.8%
8.2ppts
Earnings per share – basic
53.2p
36.0p
47.8
Earnings per share – continuing operations
54.2p
43.6p
24.3
Earnings per share – continuing operations before impairments
55.5p
46.7p
18.8
Dividend per share – paid in the year
18.65p
17.30p
7.8
Dividend per share
‡
20.0p
18.15p
10.2
Group
    turnover
†
Dividend
    per share
‡
Up
    9.8%
Up
        10.2%
Operating
    profit before impairments
†
Earnings
    per share – basic
Up
    15.4%
Up
    47.8%
Cash
    spend on acquisitions in 2005
£342.9m
Group
    turnover
†
by Region
Operating
    profit before impairments
†
by Region
£m
%
North America
1
Hanson Aggregates
980.6
26.4
2
Hanson Building Products
753.7
20.3
1,734.3
46.7
UK
3
Hanson Aggregates
811.5
21.8
4
Hanson Building Products
368.2
9.9
1,179.7
31.7
Australia & Asia Pacific
5
Hanson Australia
464.6
12.5
6
Hanson Asia Pacific
108.4
2.9
573.0
15.4
7
Hanson Continental Europe
228.7
6.2
Group Total
3,715.7
100.0
£m
%
North America
1
Hanson Aggregates
138.4
26.6
2
Hanson Building Products
125.7
24.2
264.1
50.8
UK
3
Hanson Aggregates
108.8
20.9
4
Hanson Building Products
37.8
7.3
146.6
28.2
Australia & Asia Pacific
5
Hanson Australia
81.6
15.7
6
Hanson Asia Pacific
8.1
1.5
89.7
17.2
7
Hanson Continental Europe
19.9
3.8
Sub Total
520.3
100.0
Central
(31.5
)
Group Total
488.8
*Excluding
      joint-ventures and associates
#
Net
        debt divided by total equity
†
Continuing
        operations
‡
2005
        interim dividend paid and final
dividend
        recommended
1
Financial
    highlights
Back to Contents
Chairman's
statement
"During 2005, the group once again achieved excellent progress against its primary objective, which is to create sustainable, long-term value for our shareholders."
Mike Welton
Chairman, Hanson PLC
2005
    has been my first year as Chairman of Hanson PLC, having been appointed to
    the role in April 2005. I am pleased to be able to report that during 2005
    the group once again achieved excellent progress against its primary objective,
which is to create sustainable, long-term value for our shareholders.
We
    have grown the group turnover, earnings and margins of our existing businesses
    in 2005 and have added further value through a number of significant acquisitions.
    We have increased our dividend and share buyback programme.
Our
    operating environment has continued to change during the year, including
    further consolidation of our customer and competitor base. Both at a strategic
    and at an operational level, Hanson believes it is meeting these challenges.
Returns
    to shareholders
The Board recommends a final dividend of 14.15p (12.80p)
    per share. This, together with the interim dividend, makes a total of 20p
    (18.15p) for the year, an increase of 10.2%. The "Investor information" section
    of this report provides payment details.
Hanson
    has continued the on-market share buyback programme begun in 2004. During
    the year ended December 31, 2005, we bought back 8,335,000 shares (6,350,000
    shares) for £46.7m (£26.1m), equivalent to 1.1% (0.9%) of outstanding
    shares.
Board
    of Directors
After
    the AGM in 2005, Chris Collins stepped down as Chairman. On your behalf,
    I thank Chris for his tremendous contribution, initially as an Executive
    Director of Hanson and then as Chairman. We are also grateful for the contributions
    over many years of Simon Keswick and Kenneth Baker as Non-executive Directors,
    who also stepped down following the AGM.
In
    August 2005, we welcomed John Brady to our Board as a Non-executive Director.
    John brings with him a wide experience gained in his years at McKinsey, latterly
    as a Director working on board strategy.
Corporate
    governance
Although
    plans to introduce a mandatory Operating and Financial Review have been shelved
    by the UK government, we are required to produce the equivalent of an Operating
    and Financial Review to satisfy US regulatory requirements.
We
    have expanded this to give stakeholders in the group an insight into the
    way in which the Board of Hanson PLC analyses its environment and operating
    activities.
We
    remain fully compliant with section 404 of the US Sarbanes-Oxley Act ahead
    of the requirement for foreign US registrants. This underlines our commitment
    to strong financial control and discipline.
Corporate
    responsibility
Hanson
    is committed to a programme of ongoing improvement in all areas of its corporate
    responsibility.
I
    am happy to report that for the fifth consecutive year we saw an overall
    improvement in our safety statistics. We promote a culture of continuous
    improvement in our safety awareness across all of our operations, with the
    Board monitoring formally the group's safety performance on a quarterly
    basis. The information obtained from these quarterly reports and from presentations
    to the Board is used to identify where particular attention should be focused
    and to assess the effectiveness of our approach.
Environmental
    issues are also reported quarterly to the Board. Our careful management of
    environmental issues is an integral part of our overall business strategy.
Hanson
    people
The
    Hanson team of highly motivated people is one of Hanson's greatest assets.
    We are dedicated to delivering increased value to all our constituents (including
    shareholders, customers, suppliers, fellow employees and the communities
    in which we operate). The introduction, some two years ago, of the Hanson
    guiding principles for employees is one of the drivers of a high performance
    corporate culture. I have been surprised and delighted by the level of expertise
    and enthusiasm I have encountered since assuming the role of Chairman and
    would like to thank Alan Murray and the rest of his team for their efforts
    and achievements during 2005.
Looking
    forward
We
    expect to make further progress during 2006 based on strong market positions,
    value adding acquisition opportunities and continued financial discipline.
    I believe we have the assets and the people to realise our objective and
    create sustainable value for all our stakeholders.
2
Chairman's
    statement
Back to Contents
Chief
Executive's overview
"In 2005, we have achieved double digit earnings growth, completed a significant number of valuable acquisitions and increased our returns to shareholders."
Alan
Murray
Chief Executive, Hanson PLC
Our customers
Throughout
2005 as previously, a key aim has been, and will continue to be to make Hanson
a truly customer focused company. We believe we should treat our customers in
the same
way we would expect to be treated ourselves – with courtesy and respect.
2005 performance summary
I am very pleased with the performance we have delivered in 2005. We have achieved double digit earnings growth, completed a significant number of valuable acquisitions and
increased our returns to shareholders.
Operating highlights
Group turnover
†
increased by 9.8%
to £3,715.7m (£3,383.0m), of which 4.2% was due to the acquisitions
we made in 2005. Excluding acquisitions, most of the 5.6% increase was due to
increases in selling prices. Price increases have been necessary to recover those
higher input costs that could not be absorbed through cost initiatives. Cost
control is an integral part of our operational culture and we continue to strive
to be the lowest cost
producer.
In total, group operating margin
†
increased by 0.3ppts, despite the significant increase in costs, and the operating profit before impairments
†
increased by 15.4% to £488.8m. Excluding acquisitions and property income, operating profit
before impairments
†
from the existing business grew by 13.6%. The
majority of our six divisions contributed to this growth with a 38.8% increase from the UK Aggregates division, 25.1% from Australia & Asia Pacific, 20.2% from US Aggregates and 8.7% from US Building Products. These are excellent results and
more than offset the difficult markets for our UK Building Products and Continental Europe divisions in 2005.
Investing highlights
£191.8m
of capital expenditure was invested in capital projects to maintain and to enhance
our existing operations. In line with our ongoing capital expenditure policy,
we aim to remain disciplined and biased towards projects which will have superior
risk/return ratios.
In the USA, construction has begun on replacement pipe and precast manufacturing plants in Texas, Arizona and Florida and the construction of a new greenfield roof tile plant
near Jacksonville in Florida. In addition, we completed the quarry replant at Bridgeport, Dallas and secured further
mineral reserves in California. In the UK, capital expenditure includes kiln refurbishment, plant automation and information technology projects. Plant upgrades were completed
in Australia and additional mineral reserves have been secured in Spain.
Acquisitions and disposals
Our strategy to enhance shareholder value includes the acquisition of companies which extend our existing operations or geographies. In addition, our aggregates acquisition
strategy helps maintain our long-term mineral reserves and resources position, which totalled 15.9bn tonnes at the end of 2005.
Eleven transactions were completed in 2005 for a cash cost of £342.9m (£88.4m) and included the acquisition of Mission Valley Rock, which secured over 54m tonnes of
reserves in the San Francisco Bay area. The acquisition of Sherman Pipe expanded our presence in the southeast region of the USA. In the UK, the acquisitions of Thermalite and Marshalls Clay Products have extended our building product
ranges.
Disposal proceeds received in 2005 totalled £50.3m in the year and included the sale of Hanson's 50% interest in Campbell Concrete and Materials in Texas and 19
ready-mixed concrete plants in Spain.
Safety
We continued to improve the safety of our employees. For the first time since the group safety records were maintained there were no employee work related fatalities in 2005.
Our focus in 2006 is to reduce the number of accidents and unsafe acts.
Operating outlook
Demand in the US is expected to remain strong but may decline in the UK and Australia. The increase in energy costs incurred in the latter part of 2005 will impact our annual
cost base in 2006, despite our cost reduction initiatives. We will work closely with our customers to deliver premium products and services whilst remaining disciplined on selling prices.
3
Chief
        executive's overview
†
Continuing
    operations
Back to Contents
Summary
financial results
"Group turnover
†
has increased by £332.7m and operating profit before impairments
†
has increased by £65.4m. "
Jonathan Nicholls
Finance Director, Hanson PLC
Consolidated income statement
Group turnover
†
increased by £332.7m, or 9.8%, in 2005 to £3,715.7m. £143.8m of the increase was due to acquisitions made in the year, with the majority of the balance of £188.9m,
or 5.6%, due primarily to the increases in selling prices achieved by the operations.
Excluding acquisitions, product sales volumes were generally at or below 2004
levels.
Costs and overheads
†
increased by £284.6m, or 9.5%, during the year. £126.7m of the increase was due to acquisitions. The remaining £157.9m, or 5.3%, represents the increase in costs relating to
our existing operations. Energy costs, namely electricity, fuel and gas, increased by over 20% in 2005. In addition, significant raw material increases were incurred for cement, bitumen and steel.
The share of joint-ventures' and associates' profit after taxation
†
increased by 74.6% to £40.5m and includes a one-off tax credit of £6.6m. Excluding this item, the 46.1% increase reflects the strong performance from our
25% interest in Cement Australia.
Operating profit before impairments
†
increased by £65.4m, or 15.4% to £488.8m in 2005. Acquisitions contributed £17.1m, property profits reduced by £6.5m and foreign exchange movements increased profits by
£6.4m.
Profit before taxation
†
increased by £82.0m, or 23.6% to £429.3m (£347.3m). Net finance costs were £55.5m (£46.8m).
Profit after taxation
†
increased by £74.7m, or 23.3% to £394.9m (£320.2m). The group tax charge for 2005 was £34.4m (£27.1m). This includes an underlying effective tax
charge
†
of £58.4m, equivalent to a rate of 14.9% (15.6%), and a
reduction of £29.6m relating to a net release of tax provisions following successful settlement of a number of issues.
Discontinued items totalled a loss after taxation of £7.3m (£56.0m), of which £13.7m related to asbestos. The gross cost of asbestos, before insurance, was
US$43.2m (US$59.3m). At this stage, our estimate of the average annual cost before insurance over the next eight years is $60.0m, equivalent to approximately £21m after tax. In February 2006, a settlement was reached with insurers
covering approximately 20% of the group's present asbestos costs.
Profit for the year was £387.6m
(£264.2m),
an increase of 46.7%. Basic earnings per share before impairments
†
increased by 18.8% to 55.5p (46.7p). Interim dividend paid and final dividend recommended for 2005 totalled 20.0 pence per share, an increase of 10.2%.
Consolidated balance sheet
Net debt increased by £294.4m to £989.6m (£695.2m) and included an increase of £95.7m due to foreign exchange. Total equity at
the end of 2005 was £2,672.3m (£2,411.0m) and gearing at the year end was 37.0% (28.8%).
Consolidated cash flow statement
The net cash inflow from operating activities was £471.2m (£507.5m), a decrease of £36.3m. This is after net payments of
£64.3m (£53.2m) for interest and £54.1m (£18.3m) for taxation.
Capital expenditure totalled £191.8m (£198.6m) and £342.9m was spent on 11 acquisitions. Dividends paid were £136.2m in 2005, and a total of 8,335,000
shares were bought back for £46.7m, of which £45.1m was paid in 2005.
Pensions
We
continue to make progress in managing our exposure to pension liabilities. All
defined benefit plans are now closed to new members, other than those covered
by pre-existing collective bargaining arrangements. The net deficit under International
Financial Reporting Standards (IFRS) decreased to 1.0% of liabilities or £20.8m (2.7%, £48.5m). 58.3% (53.7%) of assets are held in bonds, property or
cash.
4
Summary
    financial results
†
Continuing
    operations
Back to Contents
Review of operations
Top: On site at the Old Bullring, Barcelona, Spain. Bottom: Box culverts at Grand Prairie plant, Texas, USA.
Industry and markets
Our industry
We supply heavy building materials and services to the public and private construction sectors. Our key products include aggregates, ready-mixed concrete, asphalt, cement,
concrete and steel pipe, precast concrete products, bricks and roof tiles.
End use markets and demand drivers
The end use of our products and services may be categorised into residential, infrastructure, and industrial and commercial construction applications.
Residential includes public and private housing, and comprises both new build and repair, maintenance and improvement (RMI). The level of new housing spend in this sector is
driven by population growth and demand for new housing offset by supply constraints such as house prices and planning permissions. Statistics for housing starts and completions are published in several of our major markets, including the US and UK.
RMI work includes DIY spend and is often linked to consumer confidence.
Infrastructure includes transport (such as road, rail and airports) and utilities (including water transmission, sewage, power and communications). Typically, infrastructure
spend on both new projects and RMI is government funded, for example through the SAFETEA programme in the USA. Infrastructure demand is driven by demographics, namely population growth, along with government fiscal policy and priorities and planning
constraints.
Industrial and Commercial includes offices and factories as well as schools and hospitals. This category of construction is funded by both the public and private sectors and
may include public finance initiatives (PFI). Drivers for private spending include economic growth. Typically, public spending is driven by political priorities.
Competitive position
Our aim is to establish Hanson as one of the leading suppliers in each of the local markets in which we operate. This requires a network of well-located operations which can be
used to optimise customer service and transport costs and to leverage economies of scale. These competitive positions can be strengthened through acquisitions. Acquisitions can add value through the realisation of operating and cost saving synergies
in areas such as increased asset utilisation and reduced administrative overheads.
Vertical integration in aggregates
In some markets, aggregates producers are integrated downstream into ready-mixed concrete and asphalt production. In addition, asphalt producers may undertake maintenance
contracts and surfacing work. Ready-mixed concrete producers may have upstream cement operations.
Our focus is on aggregates, but we own and operate ready-mixed concrete, asphalt and cement operations where this is desirable.
Economic characteristics
Transportation costs are significant
In general, our products have a low-value to weight ratio. This means the cost of transport is a significant element of the total cost of our products to our customers. For
example, in some markets the maximum economic road delivery distances for aggregates may be as little as 20 miles. Consequently, the proximity of our operations to our customers is important to our overall competitive position in each market.
Delivery to the final destination is principally by road, but we do use alternative transport such as rail or marine to move products in certain markets. Building products may have longer economic delivery distances, depending on market dynamics.
Barriers to entry
Access to mineral reserves, and the ability to obtain the necessary legal permissions to extract them, is one of the main barriers to entry for our aggregates and brick
operations. These barriers to entry are increasing in the mature markets in which we operate as planning and environmental controls become more onerous. We aim to work with planning authorities and local communities to ensure we comply with all
regulatory requirements and maintain a strong reserve position.
5
Review
    of operations
Back to Contents
Review of operations
continued
Top: Criggion hard rock quarry, Shropshire, UK. Bottom: Ready-mixed concrete being delivered in Barcelona, Spain.
Our building products operations have barriers to entry due to the significant scale, capital and expertise requirements. For example, concrete pipe and precast products are
produced for engineered applications where significant technical expertise is required in design, manufacturing and sales. Technological advances afford us the opportunity for continuous reinvestment and upgrading of manufacturing
facilities.
Low substitution threat and low price elasticity
The threat of substitution for most of our products is low. Recycled aggregate materials are used in certain applications, particularly in the UK, following the introduction by
the UK government of an aggregates levy. We continue to increase the proportion of high value aggregates produced in our plants.
Service and quality
The service and quality elements of our product offering are essential components of our product positioning. Examples of important factors in creating value for our customers
in our Aggregates divisions include the technical strength specification in ready-mixed concrete, the grip and durability of asphalt and the on-time delivery to site and consistency of size and grade of aggregates. Examples in our Building Products
divisions include colour matching of bricks, strength and precision of construction of pipes and product availability during peak demand periods for bagged aggregates products.
Our products
Aggregates
Hanson
is one of the world's largest producers of aggregates. Excluding joint ventures
and associates, we sold over 221m tonnes of aggregates in 2005, from more than
380 quarries in North America, the UK, Australia and Asia Pacific and Continental
Europe. Aggregates (sand, gravel and crushed rock) are used in a wide variety
of applications, including as a base material for road building, in the construction
of rail
lines, laying of water transmission and drainage pipeline and as landfill. When
mixed with cement and other additives, ready-mixed concrete or concrete products
are produced which are used in a wide variety of building-related applications.
When mixed with bitumen they become asphalt, which is used as a surface material
for roads, airport runways and car parks.
Hanson uses aggregates primarily from three sources; land quarried sand and gravel; marine dredged sand and gravel; and land quarried crushed rock.
The process to extract crushed rock may require "stripping" which is the removal of overburden material such as top soil and clay from above the mineral deposit. Rock
is blasted in predetermined extraction patterns and hauled to mechanical crushers by truck or by conveyor belt. Depending on the geological properties of the deposit, the crushers may be arranged in multiple crushing circuits which separate the rock
into different sizes whilst minimising waste or by-product. The finished rock is shipped to customers, by road, rail or water or collected by customers from the plant.
The process for sand and gravel is similar, although reserves tend to be shallower than for crushed rock, and extraction generally does not require blasting.
Ready-mixed concrete
Ready-mixed concrete is made from aggregates, cement, water and chemical admixtures. The ready-mixed concrete is mixed at the plant to ensure it meets the specified technical
requirements, particularly strength, and is transported to site in a truck which agitates the mixture to keep it homogeneous. Ready-mixed concrete is used in a wide variety of applications in the construction sector. We supply to a wide variety of
customers of varying sizes, ranging from major international construction companies to do-it-yourself enthusiasts.
Excluding joint-ventures and associates, Hanson sold over 20m cubic metres of ready-mixed concrete from 637 sites in eight different countries.
6
Review
    of operations
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The new asphalt plant at Pottal Pool quarry, near Cannock, UK serves Staffordshire and the west midlands.
Cement
Cement
is a fine powder that is produced by mixing calcium carbonate, silica, alumina
and iron ore and grinding them to produce a 'raw meal'. This 'raw
meal' is then heated and calcined in a kiln at a temperature of around 1500ºC, then rapidly cooled down to produce an intermediate product in the form of a hard pellet called 'clinker'.
The clinker is mixed with gypsum and finely ground to produce cement. Other materials
can also be added at this stage such as slag and fly ash to improve certain characteristics
of the cement.
We sold 1.8m tonnes of cement at our San Francisco (USA) plant during 2005. We also own 25% of Cement Australia, which produces cement at its plants in Queensland, New South
Wales and Tasmania.
Asphalt
Asphalt
is made from a mixture of 90% to 95% of dried aggregates, combined with 5% to
10% of heated liquid bitumen. Bitumen is a by-product of the petroleum refining
process and the price of bitumen is, in general, governed by the price of oil.
Asphalt is used as a surfacing material for roadways and airport runways by the
construction sector. Different types of asphalt surface can be produced depending
on the grade of
aggregates used, which will give the surface differing qualities such as improved
grip for vehicles or quieter tyre noise. In certain markets, including the UK,
Hanson also enters into long-term contracts under 'term maintenance' agreements
with local authorities for highway upkeep and maintenance. In other areas of
the world, asphalt is sold directly to the end user at a local level.
Excluding joint-ventures and associates, Hanson sold 11.7m metric tonnes of asphalt in 2005 from 141 plants in six different countries.
Bricks
Bricks are made from clay, which is extracted from the ground, processed, shaped and then fired in kilns. Different types of clay produce bricks with differing qualities.
Bricks can be produced in a wide variety of colours and textures and are used primarily in the housing segment of the construction sector. Bricks are used for their attractive appearance, efficient insulation characteristics, low maintenance and
durability. Automation in brick manufacturing is increasing, including the the use of robotics to improve brick handling.
In 2005, Hanson produced over 2.3bn bricks at 44 factories in the UK, the USA and Canada.
Concrete roof tiles
Concrete roof tiles are made by extruding a sand-based concrete mix onto individual moulds. Oxides and pigments can be added to the body or on the surface of tiles to obtain a
variety of colours. In addition, different surface textures may be added to the weather side of the tiles. The tiles are cured, a process which dries and hardens the product, for a period of approximately one week. They are then ready for
installation.
We manufacture tiles at eight locations across the USA.
Concrete pipes and steel pipes
Concrete pipes consist of gravity flow pipes and pressure pipes, with usage dependent on the strength requirement of the applications. They are produced by embedding a
reinforcing steel structure within concrete, and range in diameter from 25 centimetres to over 3.5 metres. The large-scale structures are used in a wide variety of construction engineering applications, primarily infrastructure, including uses such
as drainage systems and water transmission.
Gravity and pressure pipes are manufactured to rigorous US and international technical specifications.
Steel pipes are used primarily in water transmission applications and we produce a range of steel pipes from 45 centimetres to 3 metres in diameter.
We manufacture a wide range of large-scale concrete precast pipes and other similar structures at 76 locations in the USA and Canada. Steel pressure pipes are manufactured at
one location in Dallas, Texas.
7
Review
    of operations
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Review
      of
operations
continued
Skyway Project, Oakland Bay Bridge,
California, USA.
Precast concrete structures
Hanson's
North American precast products are used for roadway drainage, airport drainage,
stormwater management and utility construction. In addition, we manufacture highway
noise barriers and railroad level grade crossings.
The UK precast range includes a variety of flooring systems such as hollowcore and solid composite beam and block, stairs and landings, culverts, and a comprehensive range of
bespoke precast products.
In Australia, the precast range includes a variety of walling, flooring and architectural precast products.
Blocks
Aggregate blocks are produced using dense and lightweight aggregates. They are available in a variety of densities, strengths, configurations and finishes. Aerated concrete
blocks are produced under the Thermalite brand and are much lighter than aggregate blocks. They are used by builders and specifiers for wall, floor and below ground construction, offering added properties of heat insulation, moisture resistance,
strength and ease of handling.
In 2005, Hanson produced 7.3m standard production units of aggregate blocks at nine UK plants and 850k m
3
of aerated concrete blocks at three UK plants.
Our customers
Hanson supplies its products and services to a broad range of customers, ranging from large multinational construction companies to DIY enthusiasts. Key customers for our
aggregates products include heavy construction and paving contractors, residential and commercial building contractors, concrete products manufacturers, state, county and municipal governments and railroads.
Customer service principles
One
of Hanson's guiding principles is that we are customer focused and strive to provide premium quality products and services to all our customers. Contact with customers
is through our divisions, at local, regional and national levels. Dedicated sales teams are the principal day-to-day support for our customer base, with strong management structures to ensure that strategy, controls and disciplines are adhered to.
We aim to be 'best in class' in everything we do and our commercial
strategy and performance is critical to this objective.
Our mineral reserves and resources
The
  mineral reserves and resources which we own, or have the right to extract,
are fundamental to the long-term growth of our business. We estimate that our
total
  mineral
  reserve and resources position including Hanson's share of joint-ventures
  and associates as at December 31, 2005 is 15.9bn metric tonnes.
The table following details our mineral reserve and resource position as at December 31, 2005. Reserves and resources are defined as follows:
A 'Mineral Resource' is a concentration or occurrence of material of economic interest in or on the earth's crust in such form, quality and quantity that there
are reasonable prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.
A 'Mineral Reserve' is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which
may occur when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, and include consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction is justified.
8
Review
    of operations
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Top: Valdilecha limestone quarry, Madrid, Spain.
Bottom: Concrete products at Grand Prairie
plant, Texas, USA
.
Mineral
      Reserves and Resources as at December 31, 2005
Reserve
Resource
Total
Reserve
Total
Reserves and resources
bn tonnes
bn tonnes
bn tonnes
Years
Years
US Aggregates
7.0
4.1
11.1
52
82
US Building Products
0.1
0.0
0.1
46
46
UK Aggregates
1.7
0.5
2.2
48
62
UK Building Products
0.1
0.1
0.2
41
88
Australia
0.8
0.5
1.3
34
57
Asia
0.2
0.1
0.3
22
34
Europe
0.5
0.2
0.7
21
25
Total Group
10.4
5.5
15.9
44
67
Crushed rock
Sand and gravel
Clay
Total
Reserve type
bn tonnes
bn tonnes
bn tonnes
bn tonnes
US Aggregates
6.4
0.6
–
7.0
US Building Products
–
–
0.1
0.1
UK Aggregates
1.1
0.6
–
1.7
UK Building Products
–
–
0.1
0.1
Australia
0.7
0.1
–
0.8
Asia
0.2
–
–
0.2
Europe
0.5
–
–
0.5
Total Group
8.9
1.3
0.2
10.4
Reserve ownership
Owned
Leased/Option
US Aggregates
68
%
32
%
US Building Products
95
%
5
%
UK Aggregates
49
%
51
%
UK Building Products
95
%
5
%
Australia
90
%
10
%
Asia
6
%
94
%
Europe
35
%
65
%
Total Group
64
%
36
%
Reserve years and total years are calculated by dividing the tonnes of reserve and total tonnes respectively by the volume produced in 2005.
0.2bn tonnes of the reserves are clay reserves, held by the Building Products divisions, which are used to make bricks.
64% of the total reserves at December 31, 2005 are owned. The balance is either leased, or subject to an option to buy or lease.
Maps showing the locations of our aggregates and brick operations are provided on pages 16 to 36.
Objectives and strategy
Our business objectives
Our primary objective is to create sustainable, long-term value for our shareholders. We believe this can be achieved only by working in partnership with our customers and
other stakeholders in a responsible manner.
We aim to enhance the value of our existing assets and market positions by growing group turnover, earnings and group margins through the business cycle, assisted by the
appropriate combination of maintenance, greenfield and value adding capital expenditure.
Additional value is sought through acquisitions, primarily targeting products or locations which can be bolted-on to our existing operations to complement or extend our
business.
We believe there is an opportunity to significantly add value in the medium term and to reinforce our position as one of the world's leading suppliers of heavy building
materials.
9
Review
        of operations
Back to Contents
Review
      of
operations
continued
Our strategy
We operate with a straightforward strategy.
1
We
    plan to focus on growing our core products in selected markets
–
We
        plan to continue to grow both our aggregates business and our heavy building
    products business
–
We
        do not plan to participate in manufacturing light-side building products
    or in distribution
–
We
        prefer to operate in markets which we consider to be mature, which have
        good demand drivers, high entry barriers and in which we believe we have
        the opportunity to establish
and retain a strong competitive position.
Group
        strategy
1
Focus
        on core products in selected markets
2
Generate
        margin improvement
3
Invest
        in capital expenditure
4
Invest
        in acquisitions
5
Dispose
        of underperforming or non-core operations
6
Financial
        discipline
2
We
      aim to generate margin improvement
–
We
        intend to notify our customers routinely and in a timely manner of price
      increases
–
We
      operate continuous efficiency and cost saving programmes.
3
We
          intend to continue to invest in capital expenditure to maintain and
      enhance the performance of our operations
–
We
        aim to maintain capital expenditure at or above our annual depreciation
      charge
–
The
        balance is used to improve health and safety standards, ensure environmental
      compliance and replace ageing plant and equipment.
4
We
          intend to continue to generate value adding growth through our acquisition
      programme
–
We
      aim to continue to invest in acquisitions over the medium-term
–
Potential
        targets are evaluated on a discounted cash flow basis against our cost
      of capital, taking into account strategic fit, risk and return targets.
5
We
          are prepared to make disposals of underperforming or non-core operations
      if required
–
We
        are prepared to sell operations if they do not meet our medium-term ownership
        criteria although we believe that, at present, we have completed most
        of the required
disposals.
6
We
          intend to continue to enforce strong financial discipline in order
      to create long-term shareholder value
–
We
      plan to continue our progressive dividend policy
–
We
      plan to continue our routine and gradual share buyback programme
–
We
      plan to maintain our investment grade debt ratings
–
We
        will continue to be disciplined in our operating, investing and financing
      decisions
–
We
        will not target short-term benefits to the detriment of the longer-term
      performance of the business.
Performance
indicators
Background
The Board of Hanson PLC has key performance indicators to measure the progress of the Company against both its business objectives and its strategy. The Board reviews
performance against these measures on a regular basis.
Key performance indicators
–
Group turnover
†
represents the total amount charged to customers for our
products and services, including delivery but
excluding joint-ventures and
associates, inter-company sales, property sales and sales taxes such as VAT.
Our
        aim is to increase turnover each year through a combination of price
        and
volume
        growth from
our existing market positions and assets, and additional
turnover
from acquisitions.
In
        2005, we increased our group turnover
†
by 9.8% to £3,715.7m.
        Acquisitions made in 2005 contributed 4.2% of this growth. The increase
        from the existing operations of 5.6% was due primarily to increases in
        selling prices
rather than volume growth.
10
Review
    of operations
†
Continuing
    operations
Back to Contents
–
Group
        operating margin
†
represents the group operating profit
        before
impairments
†
,
        divided by group turnover
†
.
        The word "group" designates that
it excludes our share
        of joint-ventures' and associates' profit after tax. Group
operating
        profit before impairments
†
is
        therefore group turnover
†
less
        group
operating costs
†
.
Our
    overall aim is to grow or maintain margin each year. This is an indicator
of
    our ability to offset any cost inflation through productivity initiatives,
    including
value
    adding capital expenditure, and through selling price increases. The
margin
†
may
    be shown before property profits if such profits are significant in
any
    given year. The group operating margin may reduce due to either a change
in the mix of business,
    or because of a significant increase in both costs and
group
    turnover which has the effect of lowering margin even if profit is maintained.
In
    2005, our group operating margin
†
was 12.1% (11.8%),
    an increase of 0.3ppts.
Excluding
    property income of £14.9m (£21.4m), the margin in 2005 was 11.7%
(11.2%),
    an increase of 0.5ppts.
–
Operating
        profit before impairments
†
represents group
        operating profit before
impairments
†
(as
        defined above and before finance costs and taxation) plus
our share of profit
        after tax from joint-ventures and associates
†
. Operating
profit
        before impairments
†
provides
        a measure of our success in growing
group turnover
†
and managing costs
        and overheads for the group companies,
as
        well as the contribution after tax from our
joint-ventures and associates
†
.
Our
aim is to increase operating profit before impairments
†
each year,
through
a combination of margin improvement initiatives, improvements
to our joint-ventures
and associates and through acquisitions. The increase
may
be shown before property
profits if such profits are significant.
In 2005,
our operating profit before impairments
†
increased by 15.4%
to
£488.8m,
and by 17.9%, excluding property profits. Operating profit from
acquisitions
made in 2005 contributed 4.3% of the 17.9% increase. The share
of
joint-ventures' and associates' profit after tax
†
added
a
further 4.3%, and the
balance
of 9.3% was due to an improvement in the existing group operating
profit before impairments
†
.
–
Profit
        before taxation
†
is defined as operating
        profit after impairments
†
, less
finance
        costs. Finance costs
†
consist
        of interest payable and receivable on
borrowings and deposits,
        the expected return on assets, and unwind of
discounts,
        on pensions and other post
retirement benefits, discounting and
any
net change in the fair value of financial assets and liabilities.
Our
aim is to increase profit before tax
†
in line with the
increase in operating
profit
before impairments
†
.
This may not always be possible however, given the
potential volatility
of the non-cash impairment amount, and the finance costs
†
due to pensions
and the requirement to fair value financial assets and liabilities.
In 2005,
our profit before tax
†
increased by 23.6%
to £429.3m, compared
to
a 15.4% increase in operating profit before
impairments
†
.
–
Profit
        for the year
is defined as profit before taxation
†
, less tax and discontinued
operations.
        Tax includes current and deferred tax. Discontinued operations
include
        the cost of asbestos, shown as a loss on disposals in prior years, after
        tax.
Our
    aim is to manage our underlying tax rate, and reduce the annual cost of
discontinued
    operations. In this way, we aim to increase our profit after tax in
line
    with the increase in operating profit before impairments
†
.
    Taxation includes
full deferred tax
    accounting and charges and releases relating to tax provisions,
some
    of which may vary
significantly from year to year.
In 2005,
our profit for the year increased by 46.7% to £387.6m, compared
to
a 15.4%
increase in operating profit before impairments
†
.
11
Review
of operations
†
Continuing operations
Back to Contents
Review of operations
continued
–
Earnings per share ("EPS") on basic, continuing operations before impairments
This is
our preferred measure of earnings per share, defined as profit for the year,
adding back impairments and discontinued operations, divided by the average
number of shares in issue during the period (thus excluding shares held in treasury).
Our aim is to increase EPS in line with the increase in operating profit before
impairments,
although the potential volatility in the tax charge may affect our
achievement.
In 2005, our basic EPS on continuing operations before impairments increased
by 18.8% to 55.5p
per share, compared to an increase in operating profit before
impairment of 15.4%.
–
Net
cash inflow from operating activities
is defined as the cash flow generated
by the
operations, including dividends from joint-ventures and associates and
payments for discontinued items such as asbestos. It is stated after receipts
and payments for interest and tax but before investing and financing activities.
Our aim is to increase net cash inflow from operating activities in line with the
increase in
operating profit before impairments
†
. This is an indicator of our
ability
to convert earnings into cash. For items such as finance costs and tax, the cash
impact may be a more meaningful measure than the complex accounting in the
income statement.
In 2005, our net cash flow from operating activities reduced by £36.3m,
or 7.2%, to
£471.2m, compared to a 15.4% increase in operating profit before
impairments
†
. The reduction included an increase in payments for tax of £35.8m
(unusually low in 2004), and an increase of £11.1m for net interest paid.
–
Acting
responsibly within our communities
, with our customers and our
employees is a key
objective for Hanson. The Board monitors a variety of
performance indicators relating to communities, including charitable donations
and environmental performance. We aim to comply with all relevant requirements
in all jurisdictions in which
we operate.
–
Employee
KPIs
include labour turnover and skills gap monitoring to ensure
we develop and retain
the appropriate skills set within the organisation. We
also monitor the lost time incidence rate ("LTI") (a lost time injury is one which
results in the injured person being absent for one or more shifts) and the lost
day incidence rate
("LDI"). The number of days lost per accident is affected
by the severity of the accident but also by the effectiveness of case handling
and return to work programmes. From 2006, we will also monitor the total case
incidence rate which will
provide a more sensitive measure as we drive down
the number of accidents.
Our incidence rates are per 200,000 work hours (approximating to 100 people
working for a year).
This is an internationally used standard. We use incidence
rates as they adjust for changes in the level of production. The lost time and lost
day incidence rates for the last five years are shown in the following graphs.
12
Review
        of operations
†
Continuing
          operations
Back to Contents
LTI
      Comparison by year (Jan-Dec)
LDI
      Comparison by year (Jan-Dec)
Other performance indicators
In addition to the key performance indicators detailed above, Hanson uses a number of other financial and non-financial performance indicators. These include commercial
indicators such as changes in market share, volume and selling price together with on-time delivery rates and customer satisfaction measures. Cost control is supported by ratios such as tonnes per manhour and overheads as a percentage of turnover.
Investment decisions are based on risk versus return evaluation using cash flow projections discounted at a weighted average cost of capital. Assets, including mineral reserves, are monitored for quality, age and replacement need. Financing
indicators include interest cover ratios, gearing and cash flow to net debt. Return on capital and economic value added calculations are used to measure and incentivise value creation.
Our
operations
Hanson
operates through six divisions on a multi-national basis within the construction
and building materials markets. These divisions are as follows: Hanson Aggregates
North America, Hanson Building Products North America, Hanson Aggregates UK,
Hanson Building Products UK, Hanson Australia & Asia Pacific and Hanson Continental
Europe.
The
Chief Executive of each of these divisions reports directly to the Chief Executive
of Hanson PLC and is responsible for the performance of their division.
Hanson PLC
Alan
Murray, Chief Executive
Hanson
Hanson
Hanson
Hanson
Hanson
Hanson
Aggregates
Building Products
Aggregates
Building Products
Australia
Continental
North America
North America
UK
UK
& Asia Pacific
Europe
Jim Kitzmiller
Richard Manning
Patrick O'Shea
David Szymanski
Leslie Cadzow
Justin Read
Number of employees*
†
5,600
6,800
3,200
3,100
4,200
1,200
Group turnover*
†
2005
£980.6
m
£753.7
m
£811.5
m
£368.2
m
£573.0
m
£228.7
m
Operating profit before
impairments
†
£138.4
m
£125.7
m
£108.8
m
£37.8
m
£89.7
m
£19.9
m
Countries of operation
US
US
UK
UK
Australia
Belgium
Mexico
Canada
Greater China
Czech Republic
Hong Kong
Germany
Malaysia
Spain
Singapore
The Netherlands
Israel
Products
Asphalt
Bricks
Asphalt
Bricks
Asphalt
Asphalt
Cement
Concrete pipe
Crushed rock
Aggregate blocks
Cement
Crushed rock
Crushed rock
and products
Ready-mixed
Thermalite blocks
Concrete products
Ready-mixed
Ready-mixed
Precast concrete
concrete
Precast concrete
Crushed rock
concrete
concrete
Roofing tiles
Sand and gravel
Packed products
Precast concrete
Sand and gravel
Sand and gravel
Recycled material
Ready-mixed
concrete
Sand and gravel
*Excluding
joint-ventures and associates
†
Continuing operations
13
Review
        of operations
Back to Contents
Back to Contents
Review
          of operations
continued
Hanson Aggregates North America
Shown at the New Bridgeport facility are Jim Kitzmiller, President and Chief Executive, Hanson Aggregates North America (left), Thomas Eyeington, Project Engineering Manager
                                                        (centre) and Tim McHugh,
Vice-President – Chief
  Financial Officer (right).
Investment in a fully automated stone crushing facility at this plant will help meet the demands of the growing Dallas/Fort Worth area.
Hanson Aggregates North America is one of the leading aggregates producers in the USA, operating in 17 states and Mexico. The division is subdivided into four regions, namely
the West, Southwest, Mideast and Northeast, each reporting into the divisional head office based in Dallas, Texas.
The largest state by group turnover
†
in this division is California. In 2005, California, Texas and Arizona accounted for around half of the division's group turnover
†
. In addition, approximately one-third of 2005 group turnover
†
was attributable to New York, Pennsylvania, Ohio and Indiana.
The division sold 129m metric tonnes of aggregates in 2005, and has approximately 11.1bn metric tonnes of mineral reserves and resources, either owned or leased, available for
future extraction. All major aggregates operations have at least 10 years of remaining mineral reserve life based on current production levels.
Performance
2005
2004
%
Group turnover*
†
£
980.6m
£
897.3m
9.3
Group operating
profit before impairments*
†
£
138.1m
£
126.7m
9.0
Group operating
margin*
†
14.1%
14.1%
–
Share of joint-ventures' and
associates' profit
after tax
†
£
0.3m
£
0.9m
(66.7
)
Operating profit
before impairments
†
£
138.4m
£
127.6m
8.5
Property profit
(included in operating profit)
†
£
2.4m
£
14.3m
(83.2
)
*Excluding
    joint-ventures and associates
Hanson Aggregates North America delivered another year of earnings improvement based on sustained operational performance enhancement and real price growth.
Group turnover
†
increased to £980.6m in 2005 (£897.3m), an increase of 9.3%. £23.7m, or 2.6%, of this increase was due to acquisitions made in 2005. Group operating margin
†
was held at 14.1%. Excluding property profits, the margin increased by 1.3ppts, from
12.5% to 13.8%.
Operating profit before impairments
†
increased by 8.5% to £138.4m (£127.6m). Excluding property profits and acquisition earnings, this increase was £22.9m, or 20.2%.
Average price increases of 7.8% were achieved in aggregates, which offset increases in input costs, in particular fuel and power. The price increases ranged from 5.8% in the
Mideast to 13.9% in the West.
Total market demand across the USA is estimated to have increased in 2005 compared to 2004. There can, however, be significant variation in regional demand patterns. In our
markets in 2005, aggregates volumes in California in 2005 were below those in 2004, while Arizona and south Texas showed strong demand, driven by high levels of residential construction and a recovery in industrial and commercial activity. Reduced
activity was experienced, however, in parts of the Mideast and Northeast regions, most notably in New York, Pennsylvania, Ohio and Indiana. In certain markets, we selectively declined to compete for high volume contracts at low margins. In addition,
a number of operations were closed as part of our optimisation strategy which further reduced volumes. As a result of this combination of varying regional demand patterns, selectively declining low margin work and plant closures, total heritage
aggregates volumes declined by 4.4% for the year.
Raw material cost pressures were significant in the downstream ready-mixed concrete and asphalt operations. Average selling price increases of 12.8% in ready-mixed concrete
recovered cost increases, in particular higher cement costs. Average selling price increases of 11.5% in asphalt in part offset increases in the cost of bitumen and aggregate raw materials.
15
Review of operations
†
Continuing operations
Back to Contents
Operations – Hanson
Aggregates North America*
Crushed
rock
quarries
Sand
and
gravel
quarries
Asphalt
plants
Marine
dredging
Ready-
mixed
concrete
plants
Cement
plants
Distribution
depots
Recycling/
landfill
sites
Misc.
Arizona (AZ)
–
7
3
–
14
–
–
–
5
Arkansas (AR)
–
3
–
–
–
–
–
–
1
California (CA)
9
8
10
4
18
1
12
14
9
Georgia (GA)
9
–
–
–
–
–
–
–
3
Indiana (IN)
16
2
–
–
–
–
–
–
9
Kentucky (KY)
9
–
–
–
–
–
–
–
4
Louisiana (LA)
–
–
–
–
–
–
3
–
1
Michigan (MI)
–
–
–
–
–
–
–
–
1
New Jersey (NJ)
–
5
–
–
–
–
1
–
2
New Mexico (NM)
1
–
–
–
–
–
–
–
–
New York (NY)
18
10
19
–
15
–
–
–
16
North Carolina (NC)
9
2
–
–
–
–
–
–
6
Ohio (OH)
10
3
–
–
7
–
–
–
12
Oklahoma (OK)
1
1
–
–
–
–
–
–
2
Pennsylvania (PA)
20
5
10
1
–
–
2
–
9
South Carolina (SC)
6
2
–
–
–
–
–
–
–
Texas (TX)
8
10
–
–
–
–
8
–
10
Mexico (MEX)
1
1
–
–
–
–
1
–
–
Total
117
59
42
5
54
1
27
14
90
*Including joint-ventures
Please
      note that the maps are for illustrative purposes only and are not
      to scale. Please refer to operations table for detailed disclosure by
  operation type. Please note that due to the scale of the map and proximity of operations, one non-quarry symbol may indicate more than one operation.
Back to Contents
Review of
operations
continued
Hanson Aggregates
North America
Top:
Each work day our trucks of ready-mixed
concrete leave our plants for construction
sites
across North America.
Bottom: New Bridgeport plant, Texas, USA.
In common with aggregates, similar regional variations in demand were experienced in those markets where we have downstream products, except for ready-mixed concrete volumes in
Arizona which were adversely affected by shortages of cement in the second half of the year. As a consequence, heritage ready-mixed concrete volumes for the year declined by 5.3% and heritage asphalt volumes declined by 5.8%.
Demand for cement in California remained strong in 2005 and volumes increased by 6.3%. Operational efficiencies at the plant offset part of the significant increases in the
cost of fuel and power. A number of major one off repair and maintenance programmes were undertaken in 2005. Average price increases of 15.4% were achieved which, together with the volume increases, offset the increase in costs.
Capital expenditure
†
initiatives progressed well in 2005, with total spend of £69.4m (£74.6m). Projects included a processing upgrade at Sylvania, Ohio, which should increase productivity and reduce
costs. In addition, we completed the replant, including the construction of a new rail terminal, at our Bridgeport quarry near Dallas, Texas and acquired land in Arizona which should allow us to expand operations in the Phoenix market.
Good progress was made this year with our acquisition strategy. The integration of the Mission Valley Rock acquisition, bought in June 2005, is proceeding according to plan.
This acquisition significantly strengthens Hanson's position in the strategically important San Francisco Bay area, with an additional 54m metric tonnes of reserves/resources secured in this market. In addition, the division acquired a group of
aggregates operations in southern Indiana in December, providing access to over 115m metric tonnes of reserves/resources and strengthening our position in the Louisville, Kentucky, market area. An additional 80m metric tonnes of mineral
reserves/resources were secured in Irwindale, California, in 2005.
Outlook
Market demand is expected to remain strong in 2006. Further real price increases for 2006 were notified to customers in late 2005. Such increases are required to recover higher
input costs and to recognise the increasing scarcity of well-located mineral reserves and long-term history of below inflation price increases in previous years. We intend to continue our growth initiatives in 2006, through a combination of capital
investment to improve operating cost profiles and acquisitions to improve the asset portfolio and to ensure the supply of high quality product to our customers.
Volume/price
      summary
Volume
      for the 12 months ended December 31, 2005 and % movement
against prior year
Volume
Price
2005
2005 v 2004
2005 v 2004
2005 v 2004
Volume
% change
% change
% change
Continuing
Continuing
Heritage
Aggregates (mt)
129.1
(3.7
)
(4.4
)
7.8
Asphalt (mt)
4.9
(1.3
)
(5.8
)
11.5
Ready-mixed concrete (m m
3
)
3.2
(0.3
)
(5.3
)
12.8
Cement (mt)
1.8
6.3
6.3
15.4
Volumes
      include intercompany sales and exclude Hanson's share of joint-ventures
      and associates
(mt) = millions of metric tonnes
(m m
3
)
= millions of cubic metres
Heritage volumes exclude acquisitions owned for less than 12 months
17
Review
    of operations
†
Continuing
    operations
Back to Contents
Back to Contents
Review
      of
operations
continued
Hanson
Building Products North America
Richard
    Manning, President and Chief Executive, Hanson Building Products North America
    (right), Rick Amigh, Senior Vice-President W M Lyles Company (centre) and
    Rick Wegis,  President, Board of Directors of Semitropic Water Storage District
  (left) photographed during an on-site meeting at the Shafter plant.
The Shafter plant, near Bakersfield, California, has been upgraded to meet the needs of a major construction project. Hanson has produced large scale concrete pipes to enable
water to be held underground for the Semitropic Groundwater Banking Programme. This programme is designed to help irrigation of farmland, avoid water evaporation and reduce the amount of land required for reservoirs.
Hanson Pipe & Precast, a division of Hanson Building Products North America, is part of the programme's design-build team which is headed by general contractor W M
Lyles Company.
Hanson Building Products North America is a leading producer of pipe and precast concrete, and bricks and tiles, with operations in 25 states and Canada.
The division is subdivided into four Pipe & Precast regions, and the Brick & Tile group, each reporting into the divisional head office based in Dallas, Texas.
Texas is the largest state for this division by group turnover, followed by Florida, Ontario (Canada) and California. In total, these four areas accounted for approximately 60%
of the division's group turnover.
Performance
2005
2004
%
Group turnover*
†
£
753.7m
£
647.4m
16.4
Group operating profit before impairments*
†
£
124.4m
£
111.2m
11.9
Group operating margin*
†
16.5%
17.2%
(0.7)ppts
Share of joint-ventures' and associates' profit
after tax
†
£
1.3m
–
–
Operating profit before impairments
†
£
125.7m
£
111.2m
13.0
Property profit (included in operating profit)
†
£
0.5m
–
–
*Excluding
    joint-ventures and associates
This division had a good year in 2005, building further on growth and earnings improvement initiatives.
Group turnover
†
increased to £753.7m in 2005 (£647.4m), an increase of 16.4%. £28.8m, or 4.4%, of this increase was due to acquisitions made in 2005. Group operating margin reduced from
17.2% to 16.5%. This decline is due to changes in product mix through expansions of our precast operations, the impact of acquisitions and increases in costs and turnover, which reduce calculated margin, even when earnings have
increased.
Operating profit before impairments
†
increased by 13.0% to £125.7m (£111.2m). £4.3m, or 3.9%, of this increase was due to acquisitions, mainly the Sherman Pipe facilities in Alabama and Georgia. Excluding
acquisitions and property profit of £0.5m (£nil), the increase was 8.7%. The impact of foreign exchange was a benefit of £2.6m.
Operating profit before impairments
†
for Pipe & Precast increased by £14.7m, or 19.3%, to £90.8m (£76.1m), of which £4.3m was due to acquisitions. Average price increases of 12.0% combined with
effective cost control and good operating efficiencies offset input cost inflation in steel, cement and energy.
Heritage volumes for concrete products increased by 3.1% during 2005. The strongest markets for concrete products in 2005 were in the south east (principally Florida) and the
north east (principally South Virginia, Washington DC and Ontario). Volumes in key Texas markets were disrupted by the most active hurricane season on record and by delays on several major pipe projects in south Texas in the second half.
Operating profit before impairments
†
for the Brick & Tile group decreased by 0.6% to £34.9m (£35.1m). Heritage brick volumes declined by 8.2% largely due to a weakening of demand in Canada where volume declined
by 16.1%. By contrast, volumes in Texas increased by 10.3% as residential demand remained strong in this market. Further operating and commercial synergies were extracted from the combination of our heritage brick operations with the Athens
factories that were acquired in 2004. Average selling prices increased by 6.0%. Price increases of 12.8% were realised in roof tiles. Demand for tiles has outstripped supply in the eastern USA (principally in Florida), but was offset by lower
demand in California.
19
Review
    of operations
†
Continuing
    operations
Back to Contents
Operations – Hanson Building Products North America*
Pipe
and
products
factories
Roofing
tile
plants
Brick
factories
Alabama (AL)
10
–
–
Arizona (AZ)
3
1
–
Arkansas (AR)
4
–
–
California (CA)
6
3
–
Florida (FL)
10
4
–
Georgia (GA)
4
–
–
Illinois (IL)
1
–
–
Indiana (IN)
1
–
–
Kentucky (KY)
–
–
2
Louisiana (LA)
3
–
1
Maryland (MD)
2
–
–
Michigan (MI)
–
–
1
Minnesota (MN)
2
–
–
Mississippi (MS)
7
–
–
North Carolina (NC)
–
–
5
Ohio (OH)
6
–
–
Oklahoma (OK)
1
–
–
Oregon (OR)
3
–
–
Pennsylvania (PA)
1
–
–
Rhode Island (RI)
1
–
–
South Carolina (SC)
1
–
4
South Dakota (SD)
1
–
–
Texas (TX)
19
1
7
Virginia (VA)
11
–
–
W
ashington
    (WA)
1
–
–
Ontario (Canada)
5
–
4
Quebec (Canada)
–
–
1
Total
103
9
25
*Including joint-ventures
Please
note that the maps are for illustrative purposes only and are
not to scale. Please
refer to operations table for detailed disclosure
by operation type.
Back to Contents
Review of operations
continued
Hanson Building Products North America
Top:
Steel cage reinforcements for gravity pipes,
Shafter plant, California, USA.
Bottom: Finished large-scale pipes, the steel
cages now encased in concrete. Shafter plant,
California, USA.
The division achieved notable success in 2005 with its acquisition growth initiatives, completing three acquisitions in the year and one in early 2006. The largest of the three
acquisitions was Sherman Pipe which has ten facilities in Alabama and Georgia. These plants are an excellent strategic fit with the existing heritage facilities in the south east region. Two smaller strategic acquisitions were completed in Ohio and
Rhode Island to complement the heritage facilities in the north east region. Initial integration of these acquisitions has gone very well and all three are performing ahead of pro forma expectations. In January 2006, the division acquired
PaverModule which is one of the top two suppliers of concrete pavers in Florida.
Building Products' other major growth initiative is a significant programme of greenfield capital investment and upgrades to existing pipe and precast and brick and tile
facilities. Capital expenditure
†
in 2005 was £40.7m (£38.2m).
Three new precast plants were successfully commissioned in 2005, two in Texas and one in California, which have enhanced our existing product offerings in key markets. Approval has recently been given for the construction of three new concrete
products facilities in Texas, Arizona and Florida, and for the construction of a new greenfield roof tile plant near Jacksonville in Florida. Commissioning of these facilities should occur during the second half of 2006 and the first half of 2007.
Outlook
Demand
is expected to remain robust overall during 2006. The order backlog remains strong,
at good prices, and was $450m at December 31, 2005 ($400m). The approval
of the SAFETEA programme in August 2005 is expected to support new infrastructure
projects which, together with industrial and commercial demand, is likely to
help to counteract any decline in the residential sector. Input costs, in particular
for fuel
and energy, are expected to be above 2005 levels. It is anticipated that price
increases and continued improvement in operational efficiencies, including further
major capital investments in Texas, Florida and Arizona in particular, will help
to
recover these increases.
Volume/price
      summary
Volume
      for the 12 months ended December 31, 2005 and % movement
against prior year
Volume
Price
2005
2005 v 2004
2005 v 2004
2005 v 2004
Volume
% change
% change
% change
Continuing
Continuing
Heritage
Concrete products (mt)
4.1
14.5
3.1
12.0
Bricks (m)
1,477
(7.3
)
(8.2
)
6.0
Roof tiles(ts)
1,982
(0.1
)
(2.0
)
12.8
Volumes
      include intercompany sales and exclude Hanson's share of joint-ventures
      and associates
(mt)
      = millions of metric tonnes
(m)
      = millions
(ts) = thousands of squares
[squares = 100 square feet]
Heritage volumes exclude acquisitions owned for less than 12 months
Bricks
ready for delivery at the Aldershot brick
factory, Ontario, Canada.
21
Review
    of operations
†
Continuing
    operations
Back to Contents
Back to Contents
Review
      of
operations
continued
Hanson
Aggregates UK
Hanson
                                  Aggregates UK Managing Director Patrick O'Shea
                                  pictured at the new aggregates and concrete
                                  depot at Kings Cross
                                  in central London
                                  with Commercial
                                  Director
                                  Rob Sindel (top) and Operations Director Phil
                                  Schacht (bottom).
The division's aggregates depot and ready-mixed concrete plant at King's Cross in central London is playing a key role in supplying materials to a major inner-city
redevelopment centred around the new international rail terminus for Eurostar, which will link London with Paris and Brussels via the Channel Tunnel. The depot forms part of a network of strategically located Hanson supply facilities in the
capital.
Hanson Aggregates UK is one of the leading suppliers of aggregates, ready-mixed concrete and asphalt in the UK. Our extensive network of quarries and distribution links
provides national coverage and is complemented by our marine dredging operations. These aggregates locations are complemented in turn by a network of ready-mixed concrete and asphalt plants which are strategically located to service key markets.
Excluding joint-ventures and associates, the division sold 33m metric tonnes of aggregate in 2005. It has long-term mineral reserves with approximately 2.2bn metric tonnes of
reserve and resources, owned, leased or under option, available for future extraction. This includes a strong reserve position in sand and gravel, both land and marine based.
Performance
2005
2004
%
Group turnover*
†
£811.5
m
£771.9
m
5.1
Group operating profit before impairments*
†
£96.9
m
£62.2
m
55.8
Group operating margin*
†
11.9
%
8.1
%
3.8ppts
Share of joint-ventures' and associates' profit
after tax
†
£11.9
m
£12.3
m
(3.3
)
Operating profit before impairments
†
£108.8
m
£74.5
m
46.0
Property profit (included in operating profit)
†
£8.0
m
£1.9
m
321.1
*Excluding
      joint-ventures and associates
An excellent year-on-year improvement was delivered by the division in 2005.
Group turnover
†
increased to £811.5m in 2005 (£771.9m), an increase of 5.1%. Group operating margin
†
increased by 3.8ppts to 11.9% (8.1%). Excluding property profits, the margin increased by 3.2ppts, from 7.8% to 11.0%.
Operating profit before impairments
†
increased by 46.0% to £108.8m (£74.5m). Excluding property profits, this increase was 38.8%, consisting of a small decline in the joint-ventures' and associates' profit
after tax offset by an improvement in the existing operations.
The earnings improvement, achieved despite reduced volumes, illustrates our commitment to pricing discipline, our initiative to increase premium product output and the delivery
of operational efficiency and overhead cost reduction benefits.
Total market demand across the UK for aggregates is estimated to have declined by approximately 3% in 2005. Much of the reduction is due to a slow down in major infrastructure
activity, and lower crushed rock volumes as recycled materials compete at the low-value end of the sector. As a result of planned site closures and our initiative to increase production yields and reduce low-margin, non-premium products, our total
heritage aggregates volumes have declined 8.1%, with crushed rock the major contributor to the decline. Average selling prices increased by 6.3%, offsetting input cost increases for fuel and electricity. Royalty rates and the cost of regulation have
also continued to increase.
Our asphalt volumes increased by 2.5% in 2005 which was broadly in line with estimated national market growth trends. We continue to benefit from the capital investment
programme to replace our asphalt plants with more fuel efficient and environmentally friendly units which are capable of utilising recycled materials. Average selling prices increased by 4.9% as our strategy of introducing higher value-added branded
products came into effect and offset the increased cost of fuel oil and bitumen.
The total demand for ready-mixed concrete in the UK is estimated to have fallen by approximately 2% in 2005, against a decline of 6.0% in our volumes. The relative reduction in
our volume is due in part to the regional location of the work and in part to our pricing discipline at the expense of lower margin volume. Selling prices increased by 6.2% during 2005 offsetting higher input costs, particularly for cement, fuel and
electricity.
23
Review
      of operations
†
Continuing
      operations
Back to Contents
Operations – Hanson
      Aggregates UK*
Operations
      not illustrated
Rail
depots/
Sand
Ready-
marine
Crushed
and
mixed
wharves/
Recycling/
rock
gravel
Asphalt
concrete
Marine
distribution
landfill
quarries
quarries
plants
plants
dredging
depots
sites
Total
40
46
45
234
13
35
2
*Including
    joint-ventures
Please note that the maps are for illustrative purposes only and are
not to scale. Please refer to operations table for detailed disclosure
by operation type. Please note that
due to the scale of the map and
proximity of operations, one non-quarry symbol may indicate more
than one operation.
Back to Contents
Review
of operations
continued
Hanson Aggregates UK
Top: Kings Cross aggregates and ready-mixed concrete depot, London, UK.
Bottom: Marine dredger, North Sea, off UK coast.
Commercially, significant progress has been made during 2005 in securing long-term maintenance contracts. These are used as a procurement route by both the UK Highways Agency
and by UK local authorities. Innovative partnering arrangements with service level guarantees have also been introduced with a number of customers. Both these approaches help underpin the long-term nature of our order book and support our capital
investment programmes.
Capital expenditure
†
during 2005 was £23.1m (£35.6m) and included one new ready-mixed concrete plant, aggregate and asphalt plant upgrades and modifications and additional mineral reserves and
resources. We are continuing to upgrade our facilities to make them more efficient. In particular, initiatives are being pursued to increase the proportion of high-quality aggregates as opposed to lower-value by-product.
Managing our reserves, particularly sand and gravel, is a high priority for the division. During 2005 additional sand and gravel reserves and resources were secured in a number
of locations, most notably in the south east, east of England and east midlands. In early 2006 additional mineral reserve licences were secured for our marine dredging operations.
Restructuring cost savings of £10m were achieved as planned and have resulted in a flatter and more customer responsive organisation.
The share of joint-ventures' and associates' profit after tax
†
primarily consists of the 50% interests in Midland Quarry Products and United Marine Holdings. Hanson's share of net profit after tax
†
of £11.9m (£12.3m) was broadly in line with the prior year.
Outlook
Demand is expected to remain subdued in 2006. Input cost inflation, in particular for cement, bitumen and energy, is expected to continue. In addition, the use of recycled fuel
oil was prohibited from the beginning of 2006 which will increase the cost burden for our asphalt operations. We are seeking to offset these increases through cost reduction and efficiency initiatives. However, achievement of our notified selling
price increases will be key to the successful delivery of earnings growth in 2006.
In the medium-term, we would expect demand to recover in response to the UK's infrastructure needs and preparations for the London Olympics.
Volume/price
      summary
Volume
  for the 12 months ended December 31, 2005 and % movement
against prior year
Volume
Price
2005
2005 v 2004
2005 v 2004
2005 v 2004
Volume
% change
% change
% change
Continuing
Continuing
Heritage
Aggregates (mt)
33.3
(8.1
)
(8.1
)
6.3
Asphalt (mt)
3.9
2.5
2.5
4.9
Ready-mixed concrete (m m
3
)
5.3
(6.0
)
(6.0
)
6.2
Volumes include intercompany sales and exclude Hanson's share of joint-ventures and associates
(mt)
    = millions of metric tonnes
(m m
3
) = millions of cubic metres
Heritage volumes exclude acquisitions owned for less than 12
  months
25
Review
      of operations
†
Continuing
      operations
Back to Contents
Back to Contents
Review
  of operations
continued
Hanson Building Products UK
David
    Szymanski, Managing Director of Hanson Building Products UK (centre), Jon
    Morrish, Commercial Director (left) and Wendy Trott, Trading Director (right),
    were photographed during an inspection of the robotic setting facility at
    Kings Dyke. The robots can be seen in the background of this photograph.
The commissioning of the robotic setting at Hanson Building Products UK's Kings Dyke brick factory in Whittlesey, Cambridgeshire, marks the first of several integrated
phases in Hanson's investment at the site.
Hanson
    Building Products UK has a market leading position in bricks, including London
    Brick and Butterley Brick. In addition, it produces aggregate blocks, Thermalite
    blocks, a range of precast concrete structures, and packed products.
Bricks
  accounted for nearly half of the division's group turnover in 2005, and
  blocks for around a quarter. The precast concrete range includes a variety of
  flooring systems, stairs and landings, and culverts. Packed products sells a
  range of materials for general building and landscaping.
Performance
2005
2004
%
Group
        turnover*
†
£368.2m
£300.7m
22.4
Group
        operating profit before impairments*
†
£37.8m
£36.8m
2.7
Group
        operating margin*
†
10.3%
12.2%
(1.9)ppts
Share
        of joint-ventures' and associates' profit after tax
†
–
–
–
Operating
        profit before impairments
†
£37.8m
£36.8m
2.7
Property
        profit (included in operating profit)
†
£3.0m
£3.2m
(6.3
)
*Excluding
        joint-ventures and associates
Difficult
  trading conditions were experienced by this division, particularly in the second
  half of the year.
Group turnover
†
increased to £368.2m in 2005 (£300.7m), an increase of 22.4%. £76.7m, of this increase was due to acquisitions made in 2005. Group operating margin
†
declined by 1.9ppts to 10.3% (12.2%).
Operating profit before impairments
†
increased by 2.7% to £37.8m (£36.8m). £12.3m, or 33.4%, was due to acquisitions which offset a decline attributable to the existing operations of £11.3m, or 30.7%.
The majority of the £11.3m reduction in earnings from existing operations was due to lower brick volumes. Whilst our total brick volumes increased by 8.5%, excluding
acquisitions, the heritage brick volumes declined by 12.4%. The reduction has been predominately within the repair, maintenance and improvement ("RMI") sector of the housing market. Despite the reduction, increases in selling prices of
6.8% were achieved for the year.
Aggregate block volumes, excluding Thermalite, declined 3.0% whilst average selling prices increased 2.2%. Precast product volumes, including flooring, remained strong during
2005. Packed product average selling prices increased in 2005 despite lower volumes in the RMI market.
Input costs, in particular energy, continued to increase although the earnings impact was partly mitigated by forward hedging of gas prices.
In late 2005 and early 2006, we made the difficult but necessary decision to reduce production capacity, in response to low market demand and high energy costs. Production was
substantially reduced at four brick factories and temporary lay-offs were implemented during January 2006 at five brick factories and three Thermalite factories. In addition, five factories have been closed across our product range in late 2005 and
early 2006.
Capital expenditure
†
in 2005 totalled £16.8m (£16.1m) with an emphasis on projects which will reduce production costs, increase efficiency and automate manual handling activities. Included in these
was the introduction of a robotic setting programme at our brick factory at Whittlesey, as well as kiln rebuilds which form part of an ongoing upgrading of this site.
Four
    acquisitions were completed during 2005, for a total of £194.1m, as part
    of the division's strategy of supplying a broad product range to customers.
    Marshalls Clay Products has been integrated and is performing broadly in line
    with expectation. Thermalite, which has experienced difficult market conditions
    since its acquisition in March 2005, performed below expectation but within
    our acquisition criteria. Mid Essex Sand and Gravel, a bagging operation which
    complements our packed products range, and Cradley Special Brick are progressing
    well. The acquisition of Red Bank Manufacturing was completed in early January
    2006.
27
Review
      of operations
†
Continuing
      operations
Back to Contents
Operations
      – Hanson Building Products UK
Concrete
flooring
&
      precast
Packed
Brick
Block
concrete
products
factories
factories
sites
sites
Total
18
12
5
18
Please
  note that the maps are for illustrative purposes only and are not to scale.
  Please refer to operations table for detailed disclosure by operation type.
Back to Contents
Review
  of operations
continued
Hanson Building Products UK
Top:
    Production line at Tilmanstone brick factory, Kent, UK.
Bottom:
    Precast concrete stairs,
Hoveringham
    floors and precast concrete works, Nottinghamshire, UK.
Improved
    customer service and product offering remain key priorities. Multi-product
    deliveries are an example of the customer service improvements trialled following
    the extension of our product range.
Outlook
Overall
    market demand is expected to remain subdued in 2006. Input costs will be significantly
    higher in 2006 than 2005. We are working to mitigate these factors by reducing
    capacity, improving productivity through capital expenditure and hedging costs
    such as gas, where economic. Despite these measures, it is anticipated that
    significant price increases will be necessary in 2006 to recover our earnings.
In
    the medium-term, we expect demand to respond to the need for additional houses,
    particularly in the south east. Our production capacity is sufficiently flexible
    to be able to respond to any such increase in volume. We intend to continue
    to grow this division through product range extension and ongoing improvements
    to the service we offer to our increasingly consolidated customer base.
Volume/price
          summary
Volume
          for the 12 months ended December 31, 2005 and % movement
against prior year
Volume
Price
2005
2005
        v 2004
2005
        v 2004
2005
        v 2004
Volume
%
        change
%
        change
%
        change
Continuing
Continuing
Heritage
Bricks
        (m)
827
8.5
(12.4
)
6.8
Aggregate
        blocks (m spu)
7.3
(3.0
)
(3.0
)
2.2
Volumes
       include intercompany sales and exclude Hanson's share of joint-ventures
        and associates
(m) = millions
(m spu) = millions of standard production
       units
Heritage volumes exclude acquisitions owned for less than 12 months
29
Review
          of operation
Back to Contents
Back to Contents
Review
  of operations
continued
Hanson Australia & Asia Pacific
Leslie
    Cadzow, Chief Executive, Hanson Australia & Asia Pacific (right), was
    photographed on the steps of Sydney Opera House with two members of the Building
    Products management team, Malcolm Pointon, General Manager Building Products
    (centre) and Steve James, Precast Manager (left).
Sydney Opera House has undergone its first major structural change since it opened in 1973, with Hanson Australia & Asia Pacific playing a major role. An extensive
prototype programme was undertaken to ensure the precast concrete elements supplied by Hanson precisely matched the honed and etched granite finish originally used on the Opera House.
Hanson
    Australia is one of the leading heavy building material companies in Australia.
    In addition to aggregates and ready-mixed concrete, the operations are vertically
    integrated with a 25% associate in cement (Cement Australia) and a 50% joint-venture
    in asphalt (Pioneer Road Services). It also operates an expanding Building
    Products group.
Hanson
    Asia Pacific is one of the market leaders in aggregates, ready-mixed concrete
    and asphalt in Malaysia. It is the market leader in aggregates and ready-mixed
    concrete in Hong Kong through a 50% joint-venture (Alliance Construction Materials).
    The division also has operations in Singapore and mainland China. Both regions
    report to the divisional head office based in Sydney, Australia.
Performance
2005
2004
%
Australia
        and Asia Pacific total
Group
        turnover
*
†
£573.0
m
£
537.7
m
6.6
Group
        operating profit before impairments
*
†
£62.7
m
£
62.1
m
1.0
Group
        operating margin
*
†
10.9
%
11.5
%
(0.6)ppts
Share
        of joint-ventures' and associates' profit after tax
†
£27.0
m
£
10.0
m
170.0
Operating
        profit before impairments
†
£89.7
m
£
72.1
m
24.4
Property
        profit (included in operating profit)
†
£1.0
m
£
1.7
m
(41.2
)
Australia
Group
        turnover
*
†
£464.6
m
£
413.2
m
12.4
Group
        operating profit before impairments
*
†
£57.3
m
£
56.0
m
2.3
Group
        operating margin
*
†
12.3
%
13.6
%
(1.3)ppts
Share
        of joint-ventures' and associates' profit after tax
†
£24.3
m
£
10.5
m
131.4
Operating
        profit before impairments
†
£81.6
m
£
66.5
m
22.7
Property
        profit (included in operating profit)
†
£1.0
m
£
1.7
m
(41.2
)
Asia
        Pacific
Group
        turnover
*
†
£108.4
m
£
124.5
m
(12.9
)
Group
        operating profit before impairments
*
†
£5.4
m
£
6.1
m
(11.5
)
Group
        operating margin
*
†
5.0
%
4.9
%
0.1ppts
Share
        of joint-ventures' and associates' profit after tax
†
£2.7
m
£
(0.5
)m
n/a
Operating
        profit before impairments
†
£8.1
m
£
5.6
m
44.6
Property
        profit (included in operating profit)
†
–
–
–
*Excluding
      joint-ventures and associates
A strong performance was delivered by the Australia and Asia Pacific division. Operating profit before impairments
†
increased
    by £17.6m, or 24.4%, to £89.7m (£72.1m). £15.1m of this increase
was due to Australia and £2.5m due to Asia Pacific. Excluding acquisition earnings of £0.6m and property profit of £1.0m (£1.7m),
the increase was 25.1%.
Hanson
    Australia
Group
    turnover
†
increased to £464.6m
    in 2005 (£413.2m), an increase of 12.4%. Of this increase, £14.6m,
    or 3.5%, was due to acquisitions made in 2005. Group operating margin
†
reduced
    by 1.3ppts to 12.3% (13.6%), although group operating profit before impairments
†
increased
    by 2.3%.
Operating profit before impairments
†
increased by £15.1m, or 22.7%, to £81.6m (£66.5m), including £2.8m of benefit due to foreign exchange translation. £13.8m, or 20.8%, of the £15.1m improvement
was due to the joint-ventures' and associates' profit after tax
†
and included £6.6m of non-recurring tax benefit. Excluding this tax benefit, foreign exchange and acquisition earnings of £0.6m, the existing operations improved by £5.1m, or
7.7% against a very strong 2004.
Our
    heritage aggregates volumes decreased by 3.4% in 2005, due largely to significant
    non-recurring secondary aggregate sales in Queensland in 2004. Victoria and
    Western Australia performed well during 2005, offsetting weaker demand in
    New South Wales and Queensland. Average selling prices for aggregates increased
    6.8%, in part due to changes in product mix. Heritage ready-mixed concrete
    volumes increased by 1.3%, with a reduction in Sydney from previously buoyant
    levels being offset by increases in all other regions. Average selling prices
    in ready-mixed concrete improved by 3.3%, in part offsetting higher raw material
    costs.
31
Review of operations
'Continuing operation
Back to Contents
Operations – Hanson Australia & Asia Pacific*
Crushed
rock
quarries
Sand
and
gravel
quarries
Asphalt
plants
Ready-
mixed
concrete
plants
Cement
plants
Rail
depots/
marine
wharves/
cement
distribution
Recycling/
landfill
sites
Pipe &
products
factories
Concrete
flooring
& precast
Misc.
Australia
Canberra (ACT)
1
–
–
1
–
–
–
1
–
–
New South Wales
9
7
10
76
1
4
–
–
3
–
Queensland
7
10
11
57
2
18
–
8
–
–
South Australia
2
2
1
10
–
1
–
–
–
–
Western Australia
6
1
2
28
–
–
1
–
–
–
Tasmania
1
1
–
11
1
–
–
2
–
2
Victoria
11
8
6
52
–
4
3
–
–
1
Northern Territory
–
–
2
3
–
–
–
–
–
–
Total Australia
37
29
32
238
4
27
4
11
3
3
Asia Pacific
Malaysia
20
–
18
48
–
–
–
–
–
–
Singapore
–
–
1
–
–
–
–
–
1
–
Hong Kong
5
–
–
6
–
–
–
–
–
–
Greater China
–
–
–
2
–
–
–
–
–
–
Total Asia Pacific
25
–
19
56
–
–
–
–
1
–
Total
62
29
51
294
4
27
4
11
4
3
*
Including
        joint-ventures
Please
        note that the maps are for illustrative purposes only and are
      not to
        scale. Please refer to operations table for detailed disclosure
      by operation
    type.
Back to Contents
Review
      of
operations
continued
Hanson
Australia & Asia Pacific
Top: Wolffdene hard rock quarry, Brisbane,
Queensland, Australia.
Bottom: Lidcome precast concrete wall panel
plant, Sydney, New South Wales, Australia.
Sungei Buloh hard rock quarry and asphalt plant,
Kuala Lumpur, Malaysia.
Operating
    profit for Building Products declined due to increased input costs and a
highly competitive pricing environment.
The
    operational improvement in the joint-ventures and associates was due largely
    to improved volume, price and delivery of synergy benefits in Cement Australia.
Three
    acquisitions were made in 2005 for £12.6m, including a basalt quarry
    at Molong in New South Wales, and the acquisition of two Sydney based precast
    concrete companies, Rescrete and Abbey Precast, both of which expanded our
    building products range.
Capital
    expenditure
†
totalled £31.6m
    (£26.4m) and consisted of replacement ready-mixed concrete and aggregates
    delivery vehicles, new ready-mixed concrete plants in south east Queensland
    and aggregates plant upgrades to increase capacity and efficiency.
Hanson
    Asia Pacific
The
    group operating profit before impairments
†
in this region declined
    primarily due to lower market demand following a reduction in public sector
    expenditure in Malaysia. Average selling price increases of between 3.6%
    and 7.3% were offset by a decline in aggregates and asphalt product volumes
    and higher input costs. Ready-mixed concrete volume and prices were broadly
    in line with the prior year. In Singapore, the operating performance marginally
    declined following a further downturn in construction sector volumes.
The
    share of joint-ventures' and associates' profit after tax
†
increased
    due largely to improved earnings from our Hong Kong operations. Despite a
    lack of new public sector work, our Hong Kong concrete volumes have increased
    year-on-year whilst selling prices have also improved. Synergy benefits have
    been delivered in line with our expectations.
Outlook
The
    Australian market is forecast to decline during 2006 from its current peak,
    while difficult trading conditions are expected to continue in Asia throughout
    the year. Further gains are anticipated from operational cost savings. Increased
  selling prices will be required to recover the continuing rise in input costs.
Volume/price
      summary
Volume
    for the 12 months ended December 31, 2005 and % movement against prior year
Volume
Price
2005
2005 v 2004
2005 v 2004
2005 v 2004
Volume
% change
% change
% change
Continuing
Continuing
Heritage
Australia
Aggregates (mt)
20.9
(3.4
)
(3.6
)
6.8
Ready-mixed concrete (m m
3
)
5.4
1.3
1.3
3.3
Asia Pacific
Aggregates (mt)
10.7
(2.2
)
(2.2
)
n/a
Asphalt (mt)
2.4
(16.0
)
(16.0
)
n/a
Ready-mixed concrete (m m
3
)
2.2
(13.7
)
(13.7
)
n/a
Volumes
      include intercompany sales and exclude Hanson's share of joint-ventures
      and associates
(mt)
      = millions of metric tonnes
(m
      m
3
)
      = millions of cubic metres
Heritage
      volumes exclude acquisitions owned for less than 12
months
33
Review
        of operations
†
Continuing
        operations
Back to Contents
Back to Contents
Review
  of operations
continued
Hanson Continental Europe
From
       right to left: General Manager Ian Peters and Continental Europe Managing

    Director Justin Read, were photographed reviewing work in progress at the
       Old Bullring, Barcelona, Spain, with Enrique Gibert, Regional Manager,
      Hanson
    Catalonia and Levante and Marcel Lopez Pinto, Sales Manager, Hanson Barcelona
       Concrete.
The Old Bullring in Barcelona, Spain, is being transformed into

    a shopping and commercial centre. Hanson is supplying over 50,000m
3
of
     ready-mixed concrete for the project, some of which has been used to construct

    the new concrete columns which now support the building.
This
    division operates across Belgium, the Czech Republic, Germany, Spain, The
    Netherlands and Israel. The largest country of operation is Spain.
Performance
2005
2004
%
Group
        turnover
*
†
£
228.7
m
£228.0
m
0.3
Group
        operating profit before impairments
*
†
£
19.9
m
£23.9
m
(16.7
)
Group
        operating margin
*
†
8.7
%
10.5
%
(1.8)ppts
Share
        of joint-ventures' and associates' profit after tax
†
–
–
–
Operating
        profit before impairments
†
£
19.9
m
£23.9
m
(16.7
)
Property
        profit (included in operating profit)
†
–
£0.3
m
–
*Excluding
    joint-ventures and associates
Group
    turnover
†
increased by 0.3%
    to £228.7m in 2005 (£228.0m). Group operating margin
†
reduced by 1.8ppts to 8.7% (10.5%). Operating profit before impairments
†
reduced by £4.0m, or 16.7%, to £19.9m (£23.9m).
The
    £4.0m reduction in operating profit before impairments
†
was
    due to difficult market conditions in Israel and The Netherlands, which persisted
    throughout 2005, and to quarry closures, which impacted results in Spain.
    Market conditions in the Czech Republic and Belgium were more positive. Both
    these countries increased their operating profit before impairments
†
,
    as did Germany, despite its difficult market conditions. Total heritage aggregates
    and asphalt volumes declined by 8.9% and 1.9% respectively across the division,
    whilst concrete volumes increased by 0.4%.
In
    Spain, both group turnover
†
and operating profit
    before impairments
†
decreased in 2005. Aggregate volumes were
    below last year due to lower demand in Madrid and Zaragoza and to the closure
    of two quarries, although increases in average selling prices were achieved.
    During the year we disposed of 19 underperforming ready-mixed concrete plants.
    Excluding these disposals, ready-mixed concrete volumes were ahead of last
    year, as were average selling prices.
Weak
    trading conditions have continued in 2005 for our Israel operations. Productivity
    improvements were not sufficient to counter a decline in volume and the impact
    of higher energy costs. In the Benelux region, the ready-mixed concrete markets
    were difficult, resulting in lower prices and volumes. Efficiency improvements
    were achieved in our aggregate operations which helped to offset a reduced
    operating profit before impairments
†
.
Outlook
The
    Spanish economy is anticipated to remain strong during 2006, although further
    reserve exhaustion is expected to lead to a lower operating profit before
    impairments
†
.
    Elsewhere, the market in Israel is likely to remain difficult, ready-mixed
    concrete margins in The Netherlands may improve slightly and volumes in the
    Czech Republic may decline slightly as a major road building contract concludes.
Replenishment
    of our reserves position, either through acquisition or mineral reserve purchases,
    remains a high priority for 2006. We will continue to focus on both acquisitions
    and margin improving capital expenditure activities.
Volume
            summary
Volume for the 12 months ended December 31, 2005 and % movement against
    prior year
Volume
2005
2005
          v 2004
2005
          v 2004
Volume
%
          change
%
          change
Continuing
Continuing
Heritage
Aggregates
        (mt)
27.7
(8.9
)
(8.9
)
Asphalt
        (mt)
0.5
(1.9
)
(1.9
)
Ready-mixed
        concrete (m m
3
)
4.0
0.4
0.4
Volumes
          include intercompany sales and exclude Hanson's share of joint-ventures
          and associates
(mt) = millions of tonnes
(m m
3
)
= millions of cubic metres
Heritage volumes exclude acquisitions owned for less than 12 months
35
Review of operations
†
Continuing
      operations
Back to Contents
Operations
        – Hanson Continental Europe*
Sand
Ready-
Crushed
and
mixed
Marine/
rock
gravel
Asphalt
concrete
Rail
quarries
quarries
plants
plants
depots
Belgium
–
–
–
3
4
Czech
        Republic
4
4
1
–
–
Germany
3
4
–
–
–
Israel
4
–
2
23
–
The
        Netherlands
–
–
–
3
1
Spain
9
3
–
26
–
Total
20
11
3
55
5
*Including
        joint-ventures
Please
  note that the maps are for illustrative purposes only and are not to scale.
  Please refer to operations table for detailed disclosure by operation type.
Back to Contents
Financial
  review
The
  following section provides the financial review for 2005.
Operating
    profit before impairments
Operating
  profit before impairments
†
was £488.8m (£423.4m),
  an increase of £65.4m or 15.4%. This consists of the operating profit
  before impairments
†
for each of the six
  divisions as described in the operating review, which totalled £520.3m (£446.1m), less central
  expenses of £31.5m (£22.7m). The increase in central expenses of
  £8.8m includes £4.4m relating to a bodily injury claim in the USA,
  which is self-insured centrally by the company.
Operating
    impairments
†
Operating
  impairments
†
in the period were £4.0m compared with £29.3m in the previous year. The net charge for
  the year consists of £23.6m of impairment charges, offset by a reversal
  of £19.6m. The charges relate primarily to the US and UK aggregates divisions.
  The reversal follows an economic improvement in the supply arrangements at
  certain
  operations in the US aggregates division and additional disposal proceeds at
  certain UK aggregates sites.
Exchange
       impact
Foreign
  exchange translation increased group turnover
†
by £35.2m, operating
  profit before impairments
†
by £6.4m
  and profit before tax
†
by £6.0m.
The
    US dollar year end exchange rate moved from $1.9199 at December 31, 2004
    to $1.7168 at December 31, 2005. The net impact of foreign exchange movements
    resulted in an increase in sterling translated net debt from December 31,
    2004 to December 31, 2005 of £95.7m.
Foreign
        currency – exchange rates
2005
2004
Average
        rates
£/$US
1.8196
1.8294
£/euro
1.4621
1.4738
£/$AUS
2.3871
2.4858
Year
        end
£/$US
1.7168
1.9199
£/euro
1.4554
1.4125
£/$AUS
2.3404
2.4491
Impact
        of currency movements
Impact
          of
2004
          results
Constant
2005
exchange
          from
(at
          2005
currency
results
2004
          results
2004
          to 2005
exchange
          rates)
2005
          v 2004
£m
£m
£m
£m
%
Group
        turnover
†
Hanson
        Aggregates North America
980.6
897.3
4.8
902.1
8.7
Hanson
        Building Products North America
‡
753.7
647.4
9.8
657.2
14.7
Hanson
        Aggregates UK
811.5
771.9
–
771.9
5.1
Hanson
        Building Products UK
368.2
300.7
–
300.7
22.4
Hanson
        Australia & Asia Pacific
573.0
537.7
18.4
556.1
3.0
Hanson
        Continental Europe
228.7
228.0
2.2
230.2
(0.7
)
3,715.7
3,383.0
35.2
3,418.2
8.7
Operating
        profit before impairments
†
Hanson
        Aggregates North America
138.4
127.6
0.7
128.3
7.9
Hanson
        Building Products North America
‡
125.7
111.2
2.6
113.8
10.5
Hanson
        Aggregates UK
108.8
74.5
–
74.5
46.0
Hanson
        Building Products UK
37.8
36.8
–
36.8
2.7
Hanson
        Australia & Asia Pacific
89.7
72.1
2.8
74.9
19.8
Hanson
        Continental Europe
19.9
23.9
0.3
24.2
(17.8
)
Central
(31.5
)
(22.7
)
–
(22.7
)
(38.8
)
Operating
        profit before impairments
488.8
423.4
6.4
429.8
13.7
Operating
        impairments
(4.0
)
(29.3
)
–
(29.3
)
86.3
Net
        finance cost
(55.5
)
(46.8
)
(0.4
)
(47.2
)
(17.6
)
Profit
        before taxation
429.3
347.3
6.0
353.3
21.5
‡
Currency
        movements reflect both US dollar and Canadian dollar impact
37
Financial
        review
†
Continuing
        operations
Back to Contents
Financial review
continued
Finance costs and income
†
Net
finance costs
†
were £55.5m
(£46.8m).
Interest payable on loans totalled £119.0m (£92.2m) against interest receivable of £60.1m (£40.0m), resulting in a net interest cost of £58.9m
(£52.2m). The main reason for the increase in the net interest charge was an increased level of net debt following the acquisitions made in 2005.
Interest cost on the pension plan liabilities and other post-retirement benefits was £103.2m (£99.2m), offset by an expected return on pension assets of £108.7m
(£111.2m), to give a net pension finance income of £5.5m (£12.0m). The reduction in income resulted primarily from a reduction in interest rates.
The unwind of the discounting relating to long-term provisions was a charge of £2.5m (£6.6m), and included the impact of a change in discount rates.
Taxation on continuing operations
Taxation
on continuing operations was £34.4m (£27.1m). The 2005 charge consisted of an underlying tax charge, excluding the tax relating to joint-ventures and
associates, of £58.4m, a net release from provisions of £29.6m and a charge of £5.6m relating to impairments. The 2004 tax charge has been restated by £49.6m following a change in the interpretation of the deferred tax accounting
requirements under IFRS. The restatement resulted in a charge of £27.1m for 2004, which consists of an underlying tax charge, excluding the tax relating to joint-ventures and associates, of £55.1m, one-off deferred tax credit after
restatement of £21.7m and a tax credit on impairments of £6.3m.
The
underlying tax charge of £58.4m (£55.1m) was equivalent to an underlying
effective tax rate of 14.9% (15.6%) on the profit before tax and impairments,
excluding
joint-ventures and associates, of £392.8m (£353.4m).
The net provision release in 2005 of £29.6m resulted from the successful resolution of a number of issues with the relevant tax authorities.
Discontinued operations
Current
year loss after taxation of discontinued operations was £7.3m (£56.0m).
The profit after tax earned by operations in 2005 prior to their disposal was £2.8m. Hanson Aggregates North America sold its 50% interest in the joint-venture Campbell
Concrete and Materials, a ready-mixed concrete business operating in Houston, Texas on June 17. Hanson Continental Europe disposed of 19 ready-mixed concrete sites on May 13, and has subsequently restructured its Spanish operations. Seagoe, a
drainage business based in Northern Ireland, was included in discontinued as a disposal group held for sale. Seagoe was sold in January 2006.
The profit after tax arising from the sale of the above operations was £2.3m.
A loss after tax of £12.4m (£50.0m) resulted from operations that were discontinued prior to 2004. The main item in this category was an asbestos charge of
£22.4m (£79.7m) before tax and £13.7m (£40.6m) after tax.
Asbestos
Various
of the Company's US subsidiaries are defendants in a number of lawsuits
alleging bodily injury due to exposure to asbestos-containing products before
1984. New claimants were 10,350 for 2005 compared with the 18,700 new claimants
received in 2004. At the end of 2005, outstanding claimants totalled approximately
131,350 (135,750). Of the 14,750 (7,150) claimants whose cases were resolved
during 2005, over
90% were dismissed without payment.
In the USA, claimants can often file claims without illness or product identification. In the absence to date of federal reform, a number of states have introduced reform
measures. Although outstanding claimants decreased at the end of 2005 compared to 2004, this does not mean we believe this is the start of a downward trend in the number of claimants.
38
Financial
      review
†
Continuing
      operations
Back to Contents
The
gross cost of resolving asbestos claims in 2005 was $43.2m ($59.3m) including
legal fees of $26.3m ($27.4m). The net cost of asbestos for the year
after
insurance was $31.7m ($12.8m).
The Company's approach to accounting for the asbestos claims against these US subsidiaries is to provide for those costs of resolution which are both probable and reliably
estimable. The costs of resolving possible claims are disclosed as contingent liabilities. At present, based on detailed analysis and the assumptions referred to in note 21 of the Notes to the accounts, the provision for those costs which are both
probable and reliably estimable equates to approximately eight years of gross cost assuming annual gross costs of $60.0m. The full year increase in the provision for future asbestos costs was $60.0m ($222.5m), taking the gross provision
to $496.8m ($480.0m) before the impact of discounting, which has reduced the provision to $398.6m ($401.2m), or £232.2m (£209.0m).
Offsetting this is approximately $14.6m ($26.1m) of remaining insurance cover at December 31, 2005. The insurance settlement reached in February 2006 and detailed in
note 31 of the Notes to the accounts will result in an additional insurance asset of approximately $60m being recognised on January 1, 2006. In addition to this settlement, we will continue to use a combination of litigation and negotiation to
maximise further insurance cover.
The
net cost of resolution is allowable for US tax at a rate of 39%. Following the
recent insurance settlement, the estimated net cost of approximately $48.0m
is equivalent
to approximately $29.0m post-tax, or £16.0m, 3.4% of net cash inflow
from operating activities of £471.2m (£507.5m.)
Dividends
The 2005 interim dividend paid and final dividend recommended total 20.0p (18.15p), an increase of 10.2% on 2004. The sustained increase in our dividend payout reflects our
confidence in the underlying strength of the group and its ability to generate strong cash flows.
Earnings per share
Basic earnings per share in 2005 were 53.2p (36.0p), up 47.8% on last year. EPS on continuing operations before impairments were 55.5p (46.7p), up 18.8% on last year.
Summary
      of cash flows – £m
2005
2004
Group operating profit before impairments
†
448.3
400.2
Amortisation
3.0
2.5
Depreciation and depletion
194.6
191.4
Dividends from joint-ventures and associates
27.9
19.9
Movement in working capital
(22.2
)
(0.7
)
Net provision utilisation
(34.3
)
(19.2
)
Pensions and post-retirement benefits
(20.0
)
(16.3
)
Other
(5.1
)
1.2
Net cash inflow from operating activities before interest and tax
592.2
579.0
Taxation paid
(54.1
)
(18.3
)
Net interest paid
(64.3
)
(53.2
)
Premium paid on redemption of borrowings
(2.6
)
–
Net cash flow from operating activities
471.2
507.5
Capital expenditure
(191.8
)
(198.6
)
Sale of property, plant and equipment
29.0
18.5
Acquisition of operations
(342.9
)
(88.4
)
Disposal of operations, fixed and current asset investments
50.3
77.8
Dividends
(136.2
)
(127.3
)
Purchase of own shares held in treasury
(45.1
)
(26.1
)
Exchange movements in net debt
(95.7
)
101.8
Other
(33.2
)
(18.2
)
Movement in net debt
(294.4
)
247.0
Opening net debt
(695.2
)
(942.2
)
Closing net debt
(989.6
)
(695.2
)
39
Financial
      review
†
Continuing
      operations
Back to Contents
Financial review
continued
Cash flow
Net
cash inflow from operating activities for 2005 was £471.2m (£507.5m). This includes £10.6m (£4.3m) paid for asbestos costs, net of insurance. Taxation
paid was £54.1m (£18.3m) compared to the tax charge
†
of £34.4m (£27.1m). The increase in tax payment results from increased earnings and reduced first year capital allowances in the USA. Net interest paid was £64.3m (£53.2m) compared to a net finance cost of £55.5m (£46.8m).
Capital expenditure
Capital expenditure
†
for the purchase
of property, reserves, new and replacement plant and equipment during the year
totalled £196.1m (£201.1m) of which £191.8m (£198.6m) was paid in 2005.
This represented 122.0% of continuing depreciation. Over half of this amount has been spent in North America. A further £123.1m
of capital expenditure had been committed as at December 31, 2005 primarily for
new building products plants in the USA. These capital expenditures are expected
to be financed out of group cash flows and bank facilities.
The group continues to identify and invest in projects which are intended to reduce operating costs and expand and enhance the performance of our divisions.
Capital
    expenditure
†
Capex
†
Depreciation
†
Capex % of
depreciation
£m
£m
Hanson Aggregates North America
69.4
59.5
116.6
Hanson Building Products North America
40.7
26.3
154.8
Hanson Aggregates UK
23.1
30.0
77.0
Hanson Building Products UK
16.8
11.6
144.8
Australia & Asia Pacific
32.6
26.8
121.6
Continental Europe
13.3
6.5
204.6
Central
0.2
0.1
–
Total
196.1
160.8
122.0
Acquisitions
Total
cash acquisition spend for 2005 was £342.9m (£88.4m). On January 4, 2005, Hanson Building Products UK acquired the assets of UK brick manufacturer Marshalls
Clay Products for £64.7m and Thermalite, a market leader in aircrete blocks, on March 7 for £124.2m. On June 17, Hanson Aggregates North America acquired the assets of Mission Valley Rock, Berkeley Ready Mix and Berkeley Asphalt, and
Hanson Building Products North America acquired the assets of Sherman Pipe, a concrete pipe and precast concrete products business for a total of £108.0m. Other acquisitions made in the year consisted of three quarries in Southern Indiana by
Hanson Aggregates North America in December, and a further six acquisitions totalling £46.0m.
Capital structure and share buyback programme
The capital structure of the group takes account of the needs of our equity shareholders to maximise return on equity whilst recognising that to do so requires access to the
debt capital markets. Our debt ratings are carefully managed and we maintain an inclusive relationship with the major rating agencies to ensure consistent ratings over the medium-term. Key credit ratios are closely monitored and reviewed as part of
our planning process.
The group continually reviews its level of debt and equity. Following a four year period of debt reduction, Hanson commenced an on-market share buyback programme during October
2004. During the year ended December 31, 2005 8,335,000 shares were bought back and held as treasury shares for £46.7m, of which £45.1m was paid in 2005. At December 31, 2005 there were 14,685,000 ordinary shares in issue which are held in
treasury. The share buyback programme is a rolling return of that capital which we believe is in excess of our medium-term requirements and which is reviewed on a continuing basis in the context of our cash flow, capital expenditure and acquisition
plans.
40
Financial
      review
†
Continuing
      operations
Back to Contents
Net debt
At
the end of 2005, the group's net debt of £989.6m (£695.2m) was represented by borrowings of £2,072.6m (£2,089.5m), offset by cash of £1,083.0m
(£1,394.3m).
The maturity profile of the group's cash and debt, excluding undrawn balances on committed bank facilities, is set out in the table below.
Maturing
    net cash/(debt) – £m
Cumulative
Cash
Borrowings
Net
        debt
net
        debt
2006
1,083.0
(911.0
)
172.0
172.0
2007
(86.2
)
(86.2
)
85.8
2008
(200.5
)
(200.5
)
(114.7
)
2009
(0.2
)
(0.2
)
(114.9
)
2010
(460.3
)
(460.3
)
(575.2
)
2011
–
–
(575.2
)
2012
–
–
(575.2
)
2013
(414.4
)
(414.4
)
(989.6
)
Total
1,083.0
(2,072.6
)
(989.6
)
In line with the group's financial risk policies, the amount of net debt and foreign exchange contracts denominated in US dollars was increased during the year to
£1,090.1m (£834.7m), representing 110% (120%) of net debt. The table below shows the effect on US dollar denominated profits and net debt of a 10% fall in the US dollar.
In US dollars only
Total
    for 2005 £m
10%
    fall £m
Operating profit before impairments
†
232.5
(21.1
)
Net debt and foreign exchange
(1,090.1
)
99.1
For further details, see note 29 of the Notes to the accounts.
Balance sheet and provisions
Total
equity is £2,672.3m (£2,411.0m) at December 31, 2005. The transfer to reserves from the income statement was £387.6m less amounts for dividends paid of
£136.2m. The effect of currency movements increased total equity by £56.8m.
Provisions totalled £552.3m (£541.8m) at December 31, 2005.
Pensions and other post retirement benefits
During
2005 Hanson, together with the relevant trustees, continued to monitor the funding
and asset allocation policies of the main UK and US defined benefit plans. The
group has adopted a funding policy that targets the accrued benefit obligation,
which is higher than applicable statutory minimum funding levels in each country.
Total contributions by the group for its pension and other post retirement obligations
were £68.1m, principally in the USA, Canada, the UK and Australia. As at December 31, 2005, the net liability in relation to defined benefit pension plans was £20.8m (£48.5m) and the net liability relating to post-employment medical
benefits was £103.3m (£80.4m). Over recent years, movements in market value apart, the group's
defined benefit plans have generally moved toward asset allocations with lower
levels of risk. At the end of 2005, 58.3% (53.7%) of defined benefit plan assets
were in bonds, property and cash. Details of contributions to the pension plans,
market value of assets and amounts recognised in the balance sheet can be found
in note 28 of the Notes to the accounts.
Off balance sheet arrangements
The
group's off balance sheet arrangements consist of the following, as referred
to in the Notes to the accounts:
–
operating leases (notes 3 and 27)
–
commitments to capital expenditure (note 13)
–
guarantees, letters of credit and surety bonds (note 26)
Other than as disclosed, there are no off balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the group's
financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditure or capital resources.
41
Financial
        review
†
Continuing
    operations
Back to Contents
Financial review
continued
Capital and financial obligations
The
table below sets out Hanson's capital and financial obligations due by period. Due to the nature of the group's
trading activities there are no significant
purchase obligations.
Payments
    due by period £m
Less than
More than
Total
1 year
1-3 years
3-5 years
5 years
Capital and financial obligations
at December 31, 2005
Borrowings (note 20)
#
2,072.6
911.0
286.9
460.3
414.4
Operating and finance leases (note 27)
#
239.4
31.5
47.8
31.6
128.5
Pension commitments (note 28)
#
25.2
8.4
16.8
–
–
Capital expenditure contracted (note 13)
#
123.1
123.1
–
–
–
Total
2,460.3
1,074.0
351.5
491.9
542.9
#
Notes
      to the accounts
Risk management
The group Risk Committee, which includes all of the Executive Directors of the Company and other senior managers, is responsible, under delegated authority from the Board, for
reviewing the group risk position and ensuring appropriate risk mitigation is in place. In carrying out this role, the Risk Committee reviews audit reports, risk assessment returns, including those for Turnbull, as well as regular management
reports.
Funding, liquidity and treasury management
The
group's financial risk policy identifies risks and sets out a control framework
for managing exposures. This policy is approved by the Board and covers interest
rate, foreign exchange and credit risks. It also sets out policies for funding
and liquidity management. The Risk Committee has delegated authority from the
Board to monitor and review these policies, approve the adoption of new instruments
in accordance
with group policies and approve any changes to policy implementation. Operating
within the strict controls of these policies, the Treasury department manages
these financial risks, ensuring in particular that sufficient funding and liquidity
is
available to meet the expected needs of the group.
In addition to the high level of free cash flow of the group, Hanson operates a prudent approach to liquidity management using a mixture of long-term debt together with
short-term cash and investments.
Our core funding is provided by two US bond issues, each of $750m, maturing in September 2010 and March 2013, respectively. A third US bond of $750m matured in
September 2005. The group also has substantial committed bank facilities which total £947.7m, the principal components of which are a new £500m facility expiring in 2010 and a $475m facility expiring in 2009. The new £500m
facility replaced a five year £519.2m facility due to expire in March 2006. At the balance sheet date, £244.2m of committed bank facilities were utilised by way of letters of credit and cash drawings. The level of unused facilities,
together with other resources available to the group, is such that we believe that we have sufficient funding to satisfy our working capital requirements in the near to medium-term.
Committed
    bank facilities – £m
Expiring
Remaining
2005
–
947.7
2006
85.5
862.2
2007
85.5
776.7
2008
–
776.7
2009
276.7
500.0
2010
500.0
–
Group credit facilities contain a financial covenant broadly consistent with, but less restrictive than, the group's interest cover target. The group does not, therefore,
anticipate that this covenant will restrict funding or investment strategies in the foreseeable future.
42
Financial
    review
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Credit risk
The
  Board's policy is that credit risk for financial transactions should be
  restricted to counterparties with a minimum A-/A3 credit rating for long-term
  transactions and F2/P-2/A2 for short-term transactions. In addition, there
are individual counterparty and country limits for cash and short-term investments.
Hanson's credit ratings, which are a key determinant of the terms on which the group can issue debt, were unchanged during the year as shown below:
Short-term
Remaining
Fitch
F2
BBB+
Moody's
P-2
Baa1
Standard & Poor's
A2
BBB+
Interest rate risk
The
group's policy for interest rate risk is designed to limit the group's
exposure to fluctuating interest rates. This is achieved by limiting the level
of floating interest rate exposure to a maximum determined by both the level
of debt and the level of operating profit of the group at any point in time.
This approach, which is consistent with our target for ongoing leverage, will
mean, other things being
equal, that for any given level of debt, a higher level of operating profit will
result in a higher limit on the level of floating rate debt in the group (and
vice versa). Consistent with this policy, at December 31, 2005, the group held
56% (77%) of net debt at fixed rates. For further details, see note 29 of the
Notes to the accounts.
Foreign exchange risk
Due to the nature of our products, which are generally uneconomic to transport long distances, there are few foreign exchange transaction exposures in the course of our
day-to-day business. However, the majority (67%) of our capital employed is in overseas locations and is denominated in foreign currencies, principally US dollars (42%). As a consequence, changes in exchange rates affect both reported profit and
asset values. The exposure of asset values to foreign exchange rates is controlled to an extent by matching a proportion of currency assets with currency liabilities, using both debt and foreign exchange contracts. This means that falling overseas
exchange rates will give rise to both falling asset values and lower levels of net debt in sterling terms. The interest cost of currency liabilities also provides a partial hedge for foreign currency income.
Critical accounting policies
The
following section explains where, in these financial statements, we have exercised
judgement in applying the group's key accounting policies and critical estimates in
areas which are by their nature inherently uncertain. Although we have used all of the information currently available to us in making such critical estimates, changes to our assumptions in these areas could materially affect the financial results
and position shown in this document. Hanson's significant accounting policies
in accordance with IFRS are set out on pages 74 to 77 of the Annual Report and
Form 20-F. Where estimates have been used, it is possible that over time the
actual
results upon which the judgement was based could differ from those estimates.
The group considers the following are the critical policies where assumptions and judgements could have a significant impact on the consolidated financial statements.
Legal and other disputes
Various
of the group's subsidiaries are subject to a number of legal disputes, the
most significant being asbestos claims against a number of its US subsidiaries.
Provisions for anticipated settlement costs and associated expenses arising from
legal and other disputes are made where a reliable estimate can be made of the
probable outcome of the dispute. Where it is not possible to make such an estimate,
no
provision is made. Our approach to providing for asbestos is explained in note
26 of the Notes to the accounts.
43
Financial
    review
Back to Contents
Financial review
continued
Environmental obligations
Various
of the group's subsidiaries are also subject to environmental obligations
for clean-up and remediation costs, pursuant to environmental laws and regulations.
Provisions are made for environmental obligations and related costs which are
probable and reliably estimable and where a legal or constructive obligation
to remedy-known exposures exists. The ultimate requirement for such actions,
and their costs
is inherently difficult to estimate and is based on current information on costs
and expected plans for remediation. Actual costs can differ from estimates over
time because of changes in existing laws and regulations, public expectations,
new sites
arising and unknown conditions being encountered.
Impairment
The
group applies IAS 36 "Impairment of Assets" under IFRS and SFAS 144 "Accounting for the impairment of long-lived assets and for long-lived assets to be
disposed of" together with SFAS 142 "Goodwill and other intangible assets" under
US GAAP.
Under IFRS, the group compares the carrying value of goodwill and tangible assets, with the higher of their net realisable value and value in use (explained below), to
determine whether an impairment exists. Under US GAAP, the group assesses the fair value and recoverability of goodwill by comparing the implied fair value of goodwill with the actual goodwill attributable to a reporting unit.
Value in use is calculated by discounting the cash flows expected to be generated by the asset/group of assets, being tested for evidence of impairment. The use of different
estimates, assumptions and judgements, in particular those involved in (a) determining a value based on our current expectations of future industry conditions and the associated cash flows from the group's operations, but also those involving
our future intentions for assets which are currently non-operational, (b) our determination of the level at which groups of assets can be reasonably tested for impairment separately from other parts of the business and (c) our treatment of centrally
held assets, could each result in materially different carrying values of assets and assessments of impairment.
Pensions and other post-retirement benefits
Under
IFRS, the group applies IAS 19 "Employee benefits". Under US GAAP, the Company applies SFAS 87 "Employers' Accounting for Pensions" and SFAS 106
"Employers' Accounting for Post-retirement Benefits Other Than Pensions".
These accounting standards require the group to make assumptions including, but not limited to, future asset returns, rates of inflation, discount rates, life expectancies and
health care costs. The use of different assumptions, in any of the above calculations, could have a material effect on the accounting values of the relevant assets and liabilities which could result in a material change to the cost of such
liabilities as recognised in the income statement over time. These assumptions are subject to periodic review. See note 28 of the Notes to the accounts for additional information regarding the group's pension and other post-retirement
benefits.
44
Financial
    review
Back to Contents
Principal risks and uncertainties
Our business, financial condition and results of operations, and consequently the price of the Hanson shares and the amount and timing of any dividends that we pay, will be
influenced by a range of factors, many of which are beyond the control of Hanson and its Board. The risk factors set out below and the other information in the Annual Report and Form 20-F should be considered carefully. There may be other risks
which are not known to the Company or which may not be material now but could turn out to be material.
Risk management
The Board of Hanson PLC reviews the effectiveness of the system of internal control, covering, inter alia financial, operational, compliance and risk management, at least
annually.
Changes
in economic conditions could have a material adverse effect on the level of demand
for Hanson's products.
Our
performance is affected significantly by changes in economic conditions, both
globally and in the particular countries in which we conduct our operations,
especially in the USA, the UK and Australia where we have our most significant
operations. The demand for our products, which are mainly
aggregates, concrete products, ready-mixed concrete, asphalt and clay bricks,
is closely linked to general economic conditions in each of the territories in
which we operate. As a result, depressed economic conditions could have an adverse
effect on demand for, and pricing of, our products, which could result in reduced
sales and reduced profits.
Changes
in government policy or legislation relating to public works expenditure and
housing could have a material adverse effect on the levels of demand for Hanson's
products.
National governments' policies with regard to the development of transport infrastructure and housing have a significant effect on demand for our products and, as a result, our profitability. Decreases in governmental funding or in
the allocation of those funds for transport infrastructure and housing projects could reduce the amount of money available for spending on our products, potentially thereby reducing sales and profits.
For example, the move towards inner-city residential development in the UK, and consequently an increase in the number of apartments being built in place of houses, has reduced
the demand for bricks.
Inclement
weather conditions could significantly impact levels of construction activity
and hence demand for Hanson's products.
Extended
periods of inclement weather,  especially periods of heavy or sustained rainfall
during peak construction periods during the year and other acts of nature such
as hurricanes, can result in a material reduction in demand for our products
at important times, as well as impact our
ability to produce our products, and consequently result in reduced revenues
and profits.
Hanson
operates in an extremely competitive market.
Most, if not all, of the markets in which we operate are extremely competitive. The competitive environment in which we operate can be significantly affected by local factors,
such as the number of competitors and production capacity in the local market, the proximity of natural resources to the local market and economic conditions and product demand in the local market. The pricing policies of competitors and the entry
of new competitors in the local markets in which we operate can have an adverse effect on the demand for, and price of, our products and on the results of our operations and profitability.
Changes
in government policy or legislation relating to planning, the environment, health
and safety and industry related tax could significantly affect Hanson's
industry
related regulatory compliance and other operating costs and Hanson's ability
to establish additional reserves.
Our performance is affected significantly by
national and/or local government policy and legislation in the regions and territories
 in which we operate. Many of our products are subject to government regulation
in various jurisdictions regarding their production and sale, and our operating
units are subject to extensive regulation by national and local agencies concerning
such
matters as planning and environmental and health and safety compliance. Numerous
governmental permits and approvals are required for our operations. We believe
that our operating units are currently operating in substantial compliance with,
or under
approved variances from, various
45
Principal
    risks and uncertainties
Back to Contents
Principal risks and uncertainties
continued
national and local regulations in all applicable jurisdictions. In the past, our subsidiaries have made significant capital and maintenance expenditures to comply with
planning, water, air and solid and hazardous waste regulations, and these subsidiaries may be required to do so in the future in order to ensure business continuity.
The existence of these national and local regulations in many jurisdictions in which we operate also means that it is often difficult to establish new greenfield aggregates
reserves and brick factories with clay reserves in areas where demand would justify the capital expenditure required.
The imposition of industry related taxes such as the Aggregates Levy and the Climate Change Levy in the UK increase our costs and encourage imports of competing products and
product substitution.
Disruption
to, or increased costs of, the supply of materials, energy and fuel to Hanson
and the supply of finished products to Hanson's customers could significantly

reduce Hanson's profitability.
We are a significant purchaser of materials,
energy and fuel, including cement for use in our ready-mixed concrete and concrete
product operations, steel for use in our concrete product and steel pipe operations,
 bitumen for use in our asphalt activities, gas and other energy supplies for
use in our cement and brick manufacturing operations and fuel for the processing
and transport of our products. The cost of such materials, energy and fuel fluctuates,

sometimes by material amounts. Increases in the costs of such materials, energy
and fuel or their non-availability, can significantly impact our costs and disrupt
our operations. The profitability of our operations could be adversely affected
if we
are not able to recoup such costs in the prices of our products.
Transport logistics play an important part in the group's supply chain, whether by road, rail, sea or river, and any material disruption/or non-availability of such
transport support could significantly impact operating costs and reduce profitability.
Increased
employment costs could significantly reduce Hanson's profitability.
We are
a significant employer of labour and any increased costs of employment, including

pension and post-retirement healthcare costs, could significantly
impact operating costs and consequently reduce profitability. The group has several funded defined benefit pension plans, which cover a majority of the group's employees
who participate in the group's pension plans. Hanson also provides benefits from unfunded non-qualified plans in the USA and post-retirement employee benefits in the USA and Canada. Various assumptions are made in calculating our assets and
obligations under our pension plans which, if incorrect, could have a material adverse effect on our financial condition.
Ineffective
implementation of computer software systems could significantly reduce Hanson's
profitability.
The implementation of software to improve the efficiency and effectiveness of various business processes is an important contributor to our ongoing operations and growth
strategy. Failure to design, select appropriate suppliers or implement such systems effectively could result in unplanned costs or reduced levels of customer satisfaction which could adversely affect the results of our operations and
profitability.
Hanson's
acquisition strategy may be unsuccessful due to an inability to identify suitable
acquisition targets and to integrate acquired companies into its business.
We plan to continue making selective acquisitions to strengthen, develop and expand our existing aggregates, concrete products, ready-mixed concrete, asphalt, clay bricks and
related heavy building material activities.
The successful implementation of our acquisition strategy depends on a range of factors, including our ability to identify appropriate opportunities, complete acquisitions and
achieve an acceptable rate of return from those acquisitions, including past acquisitions. There may also be substantial challenges or delays in integrating and adding value to the businesses which we acquire. In addition, the costs of integration,
which are not presently capable of being estimated, could be material and the projected synergies resulting from such acquisitions may not be realised. Material costs or delays in connection with the integration of the operations that we acquire or
the inability to realise synergies from those acquisitions could result in increased expenditure and, consequently, reduced profitability and rates of return for us from such acquisitions.
46
Principal
    risks and uncertainties
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Hanson
    is subject to risks relating to changes in exchange rates.
In the year ended December 31, 2005, approximately 76% of our operating profit
    before impairments
†
was
    earned in currencies other than pounds sterling, and a significant portion
    of our revenue is denominated in US dollars.
At December 31, 2005, approximately 67% of our capital employed was located outside the UK, and approximately 148% of our net debt and foreign exchange contracts were
denominated in currencies other than pounds sterling. Since our results are reported in pounds sterling, exchange rate movements affect our reported profits, assets, cash and debt balances. This effect may be positive or negative depending on the
nature of the actual exchange rate movement and the nature of any currency hedging instruments that we have put in place. Fluctuations in exchange rates could have a material adverse effect on our financial condition and results of operations to the
extent that we have not effectively hedged against those exchange movements.
Adverse
    changes in tax legislation may affect Hanson's ability to maintain its
    tax rate below the UK statutory rate.
The
    underlying effective group tax rate for 2005 was 14.9% compared to a UK statutory
    rate of 30%. Hanson's tax charge is subject to changes in legislation.
    Such changes in legislation may be implemented at short notice and may affect
    Hanson's ability to maintain its underlying tax rate below the UK statutory
    rate of 30%.
We
    are unable to reliably estimate all costs associated with asbestos-related
    claims.
With
    respect to asbestos related claims, the Company's approach to accounting
    for the asbestos claims against its US subsidiaries is to provide for those
    costs of resolution which are both probable and reliably estimable. The costs
    of resolving possible claims are disclosed as contingent liabilities. At present,
    based on detailed analysis and the assumptions contained in note 21 of the
    Notes to the accounts, the provision for those costs which are both probable
    and estimable equates to approximately eight years of gross cost, assuming
    a cost level of $60m per annum. Whilst further claims are likely to be
    resolved beyond this eight year period, the associated costs of resolution
    cannot be reliably estimated and hence no provision has been made to cover
    these possible liabilities. Factors which could
cause actual results to differ from these estimates and expectations include: (i) adverse trends in the ultimate number of asbestos claims filed against the Company's US
subsidiaries; (ii) increases in the cost of resolving current and future asbestos claims as a result of adverse trends relating to settlement costs, dismissal rates, legal fees and/or judgment sizes; (iii) decreases in the amount of insurance
available to cover asbestos claims as a result of adverse changes in the interpretation of insurance policies or the insolvency of insurers; (iv) the emergence of new trends or legal theories that enlarge the scope of potential claimants; (v) the
impact of bankruptcies of other companies whose share of liability may be imposed on the Company's US subsidiaries under certain state liability laws; (vi) the unpredictable aspects of the US litigation process; (vii) adverse changes in the mix
of asbestos-related diseases with respect to which asbestos claims are made against the Company's US subsidiaries; and (viii) potential legislative changes. In light of such factors, the liability of the Company's US subsidiaries for
resolving asbestos claims may be materially different from current estimates and the impact of such claims might have a material adverse effect on the Company's consolidated financial condition, results of operations and cash flow. However,
assuming that current trends continue, the Company does not expect that the liability and costs associated with these asbestos claims will have such a material adverse effect and, even assuming a material deterioration in current trends, based on
the evidence available to it, the Company does not expect that such claims would impact the ability of the Company to continue as a going concern.
Hanson's
    insurance may be insufficient to cover its obligations related to Koppers'
    environmental liabilities.
Koppers' environmental clean-up/ remediation obligations and related
    costs refer primarily to certain former US discontinued chemical and related
    operations carried on by the Koppers company. Members of the group remain
    contractually and statutorily liable for certain environmental clean-up/ remediation
    costs relating to these discontinued operations. The Company considers current
    insurance cover to be sufficient to meet the related future costs of this
    liability, on the basis of its estimates and assumptions regarding future
    developments. Factors which could cause actual costs to differ from these
    estimates and assumptions
47
Principal
      risks and uncertainties
†
Continuing
      operations
Back to Contents
Principal
  risks and uncertainties
continued
include:
  (i) unknown adverse conditions arising at sites; (ii) third party claims in
  excess of estimates; (iii) changes to regulatory requirements; (iv) changes
  in remediation techniques and; (v) any other significant variations to assumptions
  made in support of these estimates. Should the current insurance cover be insufficient
  to meet the related future costs this could have a material impact on our financial
  condition, results of operations and cash flow.
As
    a consequence of its significant present and former activities in the USA,
    the group is subject to litigation claims arising out of both former businesses
    and activities, (in addition to those relating to asbestos and Koppers'
    environmental liabilities referred to above) as well as its existing operations.
Former and existing subsidiaries have engaged in businesses and activities,
    unrelated to the business and activities presently carried on by our group,
    which give rise to bodily injury and property damage claims concerning environmental
    and health issues. In particular, claims and lawsuits have been filed against
    our US subsidiaries, either directly or as a result of indemnity obligations,
    relating to products incorporating coal by-products and other chemicals, in
    particular for the wood treating industry. With respect to those claims involving
    coal by-products and other chemicals, the US subsidiary involved has not entered
    into a material settlement or been subject to a material adverse judgment
    since the demergers as described below.
In addition, existing operations suffer, from litigation claims which may be uninsured or fall within deductible levels. In many cases the relevant subsidiary believes it has
good defences against these claims. Nevertheless, in light of the uncertainties involved in litigation and in particular in the USA, where there is the added potential for punitive damages, our subsidiary may be required to participate in
settlements or be subject to judgments in future, which may not be covered by insurance and consequently have a material impact on our financial condition, results of operations and cash flow.
Demergers
Four
    companies into which former Hanson businesses were demerged agreed in connection
    with their respective demergers to indemnify us against liabilities of the
    businesses transferred to those companies. We have not incurred any liability
    in respect of any claim that related to the above mentioned businesses; any
    such liability being borne by the relevant demerged company. The Energy Group
    plc, one of the demerged companies, was acquired by TXU Corp. in 1998. In
    November 2002, TXU Corp. announced that several of TXU Corp.'s UK subsidiaries
    had been placed under the administrative process in the UK (similar to bankruptcy
    proceedings in the USA), including The Energy Group. The Energy Group is,
    therefore, unlikely to be able to fulfil its indemnification obligations to
    Hanson if it were required to do so. We are, however, not aware of any claim
    against us or our subsidiaries that would give rise to an indemnity obligation
    on the part of The Energy Group.
48
Principal
      risks and uncertainties
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Corporate
  responsibility
Managing
  the environment is an integral part of our business strategy.
We
  recognise the need to act in a responsible manner and to demonstrate our corporate
  responsibility in many ways: the way in which we trade, develop new products
  and manage and restore our sites and in the way we treat and respect our employees,
  neighbours and customers. Corporate responsibility is integral to good business
  management.
Health
    and safety
We
    continue to consider health and safety to be a top priority and a fundamental
    element of being a successful business.
We are committed to achieving the highest reasonably practicable standards of health, safety and welfare for our employees, contractors, customers and visitors.
Hanson companies around the world actively engage with government agencies, trade associations and other similar bodies to promote the benefits of a safe and healthy working
environment and develop best practice.
In 2006, the Board will formally endorse its approach to health and safety with a group policy statement. Our divisional Chief Executives/Managing Directors will remain
responsible for establishing formal policies and procedures, for ensuring that arrangements are made for the fulfilment of those policies and for monitoring their implementation and effectiveness.
The
  divisional Chief Executives/ Managing Directors are supported by a network of
  safety professionals, who share information and best practice to ensure that
  lessons learnt from accident investigations are applied across the group.
To
      prevent injuries and other incidents from occurring we:
–
train
      our employees to work safely and to eliminate the causes of unsafe behaviour
–
seek
      to provide safe systems of work and encourage a safety culture
–
continually
      strive for improved safety performance
–
look
      to adopt best practice and to commit to industry improvement initiatives
      and targets.
In
  2005, recognising that the improvement in group statistics was probably optimised
  based on traditional training and evaluating methods, we increased our focus
  on identifying and eliminating unsafe behaviour. This is being implemented through
  programmes of training and performance monitoring against targets. We believe
  that, working interdependently with our employees, we can change their perception
  and acceptance of risk. The message we have used is that no job is so important
  for safety to be compromised.
A key tool, supported and led by Alan Murray, Chief Executive and the director responsible for health and safety, and the divisional Chief Executives/Managing Directors, is a
sustained exercise in 'safety observations' by managers. We believe that we will only communicate the importance of creating a safe working environment with visibility on site of senior managers and Directors.
In a safety observation, a manager observes employees working and then discusses the safety aspects of their work. In this conversation the manager:
–
seeks
      the employee's comments on safety
      in his/her own workplace and his/her ideas on how
      to improve this
–
praises
      the employee for safe working
practices
      which have been observed
–
ensures
      that any unsafe acts are
discussed
      and action taken to prevent
their reoccurrence.
Data is collected on the number, type and frequency of accidents and of the amount of time which is lost as a result of workplace accidents. We analyse this information to
identify where we need to focus particular attention and to assess the effectiveness of our management of health and safety.
The progress of safety performance throughout our businesses worldwide is tracked and reported quarterly to the Board using standard measures.
49
Corporate
      responsibility
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Corporate
responsibility
continued
Hanson
        uses the following indicators to provide a consistent measure of its
        performance. According to best international practice the frequency measures
        are per 200,000 hours
worked:
–
Lost time incidence rate: this is the
frequency rate of injuries resulting
in an employee being absent for one or more shifts.
–
Lost
day incidence rate: this is
the
frequency rate for days lost as a result of accidents.
The overall safety statistics for the group showed continued improvement in 2005 for the sixth consecutive year since consolidated records began in 2000. There were no employee
work-related fatalities and, although the incidence of lost time injuries remained the same as for 2004, the number of lost work days (shifts) per lost time incident was reduced slightly (see page 12 for data). Over the past six years, the incidence
of lost time injuries has reduced by 37% and the number of lost work days per lost time incident has reduced by 55%. Regrettably, however, there was one contractor fatality during the year.
We encourage people to become safety representatives from all areas of our business. They receive training to assist them in their roles. We were delighted that Colin Evans, a
safety representative from Penderyn Quarry in South Wales, received a well deserved MBE for his contribution to health and safety in the quarrying industry.
The environment
Hanson understands that its reputation for managing environmental issues carefully and managing the impact of our activities on the environment is a valuable asset. As such, it
is an integral part of our business strategy.
We seek continual improvement in environmental performance and endeavour to make a positive contribution to society through our products and our land and marine management
programmes.
Significant environmental issues –legislative, risk, performance, product development and opportunities – are reported quarterly to the Board.
Our environmental policy provides the framework for setting and reviewing environmental objectives and targets. It is applied as the minimum standard across our business. Where
businesses identify a need for additional, more stretching requirements, they actively build upon this policy.
Our environmental management in the UK was developed through the publication, on August 30, 2005, of the Hanson UK biodiversity and geodiversity action plan. This was devised
in consultation with English Nature and the Countryside Council for Wales.
Additionally, under an earlier memorandum of understanding, Hanson committed to work to improve standards of conservation management in its quarries with the aim of maintaining
and enhancing its sites of special scientific interest (SSSIs). We are currently responsible for 60 such sites in the UK. Our bio and geo-diversity plans are a development of this work.
Community relations
Hanson operates internationally but is focused locally. Our products, because of a high weight to value ratio, do not travel far, so our businesses are closely connected with
the communities in which they are located. Many of our sites are in rural areas where, often as the largest commercial enterprise within the area, we contribute to the local economy, through the goods and services we purchase and the people we
employ.
Local management teams have overall responsibility for engagement with the communities in which we are located. This ensures that we respond appropriately to the differing
needs and interests of communities.
We closely identify with our neighbourhoods and our staff often initiate regular meetings with local people. These meetings provide a forum for discussing and resolving any
issues and concerns at an early stage.
We encourage organised school groups to visit our sites and also hold open days for members of the community, including the families of our employees.
We have developed educational packs and other supporting material for teachers to use in conjunction with a visit to one of our quarries.
50
Corporate
      responsibility
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Criggion hard rock quarry, Shropshire, UK.
The workplace
Employees, franchise workers and contractors are all key players in delivering our business performance in a safe, efficient and socially responsible manner.
We therefore ensure that they understand their part in achieving the objectives of the business.
To ensure we have an ongoing pipeline of managers capable of taking on larger job roles, attention is given to the development of employees.
Communications, training and the development of our business management capability through basic skills/vocational training, in-house management development and leadership
programmes ensures we have a committed and focused work force.
We have a quarterly employee magazine called Foundation which is available to each employee. This provides commercial and operational news; information about our local
communities and our health, safety and environmental management as well as news about our employees' achievements.
We also use a range of meetings to encourage our employees to contribute to improving our business. These include regular safety groups; works councils; employer/union work
parties and Euro forum meetings are also held seeking input and comment from our UK and Continental European employees. Additional meetings are held locally and regionally to inform employees of company performance and how they can improve
this.
Employee surveys have also been undertaken during the year, covering areas such as communication, safety, job clarity and satisfaction, customer service and the understanding
of the Hanson guiding principles. Feedback was given to the employees and follow-up actions were agreed. It is our intention to undertake further employee surveys during 2006.
Additionally, in our aim to create a better and safer workplace, an anonymous incident reporting system, MySafeWorkplace, provides employees with a confidential, easy-to-use
tool to report workplace incidents. All concerns, covering a wide range of issues that can be reported, are brought to the attention of the Head of Internal
Audit and handled with appropriate concern and attention according to Company policies.
Recruiting the right people into the organisation is an important part of development management. During 2005, the Hanson careers website was developed for e-recruitment as a
further means of attracting people to work for Hanson.
Group employment policies include those which cover role and goal clarity, performance management, employee development, succession planning and recruitment. Hanson requires
each of the divisions to have an Equal Opportunities Policy which complies with group expectations and local legislation. Full consideration is given to applications for employment, the continuing employment, training and career development of
disabled persons.
Remuneration and terms and conditions of employment are maintained at a competitive level in the areas in which we operate. The Company operates with low levels of employee
turnover. Hanson recognises the value of diversity.
Performance management based on our people having a clear understanding of their roles and goals has also been a key area of focus for the year.
Charitable donations and sponsorship
We get involved in fundraising and sponsorship and make donations and gifts in kind to the communities in which we operate.
Our products are such an essential part of our modern lives that we are often asked to support local projects by donating materials. We have a general policy of supporting
community projects in this way, particularly close to our operations.
Along with many people around the world, we were shocked and dismayed by the impact of Hurricane Katrina on New Orleans where a number of our employees were affected. Hanson
donated $100,000 to the Red Cross to help support those affected by the catastrophe. In addition, employees of the Company and suppliers established a relief fund for Hanson employees affected by the hurricane, with the Company matching
donations made.
51
Corporate
          responsibility
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Board
of Directors
1.
Mike
        Welton
Chairman (59)
#
Appointed
        Chairman in April 2005 having served
as
        a Non-executive Director since January 2005.
From
        1995 to December 2004 he was Chief
Executive
        of Balfour Beatty plc, which he joined
in
        1978. He is a chartered civil engineer, a Fellow
of
        the Royal Academy of Engineering and a Fellow
of
        the Institution of Civil Engineers. He is a past
Chairman
        of both the Turkish/British Business
Council
        and the UK government's Railway Sector
Advisory
        Group. He is also the Chairman of Global
Solutions
        Ltd and in October 2005 was appointed
to
      the advisory board of Montrose Associates.
2.
Alan
        Murray
Chief
        Executive (52)
# ‡
Joined
        Hanson PLC in 1988. He held various senior
divisional
financial roles and became Assistant
Finance
Director in 1995 and Finance Director in
1997.
He was appointed Chief Executive of Hanson
Building
Materials America in June 1998 and Chief
Executive
of Hanson in April 2002. He serves on
the
National Stone, Sand and Gravel Association
Board
in the USA.
3.
Jonathan
        Nicholls
Finance Director (48)
Joined
        Hanson PLC in 1996 as Group Treasurer.
He
        was
appointed to the position of Finance
Director
of Hanson in June 1998. He previously
worked
for Abbey National plc where he held
several
treasury and financial roles from 1985-96.
He
is
a Non-executive Director of Man Group plc
and
sits on the Advisory Board of the Oxford
University
Centre for Business Taxation.
4.
Graham Dransfield
Legal Director (54)
Joined
      Hanson PLC as a Solicitor in 1982 from
Slaughter
    and May where he qualified in 1976.
He
    became Company Secretary in 1986 and,
after
    serving as Senior Solicitor from 1987, was
appointed
    to Hanson's Board in 1992.
5
Frank
              Blount
Non-executive
          Director (67)
† # ‡
Non-executive
            Director since 2000 and previously a Non-executive Director of Pioneer
            International Ltd. He is currently Chairman and Chief Executive of
            JI Ventures, Inc. and TTS Management Corporation and a Non-executive
            Director of Caterpillar, Inc., Entergy Corporation, Adtran, Inc.
            and Alcatel, SA. He has also served as Chief Executive and a Director
            of Telstra Corporation, Ltd from 1992-99 and as Chief Executive and
            Chairman of Cypress Communications, Inc. from 2000-2002. He was Group
            President of AT&T Corp. from 1988-91.
6.
John Brady
Non-executive
     Director (54)
† # ‡
Appointed
      a Non-executive Director in August 2005. He is also a Non-executive Director
      of Greene King plc. From 1994 until 2004 he was a Director of McKinsey & Company,
      which he joined in 1980.
7.
Sam
      Laidlaw
Non-executive
      Director (50)
#
*
‡
Non-executive
        Director since 2003 and Chairman of the Remuneration Committee. Currently
        Executive Vice President of Chevron Corporation. He is Chairman of the
        United Kingdom Council of INSEAD and a trustee of the medical charity
        RAFT. He previously served as President and Chief Operating Officer of
        Amerada Hess Corporation and Chief Executive Officer of Enterprise Oil
      plc.
8.
Jim Leng
Senior
Non-executive Director (60)
#
*
Non-executive
      Director since June 2004 and Senior Independent Director. Currently Chairman
      of Corus Group PLC, he is also a Non-executive Director of Pilkington plc
      and Alstom SA. From 1995-2001 he was Chief Executive of Laporte plc and
  before that Chief Executive of Low & Bonar plc.
9.
The
Baroness Noakes DBE
Non-executive Director (56)
†
# *
Non-executive
      Director since 2001 and Chairman of the Audit Committee. Formerly a Partner
      at KPMG, she is a Non-executive Director of Imperial Chemical Industries
      plc, the Senior Independent Director of Carpetright Plc and SThree plc,
      and a Trustee of the Reuters Founders Share Company. She was formerly the
      Senior Non-executive Director of the Court of the Bank of England. She
      is a Fellow of the Institute of Chartered Accountants in England and Wales
      and was President of that institute in 1999-2000. She is a Director of
      the English National Opera.
†
Remuneration Committee member
*Audit Committee member
#
Nominations Committee member
‡
Proposed for election/re-election at the AGM
52
Board
      of Directors
Back to Contents
Report of the Directors
The Directors submit their report together with the consolidated accounts of Hanson PLC and its subsidiary undertakings for the year ended December 31, 2005.
Incorporation and name
The
Company ("New Hanson") was incorporated in England and Wales (No. 4626078) on December 31, 2002 as Broadcast Sales Limited, changed its name to Hanson Building
Materials Limited on June 4, 2003, re-registered as a public limited company, Hanson Building Materials PLC, on July 10, 2003 and changed its name to Hanson PLC on October 14, 2003. The Company, formerly known as Hanson PLC ("Old Hanson"),
re-registered as a private limited company and changed its name to Hanson Building
Materials Limited on October 14, 2003.
Following shareholder approval on September 19, 2003 and Court sanction on October 13, 2003 and October 20, 2003, a scheme of arrangement (the "Scheme") and share
capital reduction were implemented whereby shareholders in Old Hanson received, in substitution for each ordinary share of £2, one ordinary share of 10p in New Hanson. The Scheme became effective on October 14, 2003 and the reduction in nominal
value of the new ordinary shares to 10p each became effective on October 21, 2003.
The Scheme and the reduction in nominal value were implemented in order to increase the distributable reserves available to the Company.
Results and dividends
The
profit for the year was £387.6m.
An interim dividend of 5.85p per ordinary share was paid on September 16, 2005. The Directors recommend a final dividend of 14.15p per ordinary share which will, if approved at
the AGM, be paid on May 5, 2006, to ordinary shareholders on the register at close of business (London time) on April 7, 2006.
Dividends of £136.2m were paid during the year.
A financial review of 2005 and prospects for the year 2006 are included within the Chairman's statement, the Chief Executive's overview, the Review of operations and
the Financial review.
Activities
Hanson
is a focused heavy building materials company with operations in North America,
the UK, Australia, Asia Pacific and Continental Europe. A detailed description
of the
group's industry, market and products is set out on pages 5 to 8 of the
Review of operations.
Property, plant and equipment
Details
of movements in Hanson's property, plant and equipment are shown in note
13 of the Notes to the accounts.
Subsequent events
Material post balance sheet events are described in note 31 of the Notes to the accounts.
Research and development
The development and improvement of new and existing products is an essential continuing process in our companies. Expenditure that does not meet the capitalisation criteria of
an intangible asset is expensed as occurred. Research costs are also expensed as occurred.
Share capital
Details of changes in share capital during the year and the number of ordinary shares reserved for issue at December 31, 2005 are shown in note 23 of the Notes to the accounts.
Details of shares purchased by the Company are shown in note 24 of the Notes to the accounts.
Substantial shareholdings
Details
of substantial interests (3% or more) in Hanson's share capital, as notified
to Hanson, are shown in the Investor information section.
Annual General Meeting
The AGM will be held at 11.00am on April 26, 2006, at the Institute of Electrical Engineers, 2 Savoy Place, London WC2R 0BL.
Shareholders being sent this document will also be sent a separate notice of the AGM incorporating explanatory notes of the resolutions to be proposed at the meeting.
Directors
The names and biographical details of the Directors are given on page 52.
During the year, C D Collins retired as a Director and Chairman at the conclusion of the AGM in 2005 and M W Welton became Chairman from that time, having been appointed to the
Board on January 4, 2005. S L Keswick and the Rt Hon. Lord Baker of Dorking also retired from the Board at the conclusion of the AGM.
C J Brady was appointed to the Board on August 1, 2005.
A J Murray, W F Blount and W S H Laidlaw will retire by rotation and, being eligible, offer themselves for re-election at the forthcoming AGM. C J Brady, having been appointed
since the last AGM, will seek election to the Board.
Directors' interests
Details
of the Directors' service contracts, emoluments and share interests at December
31, 2005, appear in the Remuneration report on pages 61 to 67.
Following the introduction of the Companies (Audit, Investigations and Community Enterprise) Act 2004 in April 2005, at the AGM held in 2005, shareholders passed a resolution
to a change in the Articles of Association of Hanson in relation to the indemnification of Directors. The new article expanded the circumstances in which a Director can be indemnified by the Company. The terms of appointment of the Directors in
office at the time of the AGM in 2005 have been changed to entitle them to benefit from the provisions contained in the new article.
53
Report
    of the Directors
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Report of the Directors
continued
In
    addition to providing this indemnification and any other indemnification
    pursuant to the articles of association, charter or by-laws of Hanson's subsidiaries, Hanson
maintains directors' and officers' liability insurance for Directors
and officers of Hanson and its subsidiaries.
Except for such indemnification and insurance and except for the respective terms of service of such Directors and officers, no Director or officer of Hanson or any of their
respective relatives or spouses either had an interest in any contract or transaction which was material to Hanson or such related party or unusual in its nature or conditions or had any outstanding indebtedness of a material nature owing to Hanson
at any time during the last three years.
Charitable and political donations
During
the year, the group made worldwide charitable donations of £309,000 (2004 – £321,000), including £93,000 (2004 – £183,000)
in the UK. As in
the previous year, no political donations were made.
Policy on payment of suppliers
The holding company, Hanson PLC, has no trade creditors. The policy of Hanson companies is to agree payment terms with their suppliers and abide by those terms, subject to
satisfactory performance by the supplier.
Auditors
Ernst & Young LLP are the independent auditors of Hanson and, having expressed their willingness to continue in office, a resolution proposing their re-appointment will be
submitted at the AGM. The Auditors' reports on the accounts are on pages
68, 69 and 140.
By order of the Board
Paul Tunnacliffe
Company Secretary
February 23, 2006
Registered Office
1 Grosvenor Place
London SW1X 7JH
Registered in England and Wales (No 4626078)
54
Report
    of the Directors
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Corporate governance
The
    Board is accountable to shareholders for good business governance and is
    committed to high standards of corporate governance, recognising that Hanson's good reputation
is one of the Company's most valuable assets.
To maintain and enhance this reputation Hanson requires its officers and employees to act in accordance with the laws and customs of each country in which we do business; be
honest and act ethically; operate with integrity; observe and respect the culture and traditions of each country in which we operate; and not to offer, pay or accept bribes or favours in any form whatsoever.
Within adopted business principles, divisional codes of conduct and supporting policies are in place.
A code of ethics for the purposes of the Sarbanes-Oxley Act of 2002 (US) (SOX), which applies to Hanson as a company listed on the NYSE, covering Hanson's Chief Executive,
Finance Director, Legal Director, Divisional Chief Executives and other identifiable persons in the group, including those performing senior accounting and controller functions, is in place. This code is available on request from the Company
Secretary or on Hanson's website.
The way in which Hanson applies the principles set out in the Combined Code on Corporate Governance issued by the Financial Reporting Council in July 2003 (the
"Code") is described within this Corporate governance section and in the Remuneration report. The Board considers that Hanson has been in full compliance with the Code throughout the year under review.
As well as being subject to UK legislation and practice Hanson, as a company listed on the NYSE, is subject to the listing requirements of the NYSE and the rules of the SEC.
Compliance with the provisions of SOX, as it applies to foreign issuers, is continually monitored. Whilst the Directors believe that the group's corporate governance policies are robust, changes have been and will continue to be made to ensure
compliance with the rules that are in place at any point in time. Hanson follows UK corporate governance practice, which does not differ significantly from the NYSE corporate governance standards, except that the Nominations Committee is required to
be comprised of a majority, rather than entirely, of independent directors and there is no requirement in the UK for a comprehensive code of business conduct and ethics.
The Board of Directors
The Board currently comprises the Chairman, the Chief Executive, two other Executive Directors and five Non-executive Directors.
There is a clear separation of the roles of the Chairman and Chief Executive. The division of responsibilities between Chairman and the Chief Executive is set out in writing
and has been agreed by the Board. As Chairman, M W Welton has the responsibility for the running of the Board and for ensuring that all Directors are fully informed of matters relevant to their roles. As Chief Executive, A J Murray has
responsibility for implementing the strategy agreed by the Board and for managing the group.
During the year and following his appointment as Chairman, M W Welton was appointed to the advisory board of Montrose Associates. His other commitments did not change.
All of the Non-executive Directors are, in the opinion of the Board, considered to be independent of management and free from any business or other relationships which affect
their ability to exercise independent judgement. J W Leng is the Senior Independent Director.
The Board considers that the current Non-executive Directors bring a wide range of business and financial experience required for the successful direction of Hanson as an
international force in the heavy building materials industry and provide a solid foundation for good corporate governance, ensuring that no individual or group dominates the Board's decision making. Through the Nominations Committee, the Board
ensures that plans are in place for the succession of Executive and Non-executive Directors.
The Chairman and the Company Secretary work closely together in planning the annual programme and agendas for meetings. During the year, there were six Board and strategy
meetings held. The attendance records of individual Directors is set out below:
Attendance
M W Welton
6/6
A J Murray
6/6
G Dransfield
6/6
J C Nicholls
6/6
W F Blount
5/6
C J Brady
4/4
W S H Laidlaw
5/6
J W Leng
6/6
The Baroness Noakes
6/6
C D Collins (retired April 20, 2005)
1/1
The Rt Hon. Lord Baker of Dorking (retired April 20, 2005)
1/1
S L Keswick (retired April 20, 2005)
–/1
There are clearly occasions when circumstances arise which prevent Directors from attending meetings. It is the usual practice in these circumstances for the Director concerned
to review the Board papers with the Chairman and convey any views.
All Directors then in office attended the AGM in 2005.
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Corporate
governance
continued
The Board manages overall control of the Company's affairs with reference to the schedule of matters reserved for its authorisation and approval, review and
responsibility. This schedule was reviewed and updated during the year.
Matters reserved for authorisation and approval include the Company's objectives and long-term strategy, the annual operating budget, financial statements and significant
changes in accounting policy, dividend recommendations, treasury activities, major acquisitions and disposals, major capital projects or expenditure, appointment and removal of Directors and the Company Secretary, risk management policies and major
changes in the group's pension arrangements.
Matters for which the Board has responsibility include compliance with the group's corporate responsibility policies, including environmental and health and safety and, as
set out below, the group's system of internal control.
Matters which the Board reviews include quarterly results and performance against budget, the group's management resource planning and development, charitable donations,
the Company's corporate governance arrangements and the effectiveness of the group's system of internal control, as set out below.
All Directors are equally accountable for the proper stewardship of the Company's affairs.
The Non-executive Directors have a particular responsibility for ensuring that the business strategies proposed are fully discussed and critically reviewed. This enables the
Directors to act in the best long-term interest of shareholders, whilst taking account of the interests of employees, customers, suppliers and the communities in which the businesses operate.
The Non-executive Directors also oversee the operational performance of the whole group. To do this they have full and timely access to all relevant information, with updates
also provided on governance and regulatory matters affecting the Company. In addition, senior executives below Board level are invited, as appropriate, to Board and strategy meetings to make presentations on their areas of responsibility.
As part of the initial induction process for those Non-executive Directors newly appointed, documents describing the Company and its activities are provided. An element of the
induction focuses on relevant corporate responsibility matters and management resource planning and development. Site visits are arranged, with all Directors provided with the opportunity and encouragement for training to ensure they are kept
up-to-date on relevant new legislation and best practice and changing commercial and other risks.
In order to fulfil their duties, procedures are in place for Directors to seek both independent advice and the advice and services of the Company Secretary who is responsible
for advising the Board, through the Chairman, on all governance matters.
During the year, an evaluation of the Board's effectiveness, including the effectiveness of Committees of the Board, was undertaken by the Chairman by way of a written
questionnaire to, and individual meetings with, all Directors. A report was prepared for the Board by the Chairman. The results of the evaluation showed a high level of satisfaction that the Board and its Committees were operating effectively. The
Board's focus was on identifying improvements in such areas as the process for developing strategy; the balance between strategic and operational issues at meetings; the process for reporting Committee work to the Board and inter-meeting
information to the Non-executive Directors. Identified improvements will be introduced in 2006.
The Board plans to conduct evaluations on an annual basis and may use alternative approaches in future years.
As part of the evaluation process, the Chairman considered the performance, including time commitments, of each individual Non-executive Director and concluded that the
performance of each continues to be effective.
Also during the year and in the absence of the Chairman, the Non-executive Directors, led by J W Leng, conducted a review of and discussed the performance of the Chairman taking into account the views of the Executive
Directors. The conclusion reached, which was fed back to the Chairman by J W Leng, was that the Chairman's performance was effective. Similarly, during the year, the Chairman met separately with the Non-executive Directors to consider the
performance of the Chief Executive in the discharge of his duties. It was concluded that the performance of the Chief Executive continues to be effective.
The Non-executive Directors fulfil a key role in corporate accountability. The remits and membership of the Remuneration, the Nominations and the Audit Committees of the Board
are set out below.
The terms of reference of the Committees are available on request from the Company Secretary, who acts as secretary to all of these Committees, or on Hanson's
website.
Remuneration Committee
The Remuneration Committee comprises four independent Non-executive Directors; W S H Laidlaw (Chairman), W F Blount, The Baroness Noakes and C J Brady. Its role is described in
the Remuneration report.
In 2005, the annual fees for chairing the Committee and for acting as a member were £12,500 and £5,500, respectively. There has been no change to the fee arrangements
for 2006.
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Nominations Committee
The Nominations Committee consists of M W Welton as Chairman, A J Murray and the independent Non-executive Directors.
The Committee's terms of reference include the review of the structure, size and composition of the Board, with recommendations to the Board on any changes, and planning
for the orderly succession of Executive and Non-executive Directors.
There were no fees payable for chairing or acting as a member of the Committee in 2005. There has been no change to the fee arrangements for 2006.
During the year, on behalf of the Board, the Committee undertook a search for the appointment of a new Non-executive Director. Having considered the balance of skills and
experience on the Board, a candidate profile for the search was agreed. The Committee then appointed an external search consultancy and met with candidates prior to making a recommendation to the Board, which resulted in the appointment of C J Brady
as a Non-executive Director of the Company on August 1, 2005. It is anticipated that, for the appointment of further Non-executive Directors, a similar procedure will be adopted.
During the year the Committee met once formally in full, and on a number of other occasions, principally in the search for a new Non-executive Director and in order to make
recommendations to the Board on membership of the Remuneration Committee.
Following appointment by the Board, new Directors must submit themselves for election by the shareholders at the AGM following their appointment. Thereafter, subject to the
Articles of Association in relation to the re-election of Directors, all Directors are subject to re-election every three years. Recommendations to shareholders on the re-appointment of the Directors is not automatic and is subject to consideration
by the Committee, prior to approval by the Board.
Audit Committee
The Audit Committee comprises three independent Non-executive Directors; The Baroness Noakes (Chairman), W S H Laidlaw and J W Leng.
In 2005, the annual fees for chairing the Audit Committee and for acting as a member of the Committee were £20,000 and £5,500, respectively. There has been no change
to the fee arrangements for 2006.
Regular attendees at Committee meetings, at the invitation of the Committee, include the Chairman, the Finance Director, the Head of Internal Audit, the Group Financial
Controller, the Group Chief Accountant and representatives from the external auditors.
The
      Committee's duties include:
–
review
        of the effectiveness of systems for internal financial control, financial
    reporting and risk management
–
the review and monitoring of the Company's
financial statements, accounting policies,
financial and other reporting procedures
–
the
review of the Company's statement on internal control prior to endorsement
by the
Board
–
review of the internal audit programme
–
the establishment of whistleblowing procedures
–
recommendations on the appointment of, and an
assessment of the independence and objectivity
of, the auditors
–
pre-approval of audit, review and attest services and permitted non-audit services;
and
–
ensuring the objectivity and independence of the auditors is maintained.
The Committee meets at least four times a year. During the year the Committee met five times, which all of the then current Committee members attended, other than on one
occasion when W S H Laidlaw was unable to attend.
The Board considers that each of the members of the Committee has experience of corporate financial matters. The Baroness Noakes, who is a Chartered Accountant, is considered
by the Board to have recent and relevant financial experience and is also identified as the Audit Committee financial expert for the purposes of SOX.
The Committee discharges its responsibilities through a series of Committee meetings throughout the year at which detailed reports are presented for review. The Committee
commissions reports either from the external auditors, the Head of Internal Audit or Company management, after consideration of the Company's major risks or in response to developing issues. The Committee meets privately with the external
auditors and the Head of Internal Audit as appropriate. It has authority to seek any information it requires from any employee, authority to obtain outside legal or other independent professional advice on any matter within its terms of reference
and to secure the attendance of outsiders with relevant experience and expertise if it considers it necessary. There were no occasions during the year when it considered the attendance of such outsiders was necessary.
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Corporate governance
continued
During
        the year, the Committee's meetings considered or addressed, as appropriate,
      the following principal matters:
–
the interim and full year financial results, including
monitoring their integrity, prior to
consideration by the Board
–
the annual internal audit plan and its resourcing
–
the auditors' interim and full year reports
–
the auditors' report to management
–
compliance with the group's code of ethics
–
the monitoring of the group's International Financial Reporting Standards conversion
exercise
–
changes to the group's accounting policies
–
the overseeing of the group's SOX compliance work
–
the overseeing of the whistleblowing programme
–
minutes of the Risk Committee, which monitors and
reviews significant financial and
non-financial risk, as
well as reviewing and reporting on the effectiveness of the
group's system of internal control
–
the
proposed introduction by UK government
of
an Operating and Financial Review,
subsequently withdrawn
–
the scope and cost of the external audit
–
any non-audit work carried out by the auditors; and
–
an evaluation of the effectiveness of the auditors,
which included feedback from management on
the
quality of the audit and the working relationship
between management and the
auditors, and
consideration of their reappointment.
The Committee also undertook a review of its terms of reference and its own work and effectiveness, and reported back to the Board.
Having overseen the establishment of a groupwide whistleblowing programme, MySafeWorkplace, through which employees may in confidence raise concerns about possible wrongdoing
in financial reporting or other matters, the Committee received reports during the year to ensure proportionate and independent investigation of such matters with appropriate follow-up action.
Additionally, to safeguard the objectivity and independence of the auditors and to ensure that the independence of the audit work undertaken by the auditors is not compromised,
the Committee considered the auditors' own assessment of independence and compliance with relevant professional and regulatory requirements. The views of management were also taken into consideration.
The Committee also has a policy for the provision of non-audit services by the auditors. The policy defines services which can be provided by the auditors and requires all
non-audit services to be approved in advance by the Committee, which has delegated this task to the Head of Internal Audit. The approval process requires full disclosure of the objective and the scope of services to be performed in addition to the
fee structure. The Committee reviews all approved services and level of expenditure at subsequent meetings. The auditors are permitted to perform non-audit services only if the scope of work is within the terms of the policy and there is a business
benefit to the group in these services being performed by them rather then an alternative supplier.
The Committee considered that the independence and objectivity of the auditors was unimpaired and that Ernst & Young LLP were effective in conducting the audit and work on
SOX compliance during the year.
Internal control
The
Board recognises that it is responsible for the group's system of internal
control and for reviewing its effectiveness. The Code requires the Board to review
the effectiveness of the system of internal control, including financial, operational,
compliance and risk management, at least annually. In addition, Internal Control:
Guidance for Directors on the Combined Code was published in September 1999,
to
provide guidance to Directors in respect of this requirement. Revised guidance
for Directors, which comes into effect for financial years commencing on or after
January 1, 2006, has been issued and the Company will take this guidance into
consideration during 2006.
The Board confirms that procedures, which accord with the original guidance, have been in place for the year to December 31, 2005 and up to the date of approval of the Annual
Report and Form 20-F by the Board. These procedures ensure that the Board is aware of the key risks facing the group and that the system of internal control is regularly reviewed for effectiveness and adequacy. Such a system can only provide
reasonable and not absolute assurance against material misstatement or loss, as it is designed to manage rather than eliminate the risk of failure to achieve business objectives. In seeking to achieve these objectives, many of which are already
features of the existing processes and procedures within the Company, the Board has specifically instituted the following processes, which have been in effect throughout the reporting period and up to the date of approval of the Annual Report and
Form 20-F by the Board.
Policies
–
A planning framework which incorporates a four year
plan approved by the Board, with objectives
for each business unit.
–
A mechanism for reporting weaknesses in internal control systems and for monitoring corrective
action.
Processes
–
Appointment of experienced and professional staff,
both by recruitment and promotion, of the
necessary calibre to fulfil their allotted responsibilities.
–
A comprehensive system of financial reporting to the
Board, based on an annual budget with
monthly
reports against actual results, analysis of variances,
scrutiny of key
performance indicators and regular re-forecasting.
–
Formal business risk reviews performed by
management which evaluate the potential
financial
and non-financial impacts of identified risks and
possible new risk areas, set
control, mitigation and
monitoring procedures and review actual occurrences identifying
lessons to be learnt.
–
Regular treasury reports to the Board which analyse
the funding requirements of each class of
assets,
track the generation and use of capital and the volume
of liquidity, measure the
group's exposure to interest and exchange rate movements and record the level of
compliance
with the group's funding objectives.
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–
Well-defined
          procedures governing the appraisal and approval
          of investments, including
detailed investment and divestment approval procedures incorporating
appropriate levels
of authority and regular
post investment reviews.
Verification
–
An internal audit function within the business operations which undertakes periodic
examination of business units and processes and recommends improvements in controls to
management.
–
The external auditors who are engaged to express an opinion on the accounts.
–
An Audit Committee of the Board, consisting of Non-executive
    Directors, which considers
    significant control matters and receives reports on internal
    controls from both the internal and
external auditors on a regular basis.
–
A Risk Committee of the Board, consisting of the Chief Executive, Finance Director, Legal
Director and other senior executives, which monitors and reviews significant financial
and non-financial risk.
Evaluation of disclosure controls and procedures
The
Company has a Disclosure Committee, which includes amongst its members, the Chief
Executive, the Finance Director and the Legal Director. The
Committee monitors and reviews
the group's disclosure controls and procedures to ensure these are satisfactory
for the purpose. The review includes the evaluation of the effectiveness as at
December 31, 2005 of these disclosure controls and procedures to permit the signing
of the certifications required by the Chief Executive and the Finance Director
in accordance with the requirements of section 302 of the US Sarbanes-Oxley Act
of 2002. Based on this evaluation, the Chief Executive and the Finance Director
concluded
that the disclosure controls and procedures are effective in all material respects
to ensure that material information relating to the group would be made known
to them by others within the group.
Management's annual report on internal control over financial
reporting
In
accordance with the requirements of section 404 of the US Sarbanes-Oxley Act
of 2002, the following report is provided by management in respect of the
Company's
internal control over financial reporting (as defined in Rules 13a-15(f) and
15d-15(f) under the US Securities Exchange Act of 1934):
–
Hanson's
        management is responsible for establishing and maintaining adequate internal
    control over financial reporting for the group.
–
Hanson's management has used the Committee of Sponsoring Organisations of the
Treadway Commission ("COSO") framework to evaluate
the effectiveness of our
internal control over financial reporting. Management believes that the COSO framework is
a suitable framework for its evaluation of our internal control over financial reporting because it is free from bias, permits reasonably consistent qualitative and quantitative measurements of our internal controls, is sufficiently complete
so that those relevant factors that would alter a conclusion about the effectiveness
of our
internal
          controls are not omitted and is relevant to an
evaluation
    of internal control over financial reporting.
–
Management
          has assessed the effectiveness of our internal control over financial
          reporting, as at December 31, 2005, and has concluded that such internal
          control over financial
reporting is effective.
–
Ernst & Young
          LLP, which has audited the consolidated financial statements of the
          group
for the year ended December 31, 2005, has also audited management's assessment
of the effectiveness of internal control over financial reporting under Auditing
Standard No. 2 of the Public Company Accounting Oversight Board (United States).
See the
Auditors' report on page 69.
Changes
  in internal control over financial reporting
During
  the period management has continued to improve its control environment to respond,
  in particular, to changes in accounting practice (IFRS)
  and to reflect enhancements to information systems and procedures. There have
  been no changes in the group's internal controls or in other factors during the period that have materially affected, or are reasonably likely to materially affect, the group's
  internal control over financial reporting.
Internal Audit
Each
  major operating division has internal audit capability and these are co-ordinated
  centrally by the Head of Internal Audit under the guidance
  of the Audit Committee. The Audit Committee reviews internal audit reports
  and considers the overall effectiveness of the function. Priority in 2005 has
  once again been on financial statement risks identified through existing risk
  management procedures and through the
  assessment of internal control over financial reporting, required by SOX. The
  Board is once again pleased that this has resulted in Hanson being able to
  report fully under section 404 of SOX this year. Planning for 2006 will, however,
  continue to broaden the agenda and expand the scope of internal audit. A greater
  emphasis on operational risks, as the SOX requirements become further embedded
  in the organisation, will help to promote the overall effectiveness of the
  group's risk
  management and internal controls.
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Corporate governance
continued
Shareholder communications
Hanson values its dialogue with both institutional and private investors and, based on publicly available information, constructive two-way communication with fund managers,
  institutional investors and analysts is promoted and encouraged.
The views of major shareholders are reported to the Board, with
  independent surveys undertaken by the Company's brokers on specific issues
of relevance to the Company.
Following his appointment as Chairman, M W Welton met with the
Company's major shareholders.
Arrangements
are also in place for the Senior
Independent Director and other Non-executive Directors to meet with major shareholders, if they so request.
Additional forms of communication include presentations of the interim and annual results, and of the trading statements.
The Hanson website at www.hanson.biz provides access to information on the Company and its businesses. Further details of the website can be found in the Investor information
section. It is not intended for the website address to be an active link or to otherwise incorporate the contents of the website into this document.
At the AGM (see page 53 for details), the Chief
Executive will present a review of the results and current business activity. Shareholders are invited to ask questions on items of business put before the meeting and will
  have the opportunity to vote separately on each resolution. The Chairman will indicate the level of proxy votes lodged in respect of each resolution following each vote on a show of hands and details of those abstaining from voting will also be
disclosed. As for the prior year, this information will also be posted on the Hanson website after the meeting. Following the meeting, the Directors will be available to meet with shareholders.
Going concern
The Directors confirm that, after meeting appropriate enquiries, they have a reasonable expectation that Hanson has adequate resources to continue in operational existence for
the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts.
Directors' responsibilities for the accounts
Company law requires the Directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Company and of the group and of
  the profit or loss of the group for that year. In preparing these accounts, the Directors consider that they have: selected suitable accounting policies, and applied them consistently; made judgements and estimates that are reasonable and prudent;
and followed applicable international accounting standards.
The Directors are responsible for ensuring that the group keeps proper accounting records which disclose with reasonable accuracy at any time the financial position of the
group and enable them to ensure that the accounts comply with the Companies Act 1985. They are responsible for taking reasonable steps to safeguard the assets of the group and to prevent and detect fraud and other irregularities.
A copy of the Annual Report and Form 20-F of the Company is placed
  on the Company's website www.hanson.biz. The Directors are responsible for the maintenance and integrity
  of statutory and audited information on the Company's website. Information
  published on the internet is accessible in many countries with different legal
  requirements. Legislation in the UK governing the preparation and dissemination
of accounts may differ from legislation in other jurisdictions.
By order of the Board
Paul Tunnacliffe
Company Secretary
February 23, 2006
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Remuneration report
Remuneration Committee membership and terms of reference
The
  Remuneration Committee (the "Committee") is comprised
exclusively of Independent Non-executive
Directors and its members are: W S H Laidlaw (Chairman), W F Blount, The Baroness Noakes DBE and C J Brady. WSH Laidlaw was appointed to the Committee as Chairman on May 11,
2005, replacing The Rt Hon. Lord Baker of Dorking, and C J Brady was appointed as a member on November 16, 2005.
The role of the Committee is to consider and make recommendations
  on the framework of executive remuneration (the "policy") for approval by the Board. In accordance
  with the policy, the Committee will consider, recommend as appropriate and approve the conditions of service of the Chairman, the Executive Directors and the Company Secretary, including the duration of any service agreements, and the emoluments and
  other benefits payable under such agreements, including pension entitlements and participation in incentive arrangements. The Committee also recommends and monitors the level and structure of remuneration for senior management and oversees the
Company's and Old Hanson's long-term incentive plans and option schemes.
During the year under review, other than from its independent advisor, the Committee also sought the assistance of the Chairman, the Chief Executive, the Company Secretary and
the Head of Corporate Human Resources on matters relating to remuneration.
There were three formal meetings held by the Committee during the year and all the then members attended each meeting, other than C J Brady, who, having been appointed to the
  Committee on November 16, 2005 was unable to change his commitments to attend the Committee meeting on November 22, 2005. The Committee also dealt with other matters under its terms of reference by written correspondence. The Chairman, Chief
Executive and the Company Secretary were present at all the meetings of the Committee but each were respectively excluded when their own performance and remuneration were being discussed.
The Committee also undertook a review of its terms of reference and its own work and effectiveness, and reported back to the Board.
Committee members receive fees as Non-executive Directors, including a fee for acting as a Committee member as outlined in the Corporate governance section on page 56, but do
  not receive any pension entitlements nor any short- or long-term performance related incentives. No member of the Committee has any personal financial interest, other than as a shareholder in the Company, in the matters to be decided or for the
day-to-day management of the business.
The fees payable to Non-executive Directors are determined by
  the Board as a whole within the limits set by the articles of association and
  for the year ending December 31, 2005 the basic fee was £36,000. In 2006, this will be £40,000.
  The Non-executive Directors do not participate in or vote on any discussion
relating to their own remuneration.
The Committee has appointed Mercer Human Resource Consulting ("Mercer")
  to act on behalf of the Committee in providing independent market information
  and remuneration advice on an ongoing basis. Mercer also provides actuarial
and consulting services to the Company.
Remuneration policy
Hanson operates in competitive and international markets. To secure the long-term performance of the business it is essential that the Company implements an integrated system
  of remuneration which rewards sustained high performance well enough to attract and retain high-performing executives and directors. To ensure that its remuneration rates are competitive, whilst not being excessive, the Committee keeps remuneration
under regular review in light of emerging best practice.
The
        remuneration policy is designed to provide packages, which take account
    of individual performance:
i)
in the knowledge of what comparable, in terms of size and complexity, UK and international companies are paying;
ii)
in the context of packages offered throughout the Hanson group; and
iii)
to include short- and long-term performance related elements, potentially a significant portion of total rewards, to motivate the highest performance and to align the interests
of the Executive Directors and shareholders.
As shareholder approval for conditional awards to be made under
the Company's long-term incentive arrangements expires in 2006, the Company
undertook a review in 2005 of its long-term incentive arrangements and proposals
on these new arrangements will be submitted to shareholders at the forthcoming
AGM. Details of the proposed new arrangements are outlined in a separate letter
to shareholders.
Share incentives are considered to be an important part of the incentive
policy for Executive Directors.
A shareholding requirement has been introduced for the Executive Directors. For the Chief Executive this will be to hold shares to the value of two times salary and for the
other Executive Directors to the value of one times salary. For any new Chief Executive or Executive Director, the expectation would be that the shareholding requirement would be achieved within five years of the individual becoming a Director. The
current Chief Executive and other Executive Directors already satisfy these shareholding requirements.
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Remuneration report
continued
Basic salary
In
setting the basic salary for each Executive Director, the Committee reviews relevant
market data and considers the Director's experience, performance and
responsibilities. Basic salaries are generally reviewed on an annual basis or
following a significant change in responsibilities.
Increases in basic salary of between 4-5% have been granted to the Executive Directors for the year commencing January 1, 2006.
The Committee also determines the fee for the Chairman and undertook a full review prior to the appointment of M W Welton as Chairman, whose fee as Chairman is £220,000
per annum.
Annual bonus scheme
The
annual bonus scheme for the Executive Directors and other senior executives is
aligned with changes in shareholder value through the economic value added methodology.
The main principle of economic value added is to recognise that over time a company
should generate returns in excess of its cost of capital – the return that
lenders and shareholders expect of the Company each year.
The annual bonus scheme is calibrated by reference to target levels of bonus and, for the Executive Directors and other senior executives, works on a bonus banking arrangement
whereby each year the improvement in the group's overall economic value added for that year determines whether there is a bonus bank addition or deduction. Following the addition or deduction, the participant receives one-third of the
accumulated bonus bank. There is neither a cap (maximum addition into the bonus bank each year) nor a floor (maximum deduction from the bonus bank each year).
The bonus bank has two main functions; firstly it ensures that individuals do not make short-term decisions such as deferring essential expenditure from one year to the next
and receive a bonus for doing so; and secondly, the bonus bank can act as a retention tool.
For 2005, the target level of bonus for A J Murray was 62.5% of basic salary, for J C Nicholls 50% of basic salary and for G Dransfield 37.5% of basic salary.
Improvement
in the group's overall economic value added for the year to December 31,
2005 determined the bonus bank addition for the Executive Directors. The strong
 operating and profit performance in 2005 led to significant improvement in the
group's economic value added and resulted in additions to the bonus bank
of 118% of basic salary for A J Murray, 95% of basic salary for J C Nicholls
and 71% of
basic salary for G Dransfield.
The
bonuses paid in respect of the year to December 31, 2005 to the Executive Directors
were £511,680 for A J Murray, £276,486 for J C Nicholls and £165,994
for
G Dransfield.
Performance targets under the annual bonus scheme, based on improvements in economic value added, are set by the Committee, after taking advice from Mercer.
Bonuses payable to Executive Directors are not pensionable.
Long Term Incentive Plan ("LTIP")
Executive
Directors and certain senior executives and managers from the Company's
worldwide operations participate in the LTIP. Under this plan, participants are
conditionally awarded shares in the Company at nil cost with the proportion of
those shares which may vest subject to the achievement of performance targets
over a performance period set by the Committee.
In 2005, a conditional award of shares was made to A J Murray of 150% of basic salary and to the other Executive Directors of 100% of basic salary. The conditional awards made
in 2005 are subject to performance criteria and the Committee determined that 50% of the conditional award should be subject to the attainment of an economic value added target and 50% to a total shareholder return ("TSR") target. TSR is
the aggregate of share price growth and dividends paid, on the assumption that such dividends are reinvested in Hanson shares during the performance period. The Committee selected these performance measurements as it believed they correlated clearly
with the creation of shareholder value.
For the conditional award made in 2005, the economic value added target requires an improvement in economic value added over a period of three years based on the results for
the year to December 31, 2004. For this measurement, a linear vesting schedule applies in order that 25% of the award will vest at the minimum performance level with the maximum award vesting only on the achievement of substantial performance
improvement. A similar economic value added target is in place for the awards made in 2003 and 2004. On attaining the minimum economic value added improvements of £13.4m for the 2003 award, £14.0m for the 2004 award and £14.5m for the
2005 award, 25% of the respective awards, subject to the economic value added measurement criteria, will vest. 100% of the awards subject to this measurement will vest on the attainment of economic value added improvements of £35.6m,
£37.2m and £38.8m for the 2003, 2004 and 2005 awards, respectively.
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For the TSR measurement in 2005 (and similarly for the awards made in 2003 and 2004), the conditional awards made will vest only if Hanson achieves a TSR over the three year
performance period, from the date of the award in March 2005, which is greater than the TSR achieved by at least 50% of the members of a comparator group of international building materials companies at the date of the award (the "comparator
group") over the same period. If so, 30% of the award will vest. All of the award will vest if the Company achieves a TSR over the performance period which is greater than that achieved by 80% of the comparator group. Between these two points
the award will vest in the proportion of 2.33% of the award for each 1% improvement in the Company's ranking.
In 2003, the comparator group consisted of 21 companies, including Hanson. These included nine UK building materials companies in the FTSE 350 Index (Aggregate Industries, BPB,
Hanson, Novar, Pilkington, RMC, Travis Perkins, Ultraframe and Wolseley), six European building materials companies in the Euro Top 300 Index (CRH, Dyckerhoff, Heidelberger, Holcim, Lafarge and Wienerberger), four North American businesses (Florida
Rock, Martin Marietta, Texas Industries and Vulcan) and two Australian building materials companies (Boral and CSR).
Following the demerger of Rinker Group Limited from CSR in March 2003, the performance measurement of the comparator group for the 2003 award has been modified to substitute
Rinker for CSR using the methodology of re-investing a notional holding of CSR shares in Rinker from April 1, 2003 onwards. In addition, the Committee removed Novar, Aggregate Industries, RMC, BPB, Heidelberger and Dyckerhoff following changes of
control or takeover of these companies.
For the 2004 award, the comparator group consists of 15 companies, including Hanson. These include five UK building materials companies in the FTSE 350 Index (Hanson,
Pilkington, Travis Perkins, Ultraframe and Wolseley), four European building materials companies in the Euro Top 300 Index (CRH, Holcim, Lafarge and Wienerberger), four North American businesses (Florida Rock, Martin Marietta, Texas Industries and
Vulcan) and two Australian building materials companies (Boral and Rinker).
For the 2005 award, the comparator group consists of 16 companies, including Hanson. These include four UK building materials companies in the FTSE 350 Index (Hanson,
Pilkington, Travis Perkins and Wolseley), five European building materials companies in the Euro Top 300 Index (Buzzi Unicem, CRH, Holcim, Lafarge and Wienerberger), four North American businesses (Florida Rock, Martin Marietta, Vulcan and Cemex)
and three Australian building materials companies (Boral, Rinker and James Hardie).
There is no retesting of performance under either the economic value added measurement or the TSR measurement.
The table below shows the conditional interests in shares of Executive Directors relating to awards made under the LTIP in 2002, 2003, 2004 and 2005. For the conditional award
made in 2002 to Executive Directors, none of the award subject to a TSR performance measurement criteria and 50% of the award subject to an economic value added performance measurement criteria vested following the end of the three year performance
period. This resulted in a total vesting of 25% of the maximum number of shares under the conditional awards.
For the conditional award made in 2003, it is anticipated that 47% of the award subject to a TSR performance measurement and 65% of the award subject to an economic value added
performance measurement criteria will vest following the end of the three year performance period. This would result in a total vesting of 56% of the maximum number of shares under the conditional awards.
Balance at
Awarded
Lapsed
Vested
Balance at
Date of award
Jan 1, 2005
during year
during year
during year
Dec 31, 2005
A J Murray
March 1, 2002
194,806
–
146,105
48,701
–
March 1, 2003
278,926
–
–
–
278,926
March 1, 2004
204,732
–
–
–
204,732
March 1, 2005
–
181,994
–
–
181,994
G Dransfield
March 1, 2002
64,970
–
48,728
16,242
–
March 1, 2003
103,306
–
–
–
103,306
March 1, 2004
70,974
–
–
–
70,974
March 1, 2005
–
63,192
–
–
63,192
J C Nicholls
March 1, 2002
79,860
–
59,896
19,964
–
March 1, 2003
146,780
–
–
–
146,780
March 1, 2004
102,794
–
–
–
102,794
March 1, 2005
–
91,454
–
–
91,454
Notes
1)
The
        Directors elected to satisfy their liabilities to income tax and national
    insurance contributions, arising on the vesting of shares under LTIP,
out
        of the share award. A J Murray retained 28,733 shares, J C Nicholls retained
    11,778 shares and G Dransfield retained 9,582 shares.
2)
The
        figures in the table above for J C Nicholls include those of his wife,
    an employee, who also participates in the LTIP.
3)
A
        J H Dougal and S N Vivian, former Executive Directors of the Company,
    left on May 14, 2002 and June 30, 2003, respectively. They retained
certain
        entitlements to the conditional shares awarded to them under the LTIP.
    Under the 2002 Award, which vested on March 1, 2005 as
detailed
        above, 24,364 shares and 13,059 shares vested to A J H Dougal and S N
    Vivian, respectively.
4)
The
        relevant market prices at the time of the conditional awards in 2002,
    2003, 2004 and 2005 were 461.75p, 290.4p, 439.6p and 514.3p,
respectively.
5)
During
        the period January 1, 2006 to February 23, 2006 there was no change in
    the interests of Executive Directors in the LTIP.
Conditional awards under the LTIP will usually be made annually. The awards to be made in 2006 will be subject to shareholder approval of revised long-term incentive
arrangements.
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Remuneration report
continued
Awards vesting under the LTIP are not pensionable.
Share Option Plan
Executive
Directors and a selected number of senior executives from the Company's
worldwide operations participated in the Share Option Plan. Under this Plan,
participants are granted options over a number of shares but the proportion of
those shares under option which may be exercised is subject to the achievement
of performance targets over a three year performance period set by the Committee.
To the extent an
option or part of an option becomes capable of being exercised at the end of
the three year performance period it will ordinarily remain exercisable at any
time up to 10 years from the date of grant.
The economic value added and TSR performance targets for the conditional options granted to Executive Directors in the years ending December 31, 2002, 2003, 2004 and 2005 were
the same as for the awards made in 2002, 2003, 2004 and 2005 to the Executive Directors under the LTIP, as detailed above, with no retesting. Consequently, for the grant made in 2003, it is anticipated that 56% of the number of shares under option
will become exercisable following the end of the three-year performance period.
The table below shows the numbers of shares under option of Executive Directors relating to conditional grants made under the Share Option Plan.
Balance at
Granted
Lapsed
Vested
Balance at
Exercise
Range of
Date of grant
Jan 1, 2005
during year
during year
during year
Dec 31, 2005
price (p)
exercise dates
A J Murray
March 1, 2003
232,438
–
–
–
232,438
290.4
03/06-02/13
March 1, 2004
170,610
–
–
–
170,610
439.6
03/07-02/14
March 1, 2005
–
155,552
–
–
155,552
514.3
03/08-02/15
G Dransfield
May 15, 2001
24,000
–
–
–
24,000
473.3
05/04-05/11
March 1, 2002
64,970
–
48,728
16,242
16,242
461.75
03/05-02/12
March 1, 2003
103,306
–
–
–
103,306
290.4
03/06-02/13
March 1, 2004
70,974
–
–
–
70,974
439.6
03/07-02/14
March 1, 2005
–
63,192
–
–
63,192
514.3
03/08-02/15
J C Nicholls
May 15, 2001
24,000
–
–
–
24,000
473.3
05/04-05/11
March 1, 2002
69,302
–
51,977
17,325
17,325
461.75
03/05-02/12
March 1, 2003
127,410
–
–
–
127,410
290.4
03/06-02/13
March 1, 2004
88,718
–
–
–
88,718
439.6
03/07-02/14
March 1, 2005
–
78,942
–
–
78,942
514.3
03/08-02/15
Notes
1)
Following
        the end of the three year performance period a total of 25% of the shares
        under the conditional options granted on March 1, 2002 became capable
        of being
exercised.
2)
A
        J H Dougal and S N Vivian, former Executive Directors of the Company,
        left Hanson on May 14, 2002 and June 30, 2003, respectively. The option
        grants made to them and outstanding at the date of leaving remained subject
        to the performance criteria as outlined above. Following the end of the
        three year performance period 25% of the shares under the conditional
        options granted on March 1, 2002 became capable of being exercised. In
        respect of the grant on March 1, 2002, A J H Dougal and S N Vivian became
        entitled to options over 24,364 and 13,059 shares, respectively, at an
        exercise price of 461.75p per share. They exercised their options on
        November 23 and
21, 2005, respectively.
3)
During
        the period January 1, 2006 to February 23, 2006 there were no changes
        in the interests of Executive Directors in options under the Share Option
    Plan.
Under the Black-Scholes option valuation model, on the basis of the Company's three year share price performance, the value of an option over a share at the date of grant
in 2005 was equal to approximately 30% of the share's current market value. On this basis, with no discount to the Black-Scholes value because of the application of performance conditions on exercise, the conditional options granted during 2005
at 100% of basic salary had a value, at the date of grant, of about 30% of basic salary. The market price at December 31, 2005 was 639p per share, which compares to the exercise prices of the conditional options granted in 2003, 2004 and 2005 at
prices of 290.4p, 439.6p and 514.3p per share, respectively.
No further grants of option will be made under the Share Option Plan.
Any gains made under the Share Option Plan are not pensionable.
Executive Share Option Schemes
Options to subscribe for Hanson ordinary shares granted to Executive Directors under the Executive Share Option Schemes are shown below. No performance conditions apply to the
right to exercise the options granted. No grants have been made under these schemes since 1998 and no further grants will be made under these schemes.
Market price
Balance at
Lapsed
Exercised
at date
Balance at
Exercise
Range of
Gain on
Date of grant
Jan 1, 2005
during year
during year
of exercise (p)
Dec 31, 2005
price (p)
exercise dates
exercise (£)
A J Murray
December 21, 1995
72,834
–
72,834
514.5
–
356.4
12/98-12/05
115,151
G Dransfield
December 21, 1995
69,112
–
69,112
514.5
–
356.4
12/98-12/05
109,266
J C Nicholls
September 14, 1998
6,000
–
4,000
516.75
2,000
331.25
09/01-09/08
7,420
December 21, 1995
5,846
–
5,846
514.5
–
356.4
12/98-12/05
9,243
Notes
1)
During the period January 1, 2006 to February 23, 2006 there were no
      changes in the interests of Directors in options under the Executive Share
    Option Schemes.
2)
The figures shown in the table above for J C Nicholls
        are those of his wife, an employee who participates in the Executive
    Share Option Schemes.
Any gains made under the Executive Share Option Schemes are not pensionable.
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Sharesave Scheme
Many
Hanson employees in the UK have built up an equity interest in the Company through
the UK HM Revenue & Customs approved savings related Sharesave Scheme where
options may be granted at a discount of up to 20% to the market price at the
date of grant. The term of options granted could be from three to seven years
and any option is conditional on a commitment by the participant to make regular
savings from pay. The
savings are held by an independent Sharesave provider to buy shares at the end
of the option period. The exercise of options under the Sharesave Scheme can
be satisfied by the issue of new shares or the transfer of existing shares.
At December 31, 2005, there were approximately 2,600 participants in the Sharesave Scheme and the number of shares under options granted to Executive Directors under the
Sharesave Scheme are shown in the table below:
Balance
  at Jan 1, 2005
Granted
during year
Exercised
during year
Market
price
at date
of exercise(p)
Balance
at
Dec 31, 2005
Exercise
price (p)
Range
of
exercise dates
Gain
on
exercise
during
the year (£)
A J Murray
2,971
–
2,971
604
–
318
12/05-05/06
8,497
G Dransfield
3,099
–
–
–
3,099
318
12/07-05/08
–
1,993
–
–
1,993
328
06/09-11/09
–
J C Nicholls
2,263
–
2,263
469.25
–
428
12/04-05/05
933
1,188
–
1,188
604
–
318
12/05-05/06
3,398
–
2,398
–
–
2,398
395
06/08-11/08
–
–
1,439
–
–
1,439
395
06/08-11/08
–
Notes
1)
Options
        granted under the Sharesave Scheme during the year were at an exercise
        price of 395p per share, being a 20% discount to the market price on
    March 17, 2005.
2)
The figures shown in the table above for J C Nicholls include those of
    his wife, an employee, who also participates in the Sharesave Scheme.
3)
During the period January 1, 2006 to February 23, 2006 there were no
      changes in the interests of Executive Directors in options under the Sharesave
    Scheme.
Any gains made under the Sharesave Scheme are not pensionable.
The range of the market quotations for Hanson shares, as derived from the London Stock Exchange Daily Official List, during the period January 1 to December 31, 2005 was 451.5p
to 640p.
Gains on exercise
The
total gains made by Directors on options exercised or exercised for cash under
the Share Option Plan, the Executive Share Option Schemes, and the Sharesave
Scheme were £253,908 (£94,063).
Performance review
The
following graph shows the TSR performance of the Company and that of the FTSE
100 Index and the FTSE 350 Construction & Materials Index over the five-year period to
December 31, 2005. The FTSE 100 Index was selected due to its broad range of constituents of a large capitalisation, of which Hanson is a constituent company, and the FTSE 350 Construction & Materials
Index was selected as it contains the closest peer group to Hanson in terms of
activity and size, and Hanson is also a constituent company of this index.
Total shareholder return (2001-2005)
65
Remuneration
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Remuneration report
continued
Service contracts
The
Executive Directors are all employed on rolling service contracts which are terminable
at any time by Hanson on giving 52 weeks' notice or by the Director giving 26
weeks' notice. Termination payments are limited to the Director's normal compensation, including basic salary, annual incentives and benefits, for the unexpired portion of the notice period. Pensionable service will also accrue for the
unexpired portion of the notice period. In the event that Hanson terminates a service contract without notice the unexpired portion of the notice period will count towards the calculation of entitlements under the Company's
LTIP and Share Option Plan; these awards would still remain subject to their
respective performance conditions.
The Chairman and Non-executive Directors do not have service contracts with Hanson. Each is appointed at the will of the Company and the Chairman and Non-executive Director
concerned under the terms of an appointment letter. The terms and conditions of employment of the Chairman and the Non-executive Directors are available on request from the Company Secretary.
External appointments
The
Company acknowledges that its Executive Directors may be invited to become Non-executive
Directors of other leading companies and that such Non-executive duties can broaden
experience and knowledge to the benefit of Hanson. Executive Directors are limited
to one such Non-executive position and the policy is that fees may be retained.
J C Nicholls is a Non-executive Director of Man Group plc, in respect of which
he
received fees of £75,000 in 2005. No other such positions are held by any
of the other Executive Directors.
Pensions
The
Executive Directors are members of a defined benefit plan (the "pension plan") which, in accordance with HM Revenue & Customs
limits, provides them with a maximum pension of two-thirds of basic salary on
retirement. The pension plan is contributory until such time as the Director
has completed the maximum pensionable service allowed under the pension plan.
Along with other members of the pension plan,
for service accruing after July 1, 2004, the Executive Directors had a choice
to retain the same accrual rate in the pension plan by paying an increased contribution
of 7.5%, previously 5%, of pensionable salary (which does not include bonuses).
The Executive Directors have a normal retirement age of 60, with the right to
receive early retirement pensions to be paid from age 55 in certain circumstances.
The
    following table gives details for each Executive Director of:
–
the increase in the accrued pension attributable to service since December 31, 2004.
–
the increase in the accrued pension net of inflation attributable to service since December 31, 2004.
–
the
annual accrued pension payable from normal retirement age, calculated as if he
had left service at December 31, 2005.
–
the
transfer value of the increase of the accrued pension net of inflation and the
Director's
contributions calculated in accordance with actuarial guidance note GN11.
–
the
transfer value of the accrued pension at December 31, 2004, calculated in accordance
with actuarial guidance note GN11.
–
the
transfer value of the accrued pension at December 31, 2005, calculated in accordance
with actuarial guidance note GN11.
–
the
change in the transfer value over the year net of the Director's contributions.
It includes the effect of
fluctuations
in the transfer value due to factors beyond the control of Hanson and the Directors,
such as market
movements.
A large part of the increase in the transfer value over the year has been as
a result of a lower discount rate applied to the pension plan's liabilities.
These
amounts exclude any benefits attributable to additional voluntary contributions.
Gross
increase in
accrued
pension
Increase
in accrued
pension net
of inflation
Accrued
pension at
Dec 31, 2005
Transfer value
of net increase
in accrued
pension
earned in year
Transfer
value as at
Dec 31, 2004
Transfer
value as at
Dec 31, 2005
Change in
transfer value
FURBS
contribution
(see note
1 below)
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
A J Murray
32
16
369
232
6,617
8,105
1,441
–
G Dransfield (note 2)
7
(2
)
217
(39
)
4,214
4,887
673
–
J C Nicholls
4
2
33
33
511
681
165
150
Notes
1)
Executive Directors and employees who joined the pension
        plan after May 1989 are subject to the earnings cap (currently £105,600) on HM Revenue & Customs
      approved
pension plans. It is Hanson's current policy to provide executives with
appropriate benefits outside the pension plan in relation to that part of their
salary which exceeds the cap. The contributions made during the year were subject
to income tax as a benefit in kind and the Executive Director concerned (J C
Nicholls) was liable to settle the tax liability himself.
2)
G Dransfield has completed the maximum pensionable service allowed under
    the pension plan and did not accrue any further pension over the year.
3)
In
        anticipation of the implementation of the UK government's proposed
        simplification of the taxation of pensions, the Committee has reviewed
        the impact of the proposals on all employees, including the Executive
        Directors. The approach to be adopted, following recommendations from
        the independent advisor to the Committee, is for solutions which are
        essentially cost neutral to the Company with no compensation for changes
        in tax legislation. All affected individuals have been given the opportunity
    to receive independent financial advice at the Company's cost.
66
Remuneration
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Directors' remuneration
Remuneration of each Director, excluding pensions, during the year ending December 31, 2005:
2005
2004
Benefits
(see
2005
2004
LTIP
    vested
note
	      1
(see
note 2
Salary/fees
Annual bonus
below)
Total
Total
below)
LTIP vested
£'000
£'000
£'000
£'000
£'000
£'000
£'000
M W Welton (note 3)
164
–
–
164
–
–
–
A J Murray
624
512
47
1,183
1,028
249
273
G Dransfield
325
166
19
510
459
83
97
J C Nicholls
406
276
81
763
682
88
97
W F Blount
42
–
–
42
40
–
–
C J Brady (note 4)
16
–
–
16
–
–
–
W S H Laidlaw
49
–
–
49
40
–
–
J W Leng
49
–
–
49
23
–
–
The Baroness Noakes DBE
62
–
–
62
52
–
–
C D Collins (notes 5 and 6)
62
–
5
67
194
–
–
The Rt Hon. Lord Baker of Dorking CH (note 5)
15
–
–
15
47
–
–
S L Keswick (note 5)
15
–
–
15
47
–
–
Total
1,829
954
152
2,935
2,612
420
467
Notes
1)
Benefits
        include the provision of a company car (or cash allowance), health insurance,
    life cover and cash in lieu of pension allowance (for J C Nicholls). For
        A J Murray, with extensive US business commitments and in accordance
        with the Company's policy of tax equalisation for executives posted
        overseas, this also includes partial reimbursement of the tax paid by
        Mr Murray to the Internal Revenue Service of the United States as a consequence
    of his membership of the UK pension plan.
2)
The
        value of shares vesting under the LTIP in 2005 is based on the share
    price on the day of vesting, March 1, 2005, of 510.625p.
3)
M W Welton was appointed to the Board on January 4, 2005 and as Chairman
    on April 21, 2005.
4)
C
    J Brady was appointed to the Board on August 1, 2005.
5)
C
        D Collins, the Rt Hon. Lord Baker of Dorking and S L Keswick retired
    from the Board on April 20, 2005.
6)
Following
        his retirement as Chairman, C D Collins was permitted to retain his company
    car. The deemed value of the car was £23,250.
7)
There
    were no termination payments made during the year.
Other than as shown under the LTIP and Share Option Plan on pages 63 and 64, no remuneration or other benefit was paid to former Directors during the year to December 31,
2005.
Directors' interests in ordinary shares
The interests of the Directors, who held office at December 31, 2005, in Hanson shares on January 1, 2005 (or date of appointment, if later) and December 31, 2005 (excluding
options granted under the Share Option Plan, the Executive Share Option Schemes and the Sharesave Scheme, details of which are shown on pages 64 to 65) are as set out below.
Ordinary
shares
Ordinary
shares
Conditional
interest
under
    LTIP
Conditional
interest
under
    LTIP
Dec 31, 2005
Jan 1, 2005*
Dec 31, 2005
Jan 1, 2005
M W Welton
5,000
–
–
–
A J Murray
270,756
239,052
665,652
678,464
G Dransfield
144,549
134,968
237,472
239,250
J C Nicholls
92,058
78,017
341,028
329,434
W F Blount
1,000
1,000
–
–
C J Brady
–
–
–
–
W S H Laidlaw
20,000
20,000
–
–
J W Leng
10,000
10,000
–
–
The Baroness Noakes DBE
7,600
7,600
–
–
*Or date of appointment if later
There
are no non-beneficial interests included in the table above.
The Company is not aware of any changes in these interests since December 31, 2005 and no Director had any other notifiable interest in the securities of Hanson or any
subsidiary undertaking during the year. The Register of Directors' Interests (which is open to inspection at the Company's registered office) contains full details of Directors' share and share option interests.
The cumulative shareholdings of the Directors represent less than 1% of the Company's outstanding shares.
Auditable information
The
information in the Remuneration report subject to audit is limited to that in
the tables and related notes included in the sections on Directors' remuneration,
LTIP,
share options and pensions.
By order of the Board
Paul Tunnacliffe
Company Secretary
February 23, 2006
67
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Auditors'
reports
Independent
  auditors' report to the shareholders of Hanson PLC
We
  have audited the group financial statements of Hanson PLC for the year ended
  December 31, 2005 which comprise the consolidated income statement, the consolidated
  balance sheet, the consolidated cash flow statement, the consolidated statement
  of recognised income and expense and the related notes 1 to 33. These group
  financial statements have been prepared under the accounting policies set out
  therein.
We have reported separately on the parent company financial statements of Hanson PLC for the year ended December 31, 2005 and on the information in the Directors'
Remuneration report that is described as having been audited.
This report is made solely to the Company's members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we
might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective
  responsibilities of Directors and auditors
The
  Directors are responsible for preparing the Annual Report and the group financial
  statements in accordance with applicable United Kingdom law and International
  Financial Reporting Standards (IFRSs) as adopted by the European Union as set
  out in the statement of Directors' responsibilities for the accounts.
Our responsibility is to audit the group financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and
Ireland).
We report to you our opinion as to whether the group financial statements give a true and fair view and whether the group financial statements have been properly prepared in
accordance with the Companies Act 1985 and Article 4 of the IAS Regulation. We also report to you if, in our opinion, the Directors' report is not consistent with the group financial statements, if we have not received all the information and
explanations we require for our audit, or if information specified by law regarding Director's remuneration and other transactions is not disclosed.
We review whether the Corporate governance statement reflects the Company's compliance with the nine provisions of the 2003 FRC Combined Code specified for our review by
the Listing Rules of the Financial Services Authority, and we report if it does not. We are not required to consider whether the Board's statements on internal control cover all risks and controls, or form an opinion on the effectiveness of the
group's corporate governance procedures or its risk and control procedures.
We read other information contained in the Annual Report and Form 20-F consider whether it is consistent with the audited group financial statements. The other information
comprises only the Directors' report, the Chairman's statement, the Review of operations, Financial review and the Corporate governance statement. We consider the implications for our report if we become aware of any apparent misstatements
or material inconsistencies with the group financial statements. Our responsibilities do not extend to any other information.
Basis
  of audit opinion
We
  conducted our audit in accordance with International Standards on Auditing (UK
  and Ireland) issued by the Auditing Practices Board. An audit includes examination,
  on a test basis, of evidence relevant to the amounts and disclosures in the
  group financial statements. It also includes an assessment of the significant
  estimates and judgments made by the Directors in the preparation of the group
  financial statements, and of whether the accounting policies are appropriate
  to the group's circumstances, consistently applied and adequately disclosed.
We
  planned and performed our audit so as to obtain all the information and explanations
  which we considered necessary in order to provide us with sufficient evidence
  to give reasonable assurance that the group financial statements are free from
  material misstatement, whether caused by fraud or other irregularity or error.
  In forming our opinion we also evaluated the overall adequacy of the presentation
  of information in the group financial statements.
Opinion
In
      our opinion, the group financial statements:
–
give
      a true and fair view, in accordance with IFRSs as adopted by the European
      Union, of the state of the group's affairs as at December 31,
2005 and of its profit
      for the year then ended; and
–
have
      been properly prepared in accordance with the Companies Act 1985 and Article
      4 of the IAS Regulation.
Ernst
  & Young LLP, Registered auditor, London, February 23, 2006
Report
  of independent registered public accounting firm
To the Board of Directors and shareholders of Hanson PLC
We
  have audited the accompanying consolidated balance sheets of Hanson PLC as of
  December 31, 2005 and 2004, and the related consolidated income statements,
  consolidated cash flow statements and consolidated statements of recognised
  income and expense for each of the two years in the period ended December 31,
  2005. These financial statements are the responsibility of the Company's
  management. Our responsibility is to express an opinion on these financial statements
  based on our audits.
We conducted our audits in accordance with International Standards on Auditing (UK and Ireland) and the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In
  our opinion, the consolidated financial statements referred to above present
  fairly, in all material respects, the consolidated financial position of Hanson
  PLC at December 31, 2005 and 2004, and the consolidated results of its operations
  and its cash flows for each of the two years in the period ended December 31,
  2005, in accordance with International Financial Reporting Standards as adopted
  by the European Union which differ in certain respects from accounting principles
  generally accepted in the United States of America (see note 33 of the Notes
  to the accounts).
We
  also have audited, in accordance with the standards of the Public Company Accounting
  Oversight Board (United States), the effectiveness of Hanson PLC's internal
  control over financial reporting as of December 31, 2005, based on criteria
  established in Internal Control-Integrated Framework issued by the Committee
  of Sponsoring Organisations of the Treadway Commission and our report dated
  February 23, 2006 expressed an unqualified opinion thereon.
Ernst
  & Young LLP, London, England, February 23, 2006
68
Auditors'
      report
Back to Contents
Report
  of independent registered public accounting firm
To the Board of Directors and shareholders of Hanson PLC
We
  have audited management's assessment, included in the accompanying Management's
  Annual report on internal control over financial reporting on page 59, that
  Hanson PLC maintained effective internal control over financial reporting as
  of December 31, 2005, based on criteria established in Internal Control-Integrated
  Framework issued by the Committee of Sponsoring Organisations of the Treadway
  Commission (the COSO criteria). Hanson PLC's management is responsible
  for maintaining effective internal control over financial reporting and for
  its assessment of the effectiveness of internal control over financial reporting.
  Our responsibility is to express an opinion on management's assessment
  and an opinion on the effectiveness of the Company's internal control over
  financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, evaluating
management's assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable
basis for our opinion.
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and Directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, management's assessment that Hanson PLC maintained effective internal control over financial reporting as of December 31, 2005, is fairly stated, in all
material respects, based on the COSO criteria. Also, in our opinion, Hanson PLC maintained, in all material respects, effective internal control over financial reporting as of December 31, 2005, based on the COSO criteria.
We
  also have audited, in accordance with International Standards on Auditing (UK
  and Ireland) and the standards of the Public Company
Accounting
  Oversight Board (United States), the consolidated balance sheets of Hanson PLC
  as of December 31, 2005 and 2004, and the related consolidated income statements,
  consolidated cash flow statements and consolidated statements of recognised
  income and expense for each of the two years in the period ended December 31,
  2005 and our report dated February 23, 2006 expressed an unqualified opinion
  thereon.
Ernst
  & Young LLP, London, England, February 23, 2006
69
Auditors'
      report
Back to Contents
Consolidated
  income statement
for the 12 months ended December 31, 2005
2005
2004
Notes
£m
£m
Continuing
      operations:
Group
      turnover*
2a
3,715.7
3,383.0
Costs
      and overheads
3
(3,267.4
)
(2,982.8
)
Group
      operating profit before impairments*
2b
448.3
400.2
Share
      of joint-ventures' and associates' profit after tax
2c
40.5
23.2
Operating
      profit before impairments
2b
488.8
423.4
Operating
      impairments
2b
      and 6
(4.0
)
(29.3
)
Operating
      profit
2b
484.8
394.1
Finance
      costs
7
(224.7
)
(198.0
)
Finance
      income
7
169.2
151.2
Net
      finance costs
(55.5
)
(46.8
)
Profit
      before taxation
429.3
347.3
Taxation
      on continuing operations before impairments
8
(28.8
)
(33.4
)
Taxation
      on impairments
8
(5.6
)
6.3
Taxation
      on continuing operations
(34.4
)
(27.1
)
Profit
      after taxation – continuing operations
394.9
320.2
Discontinued
      operations:
Current
      year profit/(loss) after tax of discontinued operations
9a
2.8
(16.4
)
Profit
      on disposals in the current year, after tax
9b
2.3
10.4
Loss
      on disposals in prior years, after tax
9c
(12.4
)
(50.0
)
Loss
      after taxation – discontinued operations
(7.3
)
(56.0
)
Profit
      for the year
387.6
264.2
Profit
      for the year attributable to:
Equity
      holders of the Company
387.3
264.3
Minority
      interests
0.3
(0.1
)
387.6
264.2
Dividends
Paid
      in the year (£m)
10
136.2
127.3
Paid
      in the year (pence per share)
10
18.65
p
17.30
p
Earnings
      per ordinary share (pence)
Basic
11
53.2
p
36.0
p
Basic
      – continuing operations
11
54.2
p
43.6
p
Diluted
11
52.6
p
35.6
p
Diluted
      – continuing operations
11
53.6
p
43.2
p
*The
      use of the word 'Group' reflects that the results of joint-ventures
      and associates that are accounted for under the equity method are excluded
70
Consolidated
      income statement
Back to Contents
Consolidated
      balance sheet
at
December 31, 2005
2005
2004
Notes
£m
£m
Assets
Non-current
          assets
Intangible
        assets
12
974.2
724.6
Property,
        plant and equipment
13
2,735.4
2,438.6
Investments
14
302.3
311.9
Receivables
17
182.2
159.1
Pension
        plan surpluses
28
26.9
27.6
Deferred
        tax assets
22
0.7
1.9
4,221.7
3,663.7
Current
          assets
Inventories
15
382.4
295.8
Trade
        and other receivables
17
774.8
788.0
Tax
        receivable
22
6.3
6.2
Cash
        and cash equivalents
18
1,083.0
1,394.3
2,246.5
2,484.3
Assets
        held for sale
16
8.5
12.6
Total
          assets
6,476.7
6,160.6
Liabilities
Non-current
          liabilities
Payables
19
(84.0
)
(31.9
)
Borrowings
20
(1,161.6
)
(1,058.3
)
Provisions
21
(448.0
)
(442.1
)
Pension
        and post-retirement plan deficits
28
(151.0
)
(156.5
)
Tax
        payable
22
(101.4
)
(94.9
)
Deferred
        tax liabilities
22
(256.8
)
(240.0
)
(2,202.8
)
(2,023.7
)
Current
          liabilities
Trade
        and other payables
19
(578.5
)
(561.9
)
Borrowings
20
(911.0
)
(1,031.2
)
Provisions
21
(104.3
)
(99.7
)
Tax
        payable
22
(7.8
)
(33.1
)
(1,601.6
)
(1,725.9
)
Total
          liabilities
(3,804.4
)
(3,749.6
)
Net
          assets
2,672.3
2,411.0
Equity
Called-up
        share capital
23
73.7
73.7
Own
        shares
24
(73.3
)
(30.1
)
Cash
        flow hedge reserve
24
(3.0
)
–
Cumulative
        translation reserve
24
44.7
(12.1
)
Retained
        earnings
24
1,655.5
1,405.0
Other
        reserves
24
972.4
972.4
Attributable
          to equity holders of the Company
2,670.0
2,408.9
Minority
        interests
24
2.3
2.1
Total
          equity
2,672.3
2,411.0
Approved
        by the Board of Directors on February 23, 2006
Alan
          Murray
Chief Executive
Jonathan
          Nicholls
Finance Director
71
Consolidated
    balance sheet
Back to Contents
Consolidated
      cash flow statement
for
the 12 months ended December 31, 2005
2005
2004
Notes
£m
£m
Cash
            inflow from operating activities
Group
        operating profit before impairments – continuing operations
448.3
400.2
Group
        operating profit before impairments – discontinued operations
9
a
1.0
4.0
449.3
404.2
Amortisation
        of intangible assets
12
3.0
2.5
Depreciation
        and depletion
13
194.6
191.4
Provisions
        charged
9.5
6.9
Provisions
        utilisation
(43.8
)
(26.1
)
Movements
        in pensions and post-retirement benefits
(20.0
)
(16.3
)
Profit
        on sale of property, plant and equipment and assets held for sale
(15.0
)
(6.3
)
Increase
        in inventories
(42.3
)
(16.5
)
Net
        change in receivables and payables
20.1
15.8
Dividends
        received from joint-ventures and associates
27.9
19.9
Other
8.9
3.5
Net
            cash inflow from operating activities before interest and tax
592.2
579.0
Interest
        received
57.3
66.0
Interest
        paid*
(124.2
)
(119.2
)
Taxation
        paid
(54.1
)
(18.3
)
471.2
507.5
Cash
            flow from investing activities
Purchase
        of property, plant and equipment and other intangible assets
(191.8
)
(198.6
)
Sale
        of property, plant and equipment and assets held for sale
29.0
18.5
Purchase
        of investments
#
(1.4
)
(16.2
)
Disposal
        of investments
†
36.3
18.4
Acquisitions
        of operations
25
(342.9
)
(88.4
)
Disposal
        of operations
14.0
59.4
Cash
        and cash equivalents in operations acquired or disposed of
(1.2
)
1.0
(458.0
)
(205.9
)
Cash
            flow from financing activities
Dividends
        paid to shareholders
10
(136.2
)
(127.3
)
Purchase
        of own shares held in treasury
(45.1
)
(26.1
)
Purchase
        of shares by ESOP trust
24
(6.0
)
–
Decrease
        in borrowings (including finance lease payments of £0.7m (£1.0m))
(439.3
)
(445.3
)
Increase
        in borrowings
249.1
206.6
(377.5
)
(392.1
)
Net
            cash outflow after financing
(364.3
)
(90.5
)
Exchange
        movements
37.4
(9.0
)
Cash
        and cash equivalents at beginning of year
1,389.0
1,488.5
Cash
            and cash equivalents at end of year
18
1,062.1
1,389.0
*Interest
          paid includes £2.6m (£nil) in respect of premium paid on
          the redemption of borrowings and £0.2m (£0.6m) in respect
          of the interest element of finance lease rental payments
#
Purchase
          of investments includes £1.4m (£16.9m) in respect of increases
          in loans to joint-ventures and associates
†
Disposals
          of investments includes £5.3m (£13.4m) in respect of decreases
          in loans to joint-ventures and associates
A
      reconciliation of net cash outflow after financing to net debt is included
      in note 20
72
Consolidated
    balance sheet
Back to Contents
Consolidated
      statement of recognised income and expense
for
the 12 months ended
December 31, 2005
2005
2004
Notes
£m
£m
Net
        gains on cash flow hedges
4.0
–
Exchange
        movements
57.0
(12.2
)
Transfer
        of cumulative foreign exchange on disposals to the income statement
(0.1
)
0.3
Net
        actuarial losses in respect of pensions and other post-retirement benefits
28
(8.0
)
(25.7
)
Tax
        on items taken directly to equity
8
11.8
4.9
Net
        income/(expense) recognised directly in equity
64.7
(32.7
)
Profit
        for the year
387.6
264.2
Recognised
          income and expense
452.3
231.5
Restatement
        for the effects of adopting IAS 39
32
(11.6
)
–
Total
        recognised income and expense
440.7
231.5
Attributable
          to:
Equity
        holders of the Company
440.1
231.8
Minority
        interest
0.6
(0.3
)
440.7
231.5
73
Consolidated
    statement of recognised income and expense
Back to Contents
Notes
          to the accounts
for the 12 months ended December 31, 2005
1
Accounting
    policies
Basis of preparation
From January
    1, 2005, as required by the European Union's IAS Regulation, the group
    has prepared its Annual Report and Form 20-F in accordance with International
    Financial Reporting Standards (IFRS) as adopted by the European Union (EU)
    and in accordance with the provisions of the Companies Act 1985. IFRS as adopted
    by the EU differ in certain respects from IFRS as issued by the International
    Accounting Standards
  Board (IASB). However, the consolidated financial statements for the periods
    presented would be no different had the Company applied IFRS as issued by the
    IASB. References to IFRS hereafter should be construed as references to IFRS
    as adopted by the
  EU.
Since this is the first year in which the group has prepared financial statements under IFRS, the comparatives have been restated from accounting principles generally accepted
in the UK (UK GAAP) to comply with IFRS. The reconciliation to IFRS from the previously published UK GAAP financial information is provided in note 32.
IFRS differs in certain respects from US generally accepted accounting principles, a reconciliation to which is included in note 33 of the accounts. A summary of the group's
key accounting policies is set out below.
The financial statements have been prepared using the historical cost convention except where the measurements of balances at fair value is required as explained
below.
Basis of consolidation
The
accounting reference date of the Company is December 31. The consolidated financial
statements incorporate the financial statements of the Company and its subsidiaries
together with the group's share of the results of joint-ventures and associates using the equity method of accounting. Within the income statement, the group's
share of results of joint-ventures and associates is stated after interest and
taxation.
Use of estimates
The preparation of financial statements requires management to make estimates and assumptions. These affect the reported amounts of assets and liabilities; the disclosure of
contingent assets and liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reporting period. Critical accounting policies are set out in the Financial review.
Turnover
Turnover is recognised by the group when the risks and rewards associated with the transaction have been transferred to the purchaser which is demonstrated when all the
following conditions are met: evidence of a binding arrangement exists (generally, purchase orders), products have been delivered or services have been rendered, there is no future performance required and amounts are collectable under normal
payment terms. Turnover represents the net amounts charged or chargeable in respect of services rendered and goods supplied, excluding inter company sales, value added tax and other sales taxes. Turnover is recognised net of any discounts given to
the customer. Turnover on long-term construction contracts is recognised as the value of measured works, claims and variations on contracts in the year, based on the stage of completion. Claims and variations are only recognised where they have been
agreed with the customer. Where it is foreseen that a loss will arise to the group on a long-term contract, full provision is made for that loss during the year.
Research and development
Expenditure on development and improvement of new and existing products that do not meet the recognition criteria of an intangible asset are expensed as incurred. Research
costs are expensed as incurred.
Advertising costs
Expenditure on advertising is expensed in full in the period in which it is incurred.
Share-based payments
The cost of equity-settled transactions with employees, for awards granted after November 7, 2002, is measured at fair value on the date of grant and is recognised as an
expense over the vesting period. Fair value is determined by an external valuer using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of
the shares of the Company (market conditions).
For awards evaluated on non-market conditions or no performance criteria, an expense is ultimately only recognised for awards which vest. Where an award is dependent upon a
market condition, the cost of the award is recognised irrespective of whether the award vests unless the employee leaves during the vesting period. At each balance sheet date before vesting, the cumulative expense is calculated representing the
extent to which the vesting period has expired and management's best estimate of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the income
statement, with a corresponding entry in equity.
The cost of cash-settled transactions is measured at fair value using a binomial model. During the vesting period a liability is recognised based on the portion of the vesting
period expired at the balance sheet date. From the end of the vesting period until settlement, the liability represents the full fair value of the award as at the balance sheet date.
The own shares reserve includes shares purchased by the Company's ESOP Trust to satisfy awards. These are recognised as a deduction to equity.
Dividends
Dividends attributable to the equity holders of the Company declared during the year are recognised directly in equity. Interim dividends are recognised when paid.
Foreign currencies
Average rates of exchange ruling during the year have been used to translate the transactions in foreign currencies, and the income statements of overseas subsidiaries,
joint-ventures and associates from their functional currency.
Monetary assets and liabilities denominated in foreign currencies are retranslated from their functional currency at balance sheet exchange rates. The balance sheets of
overseas subsidiaries, joint-ventures and associates are translated at rates ruling at the balance sheet date from their functional currency. Differences on translation arising from changes in the sterling value of overseas net assets, related
foreign currency loans, foreign exchange contracts and currency swaps at the beginning of the accounting year, or at the date of any later capital currency conversions, together with the differences between income statements translated at average
rates and at balance sheet rates, are shown as a movement on reserves and in the statement of recognised income and expense. Other exchange rate differences are dealt with in the income statement for the year.
Business combinations
The results of companies and businesses acquired are dealt with in the consolidated accounts from the date of acquisition. Upon the acquisition of a business, the fair values
that reflect their condition at the date of acquisition are attributed to the identifiable assets (including separately identifiable intangible assets) acquired and liabilities and contingent liabilities assumed. Adjustments are also made to bring
the accounting policies of businesses acquired into alignment with those of the group. Where the consideration paid for a business exceeds the fair value of net assets acquired and liabilities and contingent liabilities assumed, the difference is
treated as goodwill.
74
Notes
    to the accounts
Back to Contents
1
Accounting policies
continued
Intangible assets
Goodwill arising on acquisitions completed prior to January 1, 1998 was written off directly to reserves. From January 1, 1998 to December 31, 2003, all acquired goodwill was
    capitalised and amortised over a period not exceeding 20 years. On January 1, 2004, the date of transition to IFRS, goodwill relating to acquisitions was maintained at its net book value. From January 1, 2004 onwards, goodwill is capitalised.
Intangible assets other than goodwill, which are capable of being recognised separately and measured reliably on acquisition of a business, are capitalised at fair value on
  acquisition. Expenditure on computer software which is deemed not to be integral to the computer hardware is capitalised at cost. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with a finite life
are amortised on a straight line basis over their useful lives. Intangible assets with an indefinite life are not amortised but reviewed annually for impairment.
Property, plant and equipment (including mineral reserves)
Property, plant and equipment is shown at cost less depreciation, depletion and any impairments. The cost of property, plant and equipment comprises its purchase price and any
    costs directly attributable to bringing it into working condition for its intended use or its deemed cost on transition to IFRS. Costs to develop new commercial aggregates deposits and for major development programmes at existing sites are
    capitalised and amortised over the life of the quarry. Repair and maintenance costs are charged to costs and overheads as incurred. No depreciation is provided on freehold land except for mineral reserves which are depleted on the basis of tonnage
    extracted. Depreciation of other property, plant and equipment is calculated to write off their cost over their expected useful lives allowing for estimated residual value. The majority of property, plant and equipment is written off on a straight
line basis over the following periods:
Plant and equipment
2-30 years
Land, buildings and natural resources
up to 50 years
Finance costs relating to the purchase of property, plant and equipment are not capitalised but are expensed as incurred. Exchanges of assets are measured at fair value of the
asset given up unless the exchange transaction lacks commercial substance.
Assets held under leases
Assets held under finance leases are included within property, plant and equipment at the capitalised value of the future minimum lease payments and are depreciated over the
  shorter of their lease period and their useful life. The capital element of the future payments is treated as a liability and the interest element is charged to the income statement so as to reflect a constant annual rate of interest on the
remaining balance of the outstanding obligation. Rentals paid on operating leases are charged to the income statement on a straight line basis over the shorter of the lease period and the useful life of the leased asset.
Asset retirement obligations
A provision is recognised for the fair value of asset retirement costs in the period in which the obligation arises. An asset representing the future cost of dismantling
    facilities, where the group has a legal or constructive obligation, is recorded and depreciated over its useful life. Other reclamation costs associated with the restoration of sites, following the extraction of aggregates and clay, are expensed as
incurred.
Asset impairment
Intangible assets and property, plant and equipment are reviewed, at least annually, to ensure that assets are not carried above their recoverable amounts. Where some
  indication of impairment exists, detailed calculations are made of the discounted cash flows resulting from continued use of the assets (value in use) or from their disposal (fair value less costs to sell). Where these values are less than the
carrying amount of the assets, an impairment loss is charged to the income statement.
Investments in joint-ventures and associates
The
group's
  investments in its joint-ventures and associates are accounted for under the
equity method of accounting.
Under the
  equity method, the investment in the joint-venture or associate is carried
  in the balance sheet at cost plus post-acquisition changes in the group's share of net
  assets of the joint-venture or associate. Goodwill relating to a joint-venture or associate is included in the carrying amount of the investment and is not amortised. After application of the equity method, the group determines whether it is
  necessary to recognise any additional impairment loss with respect to the group's
  net investment in the joint-venture or associate. The income statement amount
  reflects the share of the results after interest and tax of operations of the
  joint-ventures and associates. Where there has been a change recognised directly
  in the equity of the joint-venture or associate, the group recognises its share
  of any changes and discloses this in the reconciliation of changes in total
  equity, and
where appropriate, in the consolidated statement of recognised income and expense.
The joint-ventures' and associates' accounting
  policies conform to those used by the group for like transactions and events
in similar circumstances.
Inventories and receivables
Inventories are stated at the lower of cost and net realisable value, on a first in first out basis. Cost includes raw materials, direct labour and expenses, and an appropriate
proportion of production and other overheads. Full provision is made against slow moving inventories based on historical experience and current market conditions. Receivables are stated after deducting a provision for doubtful debts.
Government grants
Grants received from governments for the acquisition of assets are recognised only when there is reasonable assurance that the grant will be received and any conditions
  attached to them have been fulfilled. The grant is held on the balance sheet within accrued income and released to the income statement over the periods necessary to match the related depreciation charges or other expenses of the asset as they are
incurred.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and current balances with banks and other similar institutions, which are readily convertible into known cash amounts and which
  are subject to insignificant risk of changes in value and have a maturity of three months or less at the date of inception. For the purposes of the cash flow statement, cash and cash equivalents consists of cash and cash equivalents as defined
above, net of bank overdrafts.
Derivatives,
financial instruments, interest bearing loans and borrowings
The
group has taken advantage of the exemption not to restate comparatives for IAS
32 "Financial Instruments: Disclosure and Presentation" and IAS 39 "Financial
  Instruments: Recognition and Measurement" but to apply these standards
  from January 1, 2005. As a result, the Financial instruments (current year)
  and Interest bearing loans and borrowings (current year) policies presented
  below apply with effect from January 1, 2005 and the Financial instruments
  (prior year) and Interest bearing loans and borrowings (prior year) policies
applied from January 1, 2004 to December 31, 2004.
Derivative financial instruments (current year)
Derivative financial instruments are used to manage the financial risks arising from the business activities of the group and the financing of those activities. Derivative
financial instruments are not held for trading purposes.
Derivative
    financial instruments are used for managing financial risks as follows:
–
Forward exchange contracts are used as balance sheet hedging instruments to hedge foreign currency net assets held overseas.
–
Interest rate
swaps are used to hedge the group's exposure to movements in interest rates.
The interest payable or receivable on such swaps
is accrued on an effective interest basis.
75
Notes
    to the accounts
Back to Contents
Notes
          to the accounts
continued
for
    the 12 months ended December 31, 2005
1
Accounting
    policies
continued
The group
  applies IAS 39, under which hedge accounting is allowed when certain criteria
  are met. Under IAS 39, derivative financial instruments are always measured
  at fair value, with hedge accounting employed in respect of those derivatives
  fulfilling the stringent requirements for hedge accounting as prescribed under
  IAS 39. In summary, these criteria relate to initial designation and documentation
  of the hedge
  relationship, prospective testing of the relationship to demonstrate the expectation
  that the hedge will be highly effective throughout its life, and subsequent
  retrospective testing of the hedge to verify effectiveness. The accounting
  treatment for the group's hedge relationships are described by class below.
  Hedge effectiveness is reviewed regularly. If a hedge becomes ineffective,
  hedge accounting ceases to apply and subsequent changes in fair values of the
derivative are recognised in the income statement.
Fair value hedges
The
  group uses interest rate swaps to hedge the group's exposure to changes
  in the fair value of fixed rate debt as a result of interest rate movements.
  The interest
    on such swaps is accrued on an effective interest basis. The carrying amount
    of the hedged item is adjusted for gains and losses attributable to the risk
    being hedged. For effective hedges, changes in the fair values of both the
    hedge and the portion
    of the hedged item covered by the hedge are recognised in the income statement.
    If a hedge becomes ineffective, the hedged item ceases to be remeasured with
    subsequent changes in fair value. Instead, the portion of its carrying value
    relating to previous changes in fair value is amortised over its remaining
life.
Cash flow hedges
The group uses interest rate swaps to hedge its exposure to floating rate debt and uses foreign exchange forwards as cash flow hedges to manage its exposure to currency
    fluctuations on its future cash flows. For effective cash flow hedges changes in the fair value of the hedge are recognised in equity, where they are recycled through the profit and loss in the same period during which the hedged item impacts the
    income statement. For hedges that become ineffective the amount previously recognised in equity is recycled to the income statement. Where the underlying hedged item is no longer expected to occur, this recycling is effected immediately. If the
underlying hedged item is still expected to occur then the recycling from equity happens when the forecast transaction occurs.
Net investment hedges
Currency borrowings and forward exchange contracts are used as balance sheet hedging instruments to hedge foreign currency net assets held overseas. Regarding forward exchange
    contracts, the initial valuation of the forward element of the contract and any subsequent movement in its valuation is recognised directly in the income statement. The spot element forms the net investment hedge relationship, and any movement in
    its valuation, so long as the relationship is effective, is recognised in equity. If the hedge becomes ineffective, movements in the valuation of the spot element are recognised directly in the income statement. On disposal of a foreign currency
investment, the cumulative gains and losses are recycled from equity to the extent that they related to hedges of the investment being disposed of.
Derivative financial instruments (prior year)
The
  group considers its derivative financial instruments to be hedges when certain
  criteria
    are met. The group's criteria for an instrument to qualify for hedge accounting
    are that the instrument must be related to an asset, liability or forecast
    cash flow, it must involve the same currency as the hedged item and it must
    offset the effect of movements in foreign exchange and/or interest rates on
    the relevant asset,
liability, cash flow or reported results of the group.
Derivative
    financial instruments are accounted for using hedge accounting as follows:
–
Forward exchange contracts are used as balance sheet hedging instruments to hedge foreign currency net investments. The difference
between the spot and forward rate for these contracts is recognised as part of the net interest payable over the period of the contract. The spot
rate of foreign currency hedges is revalued to the rate of exchange at the balance sheet date and aggregate unrealised gains or losses arising
on revaluation are included in other debtors/other creditors. Both realised and unrealised gains and losses on these contracts are taken to reserves
    to the extent that those contracts relate to foreign currency investments.
–
Interest rate
swaps are used to hedge the group's exposure to movements in interest rates.
The interest payable or receivable on such swaps is accrued in the same
way as interest arising on deposits or borrowings. Interest rate swaps are not
revalued to fair value prior to maturity.
Interest bearing loans and borrowings (current year)
All loans and borrowings are initially recognised at fair value less directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the effective interest method. Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance income and finance costs. The
fair value measurement of fixed rate loans forming part of fair value hedges is discussed below under the derivatives and financial instruments policy.
Interest bearing loans and borrowings (prior year)
All loans and borrowings are initially stated at the amount of the net proceeds. Interest is charged to the profit and loss at the coupon rate, whilst discounts and fees are
amortised on a straight line basis over the term of the debt. Accrued interest costs are included in accruals to the extent that they will be paid in the next accounting period. Gains and losses arising on the repurchase, settlement or otherwise
cancellation of liabilities are recognised in the period in which the repurchase or early settlement is made.
Provisions
Provisions for non-current obligations are discounted using a pre-tax rate that reflects current market assessments. The unwinding of the discount on provisions is included
within finance costs along with the effect on the provision of changes in the discount rate.
Provisions are classified as current when they are expected to be settled within 12 months of the balance sheet date.
Pensions and other post-retirement benefits
The
group's current and past service cost for defined benefit schemes is charged to operating profit. Interest on the defined benefit schemes' obligations and the
expected return on the schemes' assets are recognised in net finance costs. Actuarial gains and losses are recognised directly in equity through the statement of recognised income and expense so that the group's balance sheet reflects the
fair value of the schemes' surpluses or deficits as at the balance sheet
date.
Contributions
to defined contribution schemes are charged to operating profit as they become
payable. Multi-employer schemes are accounted for as defined contribution schemes,
where the group is unable to obtain adequate information regarding its share
of the schemes' assets and liabilities to account for these as defined benefit
schemes.
The group has
elected to adopt the IASB's amendment to IAS 19 "Employee benefits" to
permit the recognition of actuarial gains and losses directly in equity rather
than apply the 10% corridor method. The group has applied this methodology from
the date of transition to IFRS.
Deferred
            taxation
Deferred
    tax is provided, using the liability method, on all temporary differences
    at the balance sheet date between the tax bases of assets and liabilities
    and their carrying value except to the extent that the temporary difference
    arises from:
–
the
    initial recognition of goodwill;
–
the
          initial recognition of an asset or liability in a transaction which
          is not a business combination and, at the time of the transaction,
          affects
neither accounting
    nor taxable profit or loss;
–
temporary
          differences in respect of the unremitted earnings of subsidiaries,
          joint-ventures and associates where the parent is able to control
the timing of the
          reversal of the temporary difference and it is probable that the temporary
    difference will not reverse in the foreseeable future.
76
Notes
    to the accounts
Back to Contents
1
Accounting
    policies
continued
A deferred tax asset is recognised for all deductible temporary differences, carry-forward of unused tax losses and unused tax credits to the extent it is probable that future
taxable profit will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilised. Tax assets and liabilities are offset, if a legally enforceable right exists to set off the tax assets
against the tax liabilities and the taxes relate to the same taxable entity and the same taxation authority.
Deferred tax assets and liabilities are measured, on an undiscounted basis, at the tax rates that are expected to apply to the period when the asset is realised or the
liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The carrying amount of a deferred tax asset is reviewed at each balance sheet date.
Income tax relating to items recognised directly in equity is recognised in equity and not in the income statement.
Treasury shares
Own
equity instruments which are reacquired (treasury shares) are deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue
or
cancellation of the Company's own equity instruments.
New IFRS standards and interpretations not applied
During 2005, the IASB and IFRIC issued additional standards and interpretations which are effective for periods starting after the date of these financial statements. The
following standards and interpretations have yet to be adopted by the group:
International Financial Reporting Standards (IFRS/IAS)
Effective date
IFRS 1
Amendment relating to IFRS 6
January 1, 2006
IFRS 4
Amendment to IAS 39 and IFRS 4 – Financial Guarantee Contracts
January 1, 2006
IFRS 6
Exploration for and Evaluation of Mineral Assets
January 1, 2006
IFRS 6
Amendment relating to IFRS 6
January 1, 2006
IFRS 7
Financial Instruments: Disclosures
January 1, 2007
IAS 1
Amendment to IAS 1 – Presentation of Financial Statements: Capital Disclosures
January 1, 2007
IAS 39
Fair Value Option
January 1, 2006
IAS 39
Amendments to IAS 39 – Transition and Initial Recognition of Financial Assets and Financial Liabilities (Day 1 profits)
January 1, 2006
IAS 39
Amendment to IAS 39 and IFRS 4 – Financial Guarantee Contracts
January 1, 2006
International Financial Reporting Interpretations Committee (IFRIC)
IFRIC 4
Determining Whether An Arrangement Contains a Lease
January 1, 2006
IFRIC 5
Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
January 1, 2006
IFRIC 7
Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
March 1, 2006
IFRIC 8
Scope of IFRS 2
May 1, 2006
The group does not anticipate that the adoption of these standards and interpretations will have a material effect on its financial statements on initial adoption. Upon
adoption of IFRS 7, the group will be required to disclose additional information about its financial instruments, their significance and the nature and extent of the risks to which they give rise, together with greater detail as to the fair value
of its financial instruments and its risk exposure. There will be no effect on reported income or net assets.
2
Segmental analysis
The group's primary segments are the trading operations of North America, UK, Australia, Asia Pacific and Continental Europe. These operations are organised and managed
separately according to the geographic location of their assets and economic environment. There are no significant transactions occurring between the primary segments.
There are two secondary business segments, Aggregates and Building Products. The major products for each secondary segment, which differ slightly between countries, are as
follows:
Aggregates – crushed
rock and sand and gravel, asphalt, cement and ready-mixed concrete.
Building
products – bricks, concrete pipe and products, concrete flooring, precast
concrete and roofing tiles.
Hanson's business operations, as shown below, are managed using a combination of primary and secondary structures in eight distinct segments, including the corporate
office and related costs, that are described as Central.
Segmental
          analysis for the 12 months ended December 31, 2005
a) Group turnover
2005
2004
£m
£m
North America
Hanson Aggregates
980.6
897.3
Hanson Building Products
753.7
647.4
1,734.3
1,544.7
UK
Hanson Aggregates
811.5
771.9
Hanson Building Products
368.2
300.7
1,179.7
1,072.6
Australia & Asia Pacific
Hanson Australia
464.6
413.2
Hanson Asia Pacific
108.4
124.5
573.0
537.7
Hanson Continental Europe
228.7
228.0
Continuing operations
3,715.7
3,383.0
Discontinued
24.0
81.3
3,739.7
3,464.3
77
Notes
    to the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
2
Segmental analysis
continued
b)
Operating profit
2005
2005
2005
2005
2005
Group
operating
profit
before
impairments
Share of
joint-ventures'
and associates'
profit
after tax
Operating
profit
	      before
impairments
Operating
impairments
Operating
profi
t
£m
£m
£m
£m
£m
North America
Hanson Aggregates
138.1
0.3
138.4
(1.6
)
136.8
Hanson Building Products
124.4
1.3
125.7
–
125.7
262.5
1.6
264.1
(1.6
)
262.5
UK
Hanson Aggregates
96.9
11.9
108.8
(0.6
)
108.2
Hanson Building Products
37.8
–
37.8
–
37.8
134.7
11.9
146.6
(0.6
)
146.0
Australia & Asia Pacific
Hanson Australia
57.3
24.3
81.6
–
81.6
Hanson Asia Pacific
5.4
2.7
8.1
–
8.1
62.7
27.0
89.7
–
89.7
Hanson Continental Europe
19.9
–
19.9
(1.8
)
18.1
Central
(31.5
)
–
(31.5
)
–
(31.5
)
Continuing operations
448.3
40.5
488.8
(4.0
)
484.8
Discontinued
1.0
2.6
3.6
–
3.6
449.3
43.1
492.4
(4.0
)
488.4
2004
2004
2004
2004
2004
Group
operating
profit before
impairments
Share
          of
joint-ventures'
and associates'
profit after tax
Operating
profit before
impairments
Operating
impairments
Operating
profit
£m
£m
£m
£m
£m
North
          America
Hanson
          Aggregates
126.7
0.9
127.6
–
127.6
Hanson
          Building Products
111.2
–
111.2
–
111.2
237.9
0.9
238.8
–
238.8
UK
Hanson
          Aggregates
62.2
12.3
74.5
(20.7
)
53.8
Hanson
          Building Products
36.8
–
36.8
–
36.8
99.0
12.3
111.3
(20.7
)
90.6
Australia & Asia
          Pacific
Hanson
          Australia
56.0
10.5
66.5
–
66.5
Hanson
          Asia Pacific
6.1
(0.5
)
5.6
(4.9
)
0.7
62.1
10.0
72.1
(4.9
)
67.2
Hanson
          Continental Europe
23.9
–
23.9
(3.7
)
20.2
Central
(22.7
)
–
(22.7
)
–
(22.7
)
Continuing
          operations
400.2
23.2
423.4
(29.3
)
394.1
Discontinued
4.0
3.2
7.2
(21.9
)
(14.7
)
404.2
26.4
430.6
(51.2
)
379.4
The following property profits in respect of surplus property and land disposals totalling £14.9m (£21.4m) are included within group operating profit before
impairments: Hanson Aggregates North America £2.4m (£14.3m); Hanson Building Products North America £0.5m (£nil); Hanson Aggregates UK £8.0m (£1.9m); Hanson Building Products UK £3.0m (£3.2m); Hanson Australia
£1.0m (£1.7m); Hanson Asia Pacific £nil (£nil); Hanson Continental Europe £nil (£0.3m); Central £nil (£nil).
Total revenue of £3,799.8m (£3,504.3m) includes group turnover from continuing operations of £3,715.7m (£3,383.0m), group turnover from discontinued
operations of £24.0m (£81.3m) and interest receivable and similar income of £60.1m (£40.0m) .
78
Notes
    to the accounts
Back to Contents
2
Segmental
    analysis
continued
c)
Joint-ventures
    and associates
2005
2005
2004
2004
Turnover
Operating
profit
Turnover
Operating
profit
£m
£m
£m
£m
North
          America
Hanson
          Aggregates
2.4
0.6
1.6
1.1
Hanson
          Building Products
4.6
1.3
0.9
–
7.0
1.9
2.5
1.1
UK
Hanson
          Aggregates
111.6
16.9
106.6
17.5
Hanson
          Building Products
–
–
–
–
111.6
16.9
106.6
17.5
Australia & Asia
          Pacific
Hanson
          Australia
179.8
24.1
166.5
17.6
Hanson
          Asia Pacific
16.0
3.3
16.6
(0.5
)
195.8
27.4
183.1
17.1
Hanson
          Continental Europe
1.3
–
2.0
–
Continuing
          operations
315.7
46.2
294.2
35.7
Discontinued
29.2
2.6
51.8
3.2
344.9
48.8
346.0
38.9
2005
2004
£m
£m
Continuing
          operating profit from joint-ventures and associates
46.2
35.7
Net
          finance costs
(3.5
)
(3.2
)
Taxation
(2.2
)
(9.3
)
Continuing
          profit after tax from joint-ventures and associates
40.5
23.2
Included
    within the joint-ventures and associates taxation charge of £2.2m is a credit of £6.6m
following a change in Australian tax laws.
d)
Analysis of depletion,
    depreciation, amortisation and capital expenditure
2005
2005
2005
2005
2005
Depletion
Depreciation
Amortisation
of
other
intangible
assets
Additions
to
property, plant and
equipment
Additions
to othe
r
intangible
assets
£m
£m
£m
£m
£m
North America
Hanson Aggregates
18.4
59.5
1.5
69.4
4.1
Hanson Building Products
–
26.3
0.2
40.7
–
18.4
85.8
1.7
110.1
4.1
UK
Hanson Aggregates
7.2
30.0
–
23.1
3.4
Hanson Building Products
1.6
11.6
1.2
16.8
–
8.8
41.6
1.2
39.9
3.4
Australia & Asia Pacific
Hanson Australia
4.6
23.4
–
31.6
–
Hanson Asia Pacific
0.4
3.4
–
1.0
–
5.0
26.8
–
32.6
–
Hanson Continental Europe
1.3
6.5
0.1
13.3
0.1
Central
–
0.1
–
0.2
0.8
Continuing operations
33.5
160.8
3.0
196.1
8.4
Discontinued
–
0.3
–
–
–
33.5
161.1
3.0
196.1
8.4
79
Notes
    to the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
2
Segmental
    analysis
continued
2004
2004
2004
2004
2004
Amortisation
Additions
Additions
of other
to property,
to other
intangible
plant and
intangible
Depletion
Depreciation
assets
equipment
assets
£m
£m
£m
£m
£m
North America
Hanson Aggregates
19.5
57.0
2.1
74.6
1.9
Hanson Building Products
–
22.5
0.3
38.2
–
19.5
79.5
2.4
112.8
1.9
UK
Hanson Aggregates
6.9
30.8
–
35.6
–
Hanson Building Products
1.6
8.1
–
16.1
–
8.5
38.9
–
51.7
–
Australia & Asia Pacific
Hanson Australia
5.4
22.3
–
26.4
–
Hanson Asia Pacific
1.1
5.4
–
2.4
–
6.5
27.7
–
28.8
–
Hanson Continental Europe
1.7
7.5
0.1
7.6
–
Central
–
–
–
0.2
–
Continuing operations
36.2
153.6
2.5
201.1
1.9
Discontinued
0.1
1.5
–
1.9
–
36.3
155.1
2.5
203.0
1.9
e)
Analysis
    of assets and liabilities
2005
2005
2005
2005
2005
2005
2005
2005
Goodwill
Joint-ventures
	        and associates
Long-lived
assets
Disposal
groups held
for sale
Other assets
held for sale
Total
assets
Total
liabilities
Capital
employed
£m
£m
£m
£m
£m
£m
£m
£m
North America
Hanson Aggregates
229.5
24.6
1,368.2
–
–
1,659.6
(275.5
)
1,384.1
Hanson Building Products
272.6
0.9
577.3
–
–
830.9
(130.5
)
700.4
502.1
25.5
1,945.5
–
–
2,490.5
(406.0
)
2,084.5
UK
Hanson Aggregates
93.4
85.6
786.5
–
1.8
1,011.1
(187.2
)
823.9
Hanson Building Products
134.1
–
470.8
3.5
0.6
590.8
(86.7
)
504.1
227.5
85.6
1,257.3
3.5
2.4
1,601.9
(273.9
)
1,328.0
Australia & Asia Pacific
Hanson Australia
146.0
137.1
602.8
–
2.3
701.4
(82.1
)
619.3
Hanson Asia Pacific
34.3
53.6
102.5
–
–
140.7
(22.4
)
118.3
180.3
190.7
705.3
–
2.3
842.1
(104.5
)
737.6
Hanson Continental Europe
22.8
0.3
102.1
–
–
197.7
(71.7
)
126.0
932.7
302.1
4,010.2
3.5
4.7
5,132.2
(856.1
)
4,276.1
Central
–
–
1.7
–
0.3
1,341.0
(2,948.3
)
(1,607.3
)
Continuing operations
932.7
302.1
4,011.9
3.5
5.0
6,473.2
(3,804.4
)
2,668.8
Discontinued
–
–
–
–
–
3.5
–
3.5
932.7
302.1
4,011.9
3.5
5.0
6,476.7
(3,804.4
)
2,672.3
80
Notes
        to the accounts
Back to Contents
2
Segmental
            analysis
continued
2004
2004
2004
2004
2004
2004
2004
2004
Disposal
Joint-ventures
Long-lived
groups held
Other assets
Total
Total
Capital
Goodwill
and associates
assets
for sale
held for sale
assets
liabilities
employed
£m
£m
£m
£m
£m
£m
£m
£m
North America
Hanson Aggregates
171.9
16.6
1,145.9
–
7.0
1,379.5
(238.2
)
1,141.3
Hanson Building Products
220.7
0.3
457.1
–
–
640.3
(107.1
)
533.2
392.6
16.9
1,603.0
–
7.0
2,019.8
(345.3
)
1,674.5
UK
Hanson Aggregates
94.0
85.3
804.5
–
2.5
1,038.6
(203.8
)
834.8
Hanson Building Products
22.6
–
264.2
–
0.2
352.0
(75.6
)
276.4
116.6
85.3
1,068.7
–
2.7
1,390.6
(279.4
)
1,111.2
Australia & Asia Pacific
Hanson Australia
138.0
126.2
558.7
–
2.7
656.6
(81.4
)
575.2
Hanson Asia Pacific
33.2
53.2
103.0
–
–
142.7
(23.6
)
119.1
171.2
179.4
661.7
–
2.7
799.3
(105.0
)
694.3
Hanson Continental Europe
23.5
0.2
100.5
–
–
213.7
(78.9
)
134.8
703.9
281.8
3,433.9
–
12.4
4,423.4
(808.6
)
3,614.8
Central
–
–
1.5
–
0.2
1,695.5
(2,939.2
)
(1,243.7
)
Continuing operations
703.9
281.8
3,435.4
–
12.6
6,118.9
(3,747.8
)
2,371.1
Discontinued
7.8
29.9
39.7
–
–
41.7
(1.8
)
39.9
711.7
311.7
3,475.1
–
12.6
6,160.6
(3,749.6
)
2,411.0
Long-lived
      assets represents intangible assets, property, plant and equipment, and
    investments.
f)
Analysis
    of turnover, total assets and capital expenditure by secondary segments
2005
2005
2005
2005
Turnover
Total
Assets
Additions to
property,
plant and
equipment
Additions to
other
intangible
assets
£m
£m
£m
£m
Aggregates
2,545.2
3,670.2
135.4
7.6
Building products
1,170.5
1,462.0
60.5
–
Central
–
1,341.0
0.2
0.8
Continuing operations
3,715.7
6,473.2
196.1
8.4
2004
2004
2004
2004
Turnover
Total
Assets
Additions
          to
property,
plant and
equipment
Additions
          to
other
intangible
assets
£m
£m
£m
£m
Aggregates
2,403.4
3,414.4
145.5
1.9
Building products
979.6
1,009.0
55.4
–
Central
–
1,695.5
0.2
–
Continuing operations
3,383.0
6,118.9
201.1
1.9
81
Notes
    to the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December
31, 2005
3
Group
    operating profit before impairments
2005
2004
Costs and overheads of continuing operations include:
Notes
£m
£m
Cost of inventories recognised as an expense
1,035.4
898.6
Inventories written down
5.5
4.2
Reversal of inventory write downs
(6.2
)
(6.1
)
Employment costs
4
692.3
645.5
Depreciation and depletion of owned assets
193.2
188.3
Depreciation of finance leased assets
1.1
1.5
Amortisation of other intangible assets
2
d
3.0
2.5
Research and development costs
1.1
1.8
Advertising costs
4.9
3.8
Leasing costs
Minimum lease payments
30.0
24.5
Contingent lease payments
0.2
2.2
30.2
26.7
Less: sublease rental income
(4.2
)
(3.5
)
26.0
23.2
Represented by:
Operating lease rentals – land and buildings
17.1
15.1
Operating lease rentals – plant and equipment
8.9
8.1
26.0
23.2
Remuneration of auditors
Audit fees:
Group audit and subsidiary statutory audits
4.2
4.4
Other regulatory reporting
0.2
0.2
4.4
4.6
Non-audit fees:
Audit related fees
*
#
0.5
0.7
Tax fees
#
0.2
0.9
0.7
1.6
Total payments to auditors
5.1
6.2
*In
      addition to the fees disclosed in audit related fees, Ernst & Young
      LLP has provided audit services for various pension plans sponsored by
      Hanson. The total fees paid
to Ernst & Young LLP by either Hanson or the relevant pension trustees were £0.1m
(£0.1m)
#
Included in non-audit
fees are amounts paid to Ernst & Young LLP for non-audit services in the
UK for £0.6m (£0.8m)
4
Directors
    and employees
2005
2004
Total employment costs
£m
£m
Wages and salaries
598.7
557.9
Termination benefits
1.1
2.2
Employers' social security costs
46.6
44.0
Pension costs
47.0
48.5
Post-retirement benefits
1.1
1.1
694.5
653.7
Attributable to:
Continuing operations
692.3
645.5
Discontinued operations
2.2
8.2
694.5
653.7
The
      group's key management personnel as defined by IAS 24 " Related
      Party Disclosures" are the Board of Directors. Included within wages
      and salaries above is £1.0m (£0.6m) in relation to the share-based
      payment expense for Directors. Details of the rest of the Directors' emoluments
      and remuneration for each Director which form part of these accounts are
      given in the auditable part of the
Remuneration report.
82
Notes
    to the accounts
Back to Contents
4
Directors
    and employees
continued
The table below analyses the distribution of the average number of employees by division and by geographic location.
2005
2004
Average number
of persons employed during the year
North America
Hanson Aggregates
5,600
5,400
Hanson Building Products
6,800
6,300
12,400
11,700
UK
Hanson Aggregates
3,200
3,700
Hanson Building Products
3,100
2,600
6,300
6,300
Australia & Asia Pacific
Hanson Australia
2,800
2,600
Hanson Asia Pacific
1,400
1,700
4,200
4,300
Hanson Continental Europe
1,200
1,300
Central
200
100
Discontinued
100
800
24,400
24,500
By geographical location
North America
12,400
11,700
UK
6,500
6,400
Australia
2,800
2,600
Continental Europe
1,200
1,300
Asia
1,400
1,700
Discontinued
100
800
24,400
24,500
The total number of employees at the year end was 24,300 (23,800) excluding joint-ventures and associates.
Details of Directors' emoluments and remuneration for each Director which form part of these accounts are given in the auditable part of the Remuneration report.
5
Share-based
    payments
Included
    within wages and salaries in note 4 is an expense arising from share-based
    payment transactions of £7.6m (£4.9m) all of which relates to equity-settled
    share-based payments. Details of each of the employee share plans in place
    are given below and where applicable in the Remuneration report.
Long Term Incentive Plan
The group operates a Long Term Incentive Plan (LTIP) under which awards of shares are made, on a conditional basis, subject to performance measurements over a three year
  period. The vesting of 50% of each award is dependent on total shareholder return (TSR) achieved by Hanson measured by reference to a comparator group of companies. As relative TSR is defined as a market condition, a Monte Carlo simulation model has
  been applied. Further details in relation to the TSR measurement are provided in the Remuneration report. The remaining 50% of each award is dependent on an economic value added measure which is classified as a non-market condition and has therefore
  been valued using a binomial model. Awards are equity settled and where the performance measurement targets are obtained in part or in full, vested shares are distributed to LTIP participants as soon as practicable after the end of the performance
period.
Conditional
  awards were made over 3,139,356 ordinary shares on March 1, 2005 which will
  vest, subject to the performance measurement targets being attained, on March
  1, 2008.
The weighted average fair value of each share award granted is £3.45 (£3.01).
The expense recognised in the income statement in the year from the LTIP is £6.1m
(£4.1m).
The fair value of total awards granted during the year is £10.8m (£10.9m) .
The following table illustrates the number of, and movements in, share awards during the year under this plan:
2005
2004
Number
Number
outstanding
outstanding
'
000
'000
At
        January 1
11,489.8
11,604.2
Awarded
3,139.4
3,620.2
Forfeited
(518.5
)
(892.4
)
Expired
(2,306.9
)
(1,729.2
)
Exercised
(767.6
)
(1,113.0
)
At
        December 31
11,036.2
11,489.8
Share Option Plan
The group also operates a discretionary Share Option Plan under which participants are granted options over a number of shares but the proportion of these shares under option
  which may be exercised is subject to the achievement of performance targets over a three year performance period. As with the LTIP, the vesting of 50% of the options is dependent on TSR and therefore valued using a Monte Carlo simulation model. The
  remaining 50% of the options is dependent on an economic value added measure which has been valued using a binomial model. To the extent any options vest, they will ordinarily remain exercisable at any time up to 10 years from the date of grant and
are settled in equity once exercised.
Options were
  granted over 647,620 ordinary shares on March 1, 2005 and, subject to the performance
  measurement targets being attained, will be exercisable between March 1, 2008
   and February 28, 2015 at an exercise price of 514.3p per share. The weighted
  average fair value of each share option granted is £1.10 (£1.11)
  . The expense recognised in the income statement in the year from the share
  option plan is
£0.6m (£0.4m).
83
Notes
    to the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
5
Share-based
    payments
continued
The
      following table illustrates the number and weighted average exercise prices
      of, and movements in, share options during the year under the
plan.
2005
2005
2004
2004
Weighted
Weighted
Number
average
Number
average
outstanding
exercise price
outstanding
exercise price
'000
pence
'000
pence
At January 1
3,207.5
392.2
3,052.0
391.5
Granted
647.6
514.3
784.7
439.6
Forfeited
(744.4
)
460.5
(629.2
)
447.9
Expired
(50.0
)
473.3
–
–
Exercised
(133.6
)
467.6
–
–
At December 31
2,927.1
397.0
3,207.5
392.2
Exercisable at December
        31
345.5
467.3
282.8
473.3
Range of exercise prices for the share option plan (pence per share)
Options
    outstanding
Options
        exercisable
Weighted
average
Weighted
Weighted
Number
remaining
average
Number
average
outstanding
contract life
exercise price
exercisable
exercise price
'000
years
pence
'000
pence
2005
:
290.4p-461.8p
1,934.0
7.5
345.2
180.7
461.8
461.9p-514.3p
993.1
8.0
497.9
164.8
473.3
2,927.1
7.7
397.0
345.5
467.3
2004
:
290.4p-461.8p
1,939.5
8.2
345.0
–
–
461.9p-473.3p
1,268.0
6.9
464.3
282.8
473.3
3,207.5
7.7
392.2
282.8
473.3
Sharesave Scheme
The
group also operates a UK HM Revenue & Customs approved savings related Sharesave
  Scheme available to all UK employees. Options are granted at a discount of
  up to 20% to the market price at the date of invitation over three, five or
  seven year savings contracts and options are exercisable during the six month
  period following completion of the savings contract. Options are valued using
  a Black-Scholes
model.
During 2005,
  options were granted over 1,454,265 shares which will ordinarily be exercisable
  at an exercise price of 395.0p per share during the period; June 1 to November
  30, 2008 for the three year Scheme; June 1 to November 30, 2010 for the five
  year Scheme; and June 1 to November 30, 2012 for the seven year Scheme. The
  weighted average fair value of each share option granted is £1.34 (2004: £1.43)
  . The  expense recognised in the income statement in the year from the Sharesave
  Scheme is £0.9m (2004: £0.4m).
The following table illustrates the number and weighted average exercise prices of, and movements in, share options during the year in the Sharesave Scheme:
2005
2005
2004
2004
Weighted
Weighted
Number
average
Number
average
outstanding
exercise price
outstanding
exercise price
'000
pence
'000
pence
At January 1
4,461.2
332.5
3,716.3
330.1
Granted
1,454.3
395.0
1,857.7
328.0
Forfeited
(589.2
)
334.9
(625.9
)
361.8
Expired
(151.0
)
424.7
(15.1
)
234.0
Exercised
(1,321.6
)
324.8
(471.8
)
259.3
At December 31
3,853.7
354.7
4,461.2
332.5
Exercisable at December
        31
40.1
319.3
253.7
427.6
Range
    of exercise prices for the Sharesave Scheme (pence per share)
Options
    outstanding
Options
        exercisable
Weighted
average
Weighted
Weighted
Number
remaining
average
Number
average
outstanding
contract life
exercise price
exercisable
exercise price
'000
years
pence
'000
pence
2005
:
318.0p-323.0p
840.0
2.6
318.6
40.1
319.3
323.1p-428.0p
3,013.7
3.4
364.8
–
–
3,853.7
3.2
354.7
40.1
319.3
2004
:
237.0p-323.0p
1,769.3
2.6
312.2
–
–
323.1p-428.0p
2,691.9
2.9
345.8
253.7
427.6
4,461.2
2.8
332.5
253.7
427.6
84
Notes
        to the accounts
Back to Contents
5
Share-based
          payments
continued
The following two tables show the assumptions used to fair value the equity settled options granted in the LTIP, Share Option Plan and Sharesave Scheme:
2005
2005
2005
2005
2005
Share
Sharesave
Sharesave
Sharesave
LTIP
option plan
3 year
5 year
7 year
Dividend yield (%)
4.3
4.3
4.3
4.3
4.3
Expected volatility (%)
24.9
30.7
24.0
26.9
29.1
Risk-free interest rate (%)
–
4.8
4.8
4.9
5.0
Expected life of option (years)
3.0
6.5
3.4
5.4
7.4
Share price at grant (pence)
518.0
518.0
498.0
498.0
498.0
Exercise price (pence)
n/a
514.0
395.0
395.0
395.0
2004
2004
2004
2004
2004
Share
Sharesave
Sharesave
Sharesave
LTIP
option plan
3 year
5 year
7 year
Dividend yield (%)
3.5
3.5
3.5
3.5
3.5
Expected volatility (%)
31.4
33.9
29.6
32.0
33.0
Risk-free interest rate (%)
–
4.7
4.7
4.8
4.9
Expected life of option (years)
3.0
6.5
3.4
5.4
7.4
Share price at grant (pence)
447.0
447.0
432.0
432.0
432.0
Exercise price (pence)
n/a
440.0
328.0
328.0
328.0
The weighted
average share price during the year is 544.0p (412.0p).
The
          expected volatility for Hanson has been calculated using historical
          data over a term commensurate with the expected life of each option/award.
          The expected volatility figures used in the valuations were calculated
    based on the following principles:
–
Historic weekly volatility over periods of increasing length ending on the date of each grant were determined.
–
The
      volatility figures above were used to calculate a weighted average volatility
      for the term commensurate with the expected term of the award being valued
.
Other Schemes
Hanson
has
other share option schemes, the Executive Share Option Schemes A and B (which
are now closed) and the HM Revenue & Customs approved Executive Share Option
Scheme. No further grants of options will be made under these schemes. The options granted under the Executive Share Option Schemes A and B are deemed to be cash-settled and consequently grants that had not been settled by January 1, 2005 have been
accounted for under IFRS 2. Options were granted with an exercise price equal to market value and remained exercisable at any time up to 10 years from the date of grant. No performance conditions applied to the right to exercise the options granted
under either scheme. At December 31, 2005 there are no options outstanding under the Executive Share Option Schemes A and B and as a result the carrying amount of the liability relating to the cash-settled options at December 31, 2005 is £nil
(£0.4m) .
The following tables illustrate the number and weighted average exercise prices of, and movements in, share options for the other schemes.
2005
2005
2004
2004
Number of
Weighted
Number of
Weighted
ordinary shares
average
ordinary shares
average
outstanding
exercise price
outstanding
exercise price
'000
pence
'000
pence
Executive Share
          Option Scheme:
At January 1
114.0
331.3
120.0
331.3
Exercised
(91.0
)
331.3
(6.0
)
331.3
At December 31
23.0
331.3
114.0
331.3
Exercisable at December
        31
23.0
331.3
114.0
331.3
Executive Share
          Option Schemes A and B:
At January 1
321.8
356.4
1,678.1
419.7
Forfeited
–
–
(725.5
)
465.7
Exercised
(321.8
)
356.4
(630.8
)
399.1
At December 31
–
–
321.8
356.4
Exercisable at December
        31
–
–
321.8
356.4
85
Notes
        to the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
6   Operating
      impairments
2005
2005
2005
2004
2004
2004
Operating
Operating
Net
Operating
Operating
Net
impairments
impairments
operating
impairments
impairments
operating
charged
reversed
impairments
charged
reversed
impairments
£m
£m
£m
£m
£m
£m
North
      America
Hanson
      Aggregates
(16.5
)
14.9
(1.6
)
–
–
–
Hanson
      Building Products
–
–
–
–
–
–
(16.5
)
14.9
(1.6
)
–
–
–
UK
Hanson
      Aggregates
(5.3
)
4.7
(0.6
)
(21.2
)
0.5
(20.7
)
Hanson
      Building Products
–
–
–
–
–
–
(5.3
)
4.7
(0.6
)
(21.2
)
0.5
(20.7
)
Australia
      & Asia Pacific
Hanson
      Australia
–
–
–
–
–
–
Hanson
      Asia Pacific
–
–
–
(4.9
)
–
(4.9
)
–
–
–
(4.9
)
–
(4.9
)
Hanson
      Continental Europe
(1.8
)
–
(1.8
)
(3.7
)
–
(3.7
)
Total
(23.6
)
19.6
(4.0
)
(29.8
)
0.5
(29.3
)
Impairment
      (charged)/reversed against:
Intangible
      assets – goodwill
(17.6
)
–
(17.6
)
(1.4
)
–
(1.4
)
Property,
      plant and equipment
(5.9
)
19.2
13.3
(24.2
)
–
(24.2
)
Other
      assets
(0.1
)
0.4
0.3
(4.2
)
0.5
(3.7
)
Operating
      impairments
(23.6
)
19.6
(4.0
)
(29.8
)
0.5
(29.3
)
Impairments
  during the year:
The
  net impairment charge for the year is £4.0m.
An
  impairment charge of £16.5m has been recognised against goodwill held in
  Hanson Aggregates North America Southwest region. The impairment, which reduces
  the goodwill's carrying value to its value in use at discount rates provided
  below, resulted from a change in the economic circumstances of that operation.
An
  impairment provision of £14.9m recorded against tangible assets, mainly
  plant and equipment in Hanson Aggregates North America West region, has been
  reversed. The original charge resulted from significant uncertainty over the
  assets' ability to generate future profitability, due to the lack of an
  economic supply of raw materials. The supply has now been secured, removing
  this uncertainty and improving the projected cash flows generated by these assets.
An
  impairment charge of £5.3m has been recognised against goodwill and tangible
  assets at various individual operating sites within Hanson Aggregates UK. These
  tangible assets are cash generating units for the purpose of measuring impairment,
  as they generate largely independent cash flows. The impairments have arisen
  due to the closure, or intended closure of the sites, on commercial grounds
  and are based on the recoverable amount of the assets. Impairment charges totalling
  £4.7m against individual operating sites within Hanson Aggregates UK have
  been reversed, as anticipated proceeds from the sale of the site and business
  exceeded their carrying values, net of the provision.
Tangible
  assets of £1.2m located in Spain and goodwill amounting to £0.6m in
  the Czech Republic have been impaired, as these assets are not expected to generate
  a value in use equal to their carrying value. Both of these cash generating
  units comprise a part of Hanson Continental Europe.
Assumptions
  used:
The
  recoverable amount for each cash generating unit is based on a value in use
  calculation using cash flow projections based on four year forecasts approved
  by the Board of Directors excluding the impact of anticipated acquisitions,
  business improvement capital expenditure and restructuring. Forecast replacement
  capital expenditure requirements are included within the first four years, after
  which capital is assumed to represent 100% of depreciation.
Subsequent
  cash flows beyond the initial four year forecast for all cash generating units
  are inflated by rates of 0.7% to 4.9% (nil% to 4.0%) including the US 4.0% (4.0%),
  UK 3.0% (2.5%) and Australia 2.5% (2.5%) . Cash flows have been discounted at
  rates between 7.5% and 9.5% (8.0% and 10.0%) including the US 8% (8.5%), UK
  8.5% (8.5%) and Australia 9.5% (9.5%) .
The
      calculation of value in use is most sensitive to the following key assumptions:
–
Sales
      volumes
–
Average
      selling prices
–
Operating
      costs
The
  sales volume assumptions are influenced by several factors including, end use
  market and demand drivers, our competitive position, quality of product and
  service, distribution and product selling price. Historical sales volumes are
  used as the base. These are either increased or decreased over the forecast
  period using assumptions derived from past experience or consistent with external
  sources of information.
Average
  selling price assumptions are influenced by several factors including end use
  market and demand drivers, our competitive position, site tenure, quality of
  product and service, distribution and product selling price. Historical average
  selling prices are used as the base. These are either increased or decreased
  over the forecast period using assumptions derived from past experience.
Operating
  cost assumptions are influenced by several factors including availability of
  product and service, supply and demand, scarcity of availability, global markets,
  and age and quality of plant and equipment. Historical operating costs are used
  as the base. These are either increased or decreased over the forecast period
  using assumptions derived from past experience.
The
  principal risks and uncertainties are disclosed in more detail on pages 45 to
  48 of this document.
Where
  business segments include closed sites or sites that are to be closed, the anticipated
  proceeds less costs to sell have been used. Goodwill is analysed by segment
  in note 2(e).
86
Notes
      to the accounts
Back to Contents
7   
      Finance costs and finance income
2005
2004
£m
£m
Finance
      costs:
Interest
      payable on bank loans and overdrafts
(23.3
)
(15.2
)
Interest
      payable on other loans
(95.7
)
(77.0
)
Total
      interest payable
(119.0
)
(92.2
)
Finance
      cost on pension plan liabilities and other post-retirement benefits
(103.2
)
(99.2
)
Unwinding
      of discount (net)
(2.5
)
(6.6
)
Total
      finance costs
(224.7
)
(198.0
)
Finance
      income:
Interest
      receivable and similar income
60.1
40.0
Expected
      return on pension plan assets
108.7
111.2
Change
      in fair value of derivatives and related items
0.4
–
Total
      finance income
169.2
151.2
Net
      finance costs
(55.5
)
(46.8
)
Net
        finance costs of £55.5m (£46.8m) above exclude joint-ventures'
        and associates' net finance costs of £3.5m (£3.2m) as shown
        in note 2(c).
Total
      interest payable includes £0.2m (£0.5m) relating to finance leases.
8   
      Taxation
a)   Analysis
      of tax charge in the year
2005
2004
£m
£m
Tax
      on continuing operations before impairments
Current
      tax:
UK
      corporation tax at 30.0%
–
(106.1
)
Double
      tax relief
†
–
106.1
Effect
      of current year events on prior period tax balances
29.6
–
Receipt
      for group relief
5.2
5.3
UK
      corporation tax credit
34.8
5.3
Foreign
      tax
(57.1
)
(37.2
)
Share
      of partnership tax
(2.3
)
(1.6
)
Total
      current tax
(24.6
)
(33.5
)
UK
      deferred tax:
–
      Origination and reversal of temporary differences
5.1
(3.3
)
–
      Effect of current year events on prior period tax balances
12.7
–
Foreign
      deferred tax:
–
      Origination and reversal of temporary differences
(21.5
)
(9.3
)
–
      Effect of current year events on prior period tax balances
(0.5
)
12.7
Total
      deferred tax
(4.2
)
0.1
Tax
      on continuing operations before impairments
(28.8
)
(33.4
)
Tax
      on impairments
(5.6
)
6.3
Tax
      on continuing operations after impairments
(34.4
)
(27.1
)
†
Double
      tax relief relates to dividends paid to the UK by overseas subsidiaries
b)   Analysis
      of tax credited to equity
2005
2004
£m
£m
Deferred
      tax on net actuarial losses
5.7
4.9
Deferred
      tax on share-based payments
3.9
–
Deferred
      tax on IAS 39 adjustment
2.2
–
11.8
4.9
8
7
Notes
      to the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
8   Taxation
continued
c)   Analysis
      of total tax charge in consolidated income statement
2005
2004
Notes
£m
£m
Tax
      charge on continuing operations before impairments
(28.8
)
(33.4
)
Tax
      (charge)/credit on impairments
(5.6
)
6.3
Tax
      on continuing operations after impairments
(34.4
)
(27.1
)
Tax
      charge on profit/loss from discontinued operations
9
a
(0.8
)
(1.7
)
Tax
      charge on profit/loss on current year's disposals
9
b
(3.1
)
(1.1
)
Tax
      credit on profit/loss from prior years' disposals
9
c
13.4
39.1
Total
      tax (charge)/credit excluding share of joint-ventures' and associates'
      tax
(24.9
)
9.2
Tax
      charge on joint-ventures and associates
2
c
(2.2
)
(9.3
)
Total
      tax charge
(27.1
)
(0.1
)
Analysed
      as:
UK
      tax
47.7
7.2
Foreign
      tax
(74.8
)
(7.3
)
(27.1
)
(0.1
)
d)   Factors
      affecting tax charge for the period
2005
2004
£m
£m
Profit
      before taxation – continuing operations
429.3
347.3
Loss
      before taxation – discontinued operations
(16.8
)
(92.3
)
412.5
255.0
Tax
      at the UK statutory tax rate of 30.0%
(123.8
)
(76.5
)
Permanent
      differences
(1.3
)
15.9
Overseas
      tax rate differences
28.9
24.7
Tax
      effect of share of profit after tax of associates and joint-ventures
12.2
7.0
Current
      year losses not recognised
(40.1
)
(41.8
)
Utilisation
      of tax losses brought forward not previously recognised
56.2
48.0
Effect
      of current year events on prior period tax balances
42.6
12.7
Other
0.4
19.2
Total
      tax charge excluding share of joint-ventures' and associates'
      tax
(24.9
)
9.2
Tax
      charge on joint-ventures and associates
(2.2
)
(9.3
)
Total
      tax charge
(27.1
)
(0.1
)
Provision
        for taxes in respect of current and prior periods are based on information
        at the balance sheet date. These balances will change as new accounting
        estimates are developed during the period as a result of new events and
    additional information.
The
  tax charge will be unaffected by the payment of dividends by the Company to
  its shareholders.
e)   Factors
  that may affect future tax charges
Tax
  losses and other deductible temporary differences with a value of £934.6m
  (£561.0m) have not been recognised as their use is uncertain or not currently
  anticipated. The increase is due to the resolution of prior years' loss
  position with the tax authorities.
The
  losses and temporary differences have no expiry date.
At
  December 31, 2005, the group has not provided deferred tax in relation to temporary
  differences on its foreign subsidiaries, associates or joint-ventures. Quantifying
  the temporary differences is not practical, however, based on current enacted
  law and on the basis that the group can control the timing and realisation of
  these temporary differences, no material tax consequences are expected to arise.
9   Discontinued
      operations
During
  2005, Hanson Aggregates North America sold its 50% interest in the joint-venture
  Campbell Concrete and Materials, a ready-mixed concrete and aggregates business
  operating in Houston, Texas on June 17 for £31.0m; and Hanson Continental
  Europe disposed of 19 ready-mixed concrete sites on May 13 for £14.0m,
  following restructuring of its Spanish operations.
The
    operations of Seagoe, a drainage business based in Northern Ireland, are
    not considered to be core
    to the strategic direction of Hanson Building Products UK. As such, these
    operations were classified as held for sale at the balance sheet date and
    were subsequently
    sold for £4.0m on January 31, 2006.
During
  2004, Hanson Building Products UK sold its drainage business on May 14; Hanson
  Aggregates UK sold the Portland Stone operations on December 22 and the Pinden
  operations on December 24; and Hanson Asia Pacific sold its Thailand operations
  on July 19.
Note
  9(a) below analyses the profit after tax of £2.8m earned during the year
  by the operations discontinued in 2005. The loss of £16.4m in the prior
  year represents the net loss after tax incurred during the prior year by the
  operations discontinued in both 2004 and 2005.
Note
  9(b) below analyses the profit after tax of £2.3m resulting from the disposal
  of operations discontinued in 2005. The profit of £10.4m in the prior year
  represents the profit on disposal after tax of discontinued operations disposed
  of during 2004.
Note
  9(c) below analyses the loss after tax of £12.4m that resulted from adjustments
  in the current year to the profit or loss on disposals (and other income and
  expenses) of operations that were discontinued in prior years. The loss after
  tax of £50.0m in 2004 represents adjustments made in the prior year to
  the profit or loss on disposals (and other incomes and expenses) of operations
  that were discontinued prior to 2005.
Note
  9(d) provides an analysis of the net cash inflow after financing of £1.4m
  generated from operations discontinued in 2005. The net cash inflow of £5.3m
  in the prior year represents the cash flows generated during the prior year
  by operations discontinued in 2005 and 2004.
Note
  9(e) provides an analysis of the net assets of discontinued operations that
  were disposed of or classified as held for sale in 2005. The comparative provides
  the equivalent information for operations disposed of or held for sale in 2004.
88
Notes
      to the accounts
Back to Contents
9
Discontinued
    operations
continued
2005
2004
£m
£m
a)   Current
          year profit/(loss) after taxation of discontinued operations
Group turnover
24.0
81.3
Costs and overheads
(23.0
)
(77.3
)
Group operating profit before impairments
1.0
4.0
Share of joint-ventures' and associates' profit
        after tax
2.6
3.2
Operating profit before impairments
3.6
7.2
Operating impairments
–
(21.9
)
Operating profit/(loss)
3.6
(14.7
)
Finance costs
–
–
Profit/(loss) before tax
3.6
(14.7
)
Tax
(0.8
)
(1.7
)
Profit/(loss) after tax
2.8
(16.4
)
By primary segment
North America
1.5
(19.9
)
UK
0.9
0.8
Asia Pacific
–
1.6
Continental Europe
0.4
1.1
Profit/(loss) after tax
2.8
(16.4
)
b)   Profit on disposals in the current
          year, after tax
Loss on disposal of North America operations
(0.4
)
–
Profit on disposal of Continental Europe
        operations
5.8
–
Profit on disposal of Asia Pacific operations
–
7.9
Profit on disposal of UK operations
–
2.6
Profit on disposals of Australian operations
–
1.0
Net profit on disposals before tax
5.4
11.5
Tax
(3.1
)
(1.1
)
Net profit on disposals after tax
2.3
10.4
c)   Loss on disposals in prior years,
          after tax
Receipts related to terminated operations
1.3
4.1
Asbestos
(22.4
)
(79.7
)
Loss on other disposals and terminations
(11.7
)
(19.0
)
Release of demerger provisions and other
        creditors
7.0
5.5
Net loss on disposals before tax
(25.8
)
(89.1
)
Tax
13.4
39.1
Net loss on disposals after tax
(12.4
)
(50.0
)
Included in the loss on other disposals and terminations charge of £11.7m (charge of £19.0m) is a charge of £13.0m (charge of £4.8m) before tax relating to
the cost of ancillary litigation and bodily injury claims against discontinued operations in the USA. These cash costs now exceed the provision established at the time of demerger and charges of a similar nature are expected in the
future.
Included within the asbestos charge of £22.4m (charge of £79.7m) is a charge of £0.6m (£nil) due to discounting. The tax credit on loss from prior
years' disposals of £13.4m (credit of £39.1m) includes a credit of £8.7m (credit of £31.1m) relating to asbestos. This results in a post-tax charge due to asbestos of £13.7m (£48.6m) which is described in more
detail in note 21.
d)
Cash flows of discontinued
          operations
2005
2004
£m
£m
Operating activities
1.4
6.0
Investing activities
–
(0.7
)
1.4
5.3
89
Notes
    to the accounts
Back to Contents
Notes
          to the
accounts
continued
for the 12 months ended December 31, 2005
9
Discontinued
    operations
continued
e)
Assets
    and liabilities of discontinued operations
2005
2005
2004
2004
Disposal
Disposal
groups
Operations
groups
Operations
held for sale
disposed of
held for sale
disposed of
£m
£m
£m
£m
Goodwill
0.4
3.5
–
6.5
Property, plant and equipment
2.2
2.0
–
17.4
Joint-ventures and associates
–
29.7
–
–
Inventories
0.9
–
–
7.9
Receivables
–
–
–
9.6
Cash and cash equivalents
–
–
–
1.7
Payables
–
–
–
(5.0
)
Provisions
–
–
–
(0.3
)
3.5
35.2
–
37.8
Profit
        on disposals before tax (including £0.1m (£0.3m) in respect
        of transferring the cumulative foreign exchange on disposal)
5.4
4.3
Cash consideration (net of disposal costs)
40.6
42.1
10
Dividends
Equity dividends on ordinary shares paid
        during the year:
2005
2004
£m
£m
Final dividend for 2004: 12.80p (2003:
        11.95p)
93.5
87.8
Interim dividend for 2005: 5.85p (2004:
        5.35p)
42.7
39.5
Dividends paid during the year
136.2
127.3
Recommended final dividend for 2005: 14.15p
        (2004: 12.80p)
102.2
93.5
The final dividend of 14.15p recommended by the Board is payable on May 5, 2006, subject to shareholder approval, to those ordinary shareholders on the register at the close of
business on April 7, 2006. The Investor information section of the Annual Report contains details of Hanson's dividend policy and reinvestment programme.
11
Earnings
    per ordinary share
The calculation
of the basic earnings per ordinary share of 53.2p (36.0p) is based on the weighted
average of 728,300,283 (734,257,732) ordinary shares in issue during the year

and profit attributable to equity holders of the Company of £387.3m (£264.3m).
The basic earnings per ordinary share for continuing operations of 54.2p (43.6p)
is calculated using the same number of shares referred to above and on  earnings
of £394.6m (£320.3m). Earnings per share is also calculated below,
before impairments, since the Directors consider that this gives a useful indication
of underlying performance.
The calculation
of the diluted earnings per ordinary share of 52.6p (35.6p) is based on the weighted
average of 735,664,121 (741,105,680) ordinary shares and the profit  attributable
to equity holders of the Company of £387.3m (£264.3m). The diluted
earnings per ordinary share of continuing operations of 53.6p (43.2p) is calculated
using the same number of shares referred to immediately above and on  earnings
of £394.6m (£320.3m).
The reconciliation
from basic earnings per share to diluted earnings per share is given as follows:
2005
2004
Number
          of
shares
Number
        of
shares
Weighted average ordinary shares in issue
736,968,849
736,968,849
Less: Weighted average own shares held
(8,668,566
)
(2,711,117
)
Basic number of shares
728,300,283
734,257,732
Options
502,975
223,211
Sharesave
622,471
879,847
Long-term incentive plan
6,238,392
5,744,890
Diluted number of shares
735,664,121
741,105,680
90
Notes
    to the accounts
Back to Contents
11
Earnings
    per ordinary share
continued
2005
2005
2005
2004
2004
2004
Discontinued
Continuing
Discontinued
Continuing
Unadjusted
operations
operations
Unadjusted
operations
operations
£m
£m
£m
£m
£m
£m
Earnings
Earnings
387.3
7.3
394.6
264.3
56.0
320.3
Adjustment for impairments after tax
9.6
–
9.6
44.9
(21.9
)
23.0
Earnings before impairments
396.9
7.3
404.2
309.2
34.1
343.3
Earnings per share (in pence)
Basic
53.2p
1.0p
54.2p
36.0p
7.6p
43.6p
Adjustment for impairments
1.3p
–
1.3p
6.1p
(3.0)p
3.1p
Basic before impairments
54.5p
1.0p
55.5p
42.1p
4.6p
46.7p
Diluted
52.6p
1.0p
53.6p
35.6p
7.6p
43.2p
Adjustment for impairments
1.3p
–
1.3p
6.1p
(3.0)p
3.1p
Diluted before impairments
53.9p
1.0p
54.9p
41.7p
4.6p
46.3p
The basic earnings
per share figure of 53.2p (36.0p), is calculated by taking the profit attributable
to equity holders of the Company for the financial year (described as earnings
above), and dividing this by the weighted average ordinary shares in issue, after
deducting shares held in employee trusts or as treasury shares. The basic 'earnings' number
used has been adjusted by adding back impairments above.
The diluted earnings per share figure of 52.6p (35.6p) is calculated by taking the basic number of shares above and adjusting these for the notional exercise of outstanding
long-term incentive awards and options, where these would be deemed to have a dilutive impact.
The basic and diluted earnings per share of the 2005 and 2004 acquisitions is 1.6p and 0.3p respectively.
12
Intangible
    assets
2005
2005
2005
2004
2004
2004
Other
Other
intangible
intangible
Goodwill
assets
Total
Goodwill
assets
Total
Notes
£m
£m
£m
£m
£m
£m
Cost
At January 1
713.1
16.1
729.2
777.2
11.4
788.6
Acquisitions
25
190.1
25.6
215.7
35.1
4.4
39.5
Additions
–
8.4
8.4
–
1.9
1.9
Disposals
(7.5
)
–
(7.5
)
(46.2
)
(0.6
)
(46.8
)
Reallocations
(2.2
)
(3.8
)
(6.0
)
(21.7
)
–
(21.7
)
Reclassifications to assets held for sale
(0.4
)
–
(0.4
)
–
–
–
Exchange adjustments
59.6
1.8
61.4
(31.3
)
(1.0
)
(32.3
)
At December 31
952.7
48.1
1,000.8
713.1
16.1
729.2
Amortisation and impairment
At January 1
1.4
3.2
4.6
–
1.4
1.4
Amortisation charge for the year
3
–
3.0
3.0
–
2.5
2.5
Provision for impairment
6
17.6
–
17.6
1.4
–
1.4
Disposals
–
–
–
–
(0.5
)
(0.5
)
Exchange adjustments
1.0
0.4
1.4
–
(0.2
)
(0.2
)
At December 31
20.0
6.6
26.6
1.4
3.2
4.6
Net book value at January 1
711.7
12.9
724.6
777.2
10.0
787.2
Net book value at December 31
932.7
41.5
974.2
711.7
12.9
724.6
Other intangible
assets include brand names with a carrying value of £10.7m (£nil) within
Hanson Building Products UK that have an indefinite useful life. Market research,
using qualitative and quantitative methods provides evidence that the brands
will generate net cash inflows for the group for an indefinite period. Other
intangible assets with a finite useful life are amortised on a straight line
basis
over a period of 1-27 years, and those that were acquired during the year have
a weighted average amortisation period of 11 years.
91
Notes
        to the accounts
Back to Contents
Notes
          to
the accounts
continued
for the 12 months ended December 31, 2005
13   Property,
    plant and equipment
2005
2005
2005
2004
2004
2004
Land, buildings
Land, buildings
and natural
Plant and
and natural
Plant and
resources
equipment
Total
resources
equipment
Total
Notes
£m
£m
£m
£m
£m
£m
Cost
At January 1
1,837.6
1,967.0
3,804.6
1,984.5
1,562.5
3,547.0
Acquisitions
25
66.2
67.6
133.8
17.6
21.8
39.4
Additions at cost
14.1
182.0
196.1
18.2
184.8
203.0
Disposals
(11.6
)
(43.9
)
(55.5
)
(106.8
)
(77.8
)
(184.6
)
Reclassifications (to)/from assets held
        for sale
3.7
(3.1
)
0.6
5.6
–
5.6
Reclassifications (to)/from other asset
        categories
6.7
(13.3
)
(6.6
)
3.9
(17.6
)
(13.7
)
Reallocations*
16.8
(29.9
)
(13.1
)
–
373.7
373.7
Exchange adjustments
127.7
134.5
262.2
(85.4
)
(80.4
)
(165.8
)
At December 31
2,061.2
2,260.9
4,322.1
1,837.6
1,967.0
3,804.6
Depreciation and depletion
At January 1
329.6
1,036.4
1,366.0
363.6
617.4
981.0
Charge for the year
47.2
147.4
194.6
48.1
143.3
191.4
Provision for impairment
6
4.7
1.2
5.9
17.6
6.6
24.2
Reversal of impairments
6
(3.8
)
(15.4
)
(19.2
)
–
–
–
Disposals
(5.7
)
(32.1
)
(37.8
)
(82.5
)
(56.2
)
(138.7
)
Reclassifications (to)/from assets held
        for sale
(0.3
)
(1.7
)
(2.0
)
1.2
–
1.2
Reclassifications (to)/from other asset
        categories
1.9
(11.2
)
(9.3
)
4.6
(7.1
)
(2.5
)
Reallocations*
–
(13.1
)
(13.1
)
–
373.7
373.7
Exchange adjustments
29.2
72.4
101.6
(23.0
)
(41.3
)
(64.3
)
At December 31
402.8
1,183.9
1,586.7
329.6
1,036.4
1,366.0
Net book value at January 1
1,508.0
930.6
2,438.6
1,620.9
945.1
2,566.0
Net book value at December 31
1,658.4
1,077.0
2,735.4
1,508.0
930.6
2,438.6
*Reallocations
        within the prior year include adjustments to the cost and cumulative
        depreciation of property, plant and equipment acquired through previous
        acquisitions. These
have no impact on net book value
2005
2004
Land, buildings and natural resources
          comprise the following:
£m
£m
Aggregates
1,043.6
1,000.7
Clay
133.0
132.0
Other land and buildings
481.8
375.3
At December 31
1,658.4
1,508.0
Capital expenditure contracted at the
        balance sheet date
123.1
28.5
2005
2004
Finance leased assets included in plant
          and equipment above
£m
£m
Cost of finance leased assets included
        in plant and equipment
66.8
80.8
Cumulative depreciation of finance leased
        assets
(44.9
)
(49.7
)
Net book amounts at December 31
21.9
31.1
The
    net book value of plant and equipment includes £0.1m (£0.1m) in
    respect
of assets in the course of construction.
14   Investments
2005
2004
£m
£m
Investments in joint-ventures
211.2
215.9
Loans to joint-ventures
47.0
47.3
258.2
263.2
Investments in associates
43.9
46.9
Loans to associates
–
1.6
43.9
48.5
Total investments in joint-ventures and
        associates
302.1
311.7
Other investments
0.2
0.2
302.3
311.9
92
Notes
    to the accounts
Back to Contents
14   Investments
continued
The
          group's share of assets, liabilities, income and expenses of joint-ventures
    and associates are as follows:
Joint-ventures
Joint-ventures
Associates
Associates
2005
2004
2005
2004
£m
£m
£m
£m
Non-current assets
274.6
267.7
38.6
33.3
Current assets
82.7
80.8
18.5
31.4
Total assets
357.3
348.5
57.1
64.7
Non-current liabilities
(95.6
)
(87.7
)
(8.8
)
(1.9
)
Current liabilities
(50.5
)
(44.9
)
(4.4
)
(15.9
)
Total liabilities
(146.1
)
(132.6
)
(13.2
)
(17.8
)
Net assets
211.2
215.9
43.9
46.9
Total income
276.7
264.2
68.2
81.7
Total expense
(241.1
)
(267.3
)
(60.7
)
(74.1
)
35.6
(3.1
)
7.5
7.6
As
    at
December 31, 2005 the share of joint-ventures and associates' contingent liabilities totalled £7.6m and capital commitments were £11.2m.
Investments
    in joint-ventures at December 31, 2005 include goodwill at cost of £117.3m (£143.2m) . The net book value of goodwill at December 31, 2005 was £117.3m (£123.6m) . The Directors estimated the value of unlisted investments at December
  31, 2005 to be £302.3m (£311.9m) .
A
    list of the significant subsidiaries, including the name, country of incorporation
    and proportion of ownership interest is given in the Company's
    separate financial statements on page 142.
Principal
          joint-ventures and associates, none of which are held directly by the
    Company, are as follows:
Principal
activity
Share capital
and reserves
Full year
pre-tax profit
% owned
Country
Year ended at
£m
£m
Principal joint-ventures
          at
December 31,
          2005
United Marine Holdings
        Ltd
marine aggregates
30.5
11.3
50
UK
December
Cement Australia
        Holdings Ltd
cement production
184.7
52.0
25
Australia
December
Pioneer Road Services
        Pty Ltd
road surfacing
35.5
8.8
50
Australia
December
Metromix Pty Ltd
ready-mixed concrete
        and quarry operations
10.8
2.3
50
Australia
March
Piedras y Arenas
        Baja, S de R L de CV
quarry operations
13.1
(0.4
)
50
Mexico
December
Alliance Construction
        Materials Ltd
ready-mixed concrete
        and quarry operations
6.5
6.7
50
Hong Kong
December
Principal associate
    at
December 31, 2005
Midland Quarry Products
    Limited
quarry operations
77.2
18.2
50
UK
December
15   Inventories
2005
2004
£m
£m
Raw materials
59.4
46.0
Work in progress
12.4
9.8
Consumables and
        other
43.7
29.1
Finished goods
266.9
210.9
382.4
295.8
Inventories
        are stated net of provisions for slow moving and impaired items of £33.3m
        (£24.1m).
16   Assets
    held for sale
2005
2004
£m
£m
Disposal groups held for sale
3.5
–
Other assets held for sale
5.0
12.6
8.5
12.6
Details
      of disposal groups held for sale are set out in note 9. Other assets held
      for sale consist of land and buildings reclassified from property, plant
      and equipment that
are surplus to the group's requirements as the group intends to dispose
of these assets within 12 months of reclassification rather than use them in
the continuing operations. Profits or losses on disposal of assets held for sale
are included
within group operating profit before impairments – see note 2(b). Disposal
groups and other assets held for sale are analysed on a segmental basis in note
2(e).
93
Notes
          to the accounts
Back to Contents
Notes
          to the
accounts
continued
for the 12 months ended December 31, 2005
17   Receivables
2005
2004
Trade and other current receivables
Notes
£m
£m
Trade receivables
629.0
594.5
Amounts due from joint-ventures
7.0
5.3
Amounts due from associates
0.7
0.3
Prepayments
31.3
37.0
Amounts recoverable from insurers – Koppers
21
39.3
45.2
Amounts recoverable from insurers – asbestos
21
7.1
5.1
Derivatives
6.2
49.2
Other receivables
54.2
51.4
774.8
788.0
2005
2004
Non-current receivables
£m
£m
Amounts recoverable from insurers – Koppers
21
101.5
117.0
Amounts recoverable from insurers – asbestos
21
–
7.4
Derivatives
33.9
–
Other receivables
46.8
34.7
182.2
159.1
The
      Directors estimate that the carrying amount of trade and other receivables
    approximates their fair value.
18   Cash
        and cash equivalents
2005
2004
£m
£m
Cash at bank and in hand
183.9
131.7
Short-term deposits
899.1
1,262.6
1,083.0
1,394.3
Cash
      at bank and in hand includes £16.8m in respect of cash held in notional
      cash pools under which the banks have the right of set-off against overdrafts
      (note 20) of the same amount. These amounts have not been set-off in the
      accounts as the group does not intend to offset them. Cash at bank and
      in hand earns interest at floating rates based on market deposit rates.
      Short-term deposits are made for varying periods of up to three months
    and earn interest at the respective short-term deposit rates.
For
        the purposes of the consolidated cash flow statement, cash and cash equivalents
    comprise the following at December 31:
2005
2004
Notes
£m
£m
Cash at bank and
        in hand
183.9
131.7
Short-term deposits
899.1
1,262.6
Bank overdrafts
20
(20.9
)
(5.3
)
1,062.1
1,389.0
Cash
at bank and in hand includes £53.6m (£43.6m) held by two group captive insurance companies, £36.0m (£21.2m)
of which is effectively pledged to insurance companies in support of potential
claims under the deductible element of group insurance policies. The excess is
available to the group.
19   Payables
2005
2004
Trade and other current payables
£m
£m
Trade payables
305.5
304.4
Amounts due to joint-ventures
21.1
19.1
Amounts due to associates
8.7
0.6
Other taxes
37.1
28.1
Accruals and deferred income
145.9
138.7
Derivatives
13.2
–
Other payables
47.0
71.0
578.5
561.9
2005
2004
Non-current payables
£m
£m
Derivatives
26.4
–
Other payables
57.6
31.9
84.0
31.9
94
Notes
          to the accounts
Back
  to Contents
20
Borrowings
2005
2004
Current
      borrowings
£m
£m
Overdrafts
20.9
5.3
Bank
      loans
85.6
123.4
Debenture
      loans
803.3
901.2
Other
      loans
0.6
0.8
Finance
      leases
0.6
0.5
911.0
1,031.2
Current
  debenture loans include £194.4m (£26.0m) relating to borrowings under
  a US commercial paper programme and £593.0m (£520.4m) relating to
  borrowings under a European commercial paper programme.
2005
2004
Non-current
      borrowings
£m
£m
Bank
      loans
285.6
281.5
Debenture
      loans
874.2
774.3
Other
      loans
1.6
2.0
Finance
      leases
0.2
0.5
1,161.6
1,058.3
2005
2004
The
      nominal value of non-current borrowings is repayable as follows:
£m
£m
2006
–
1.2
2007
86.2
82.2
2008
200.2
200.1
2009
0.2
0.3
2010
437.1
390.8
Thereafter
437.1
390.7
Non-current
  debenture loans include two bonds each with a nominal value of US$750m,
  maturing in September 2010 and March 2013 with fixed coupon rates of 7.875%
  and 5.25% respectively. Non-current bank loans include an unsecured 4.57% fixed
  rate debt obligation with a nominal value of £199.8m repayable in 2008
  (swapped to a floating rate of interest) and A$200m drawn for a period of
  less than three months on a revolving credit facility that matures in 2007.
A
      reconciliation of net cash outflow after financing to net debt is set out
      below:
2005
2004
£m
£m
Net
      cash outflow after financing
(364.3
)
(90.5
)
Decrease
      in borrowings
439.3
445.3
Increase
      in borrowings
(249.1
)
(206.6
)
(Increase)/decrease
      in net debt resulting from cash flows
(174.1
)
148.2
Non
      cash movements in debt:
Fair
      value adjustments
(8.8
)
–
Effective
      interest adjustments
(12.3
)
–
Borrowings
      in subsidiary undertakings (acquired)/disposed of
(1.9
)
(1.6
)
Other
      movements
(1.6
)
(1.4
)
Exchange
      movements
(95.7
)
101.8
Movement
      in net debt in the year
(294.4
)
247.0
Opening
      net debt
(695.2
)
(942.2
)
Closing
      net debt
(989.6
)
(695.2
)
Net
      debt comprises the following balance sheet items at December 31:
2005
2004
Notes
£m
£m
Cash
      and cash equivalents
18
1,083.0
1,394.3
Current
      borrowings
20
(911.0
)
(1,031.2
)
Non-current
      borrowings
20
(1,161.6
)
(1,058.3
)
Net
      debt
(989.6
)
(695.2
)
95
Notes
      to the accounts
Back
  to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
21
Provisions
Legal,
insurance,
Koppers'
Reclamation
environmental
Asbestos
liabilities
obligations
and
      other
Total
£m
£m
£m
£m
£m
At January 1, 2004
178.6
201.2
126.2
47.3
553.3
(Decrease)/increase in provisions due to discounting
(43.0
)
10.0
5.8
0.9
(26.3
)
Provided in year
121.6
4.6
6.6
20.9
153.7
Released in year
–
–
(0.8
)
(7.0
)
(7.8
)
(Disposals)/acquisitions
–
–
(3.6
)
0.3
(3.3
)
Reallocations and other
–
–
1.8
–
1.8
Utilised
(32.4
)
(39.5
)
(6.7
)
(12.1
)
(90.7
)
Exchange movements
(15.8
)
(14.1
)
(6.5
)
(2.5
)
(38.9
)
At
      December 31, 2004
209.0
162.2
122.8
47.8
541.8
Increase/(decrease) in provisions due to discounting
0.5
(5.4
)
2.5
1.2
(1.2
)
Provided in year
21.8
1.3
18.7
28.8
70.6
Released in year
–
–
(21.2
)
(11.3
)
(32.5
)
Acquisitions
–
–
2.3
0.1
2.4
Reallocations and other
–
–
1.2
(1.2
)
–
Utilised
(23.8
)
(34.2
)
(8.5
)
(16.5
)
(83.0
)
Exchange movements
24.7
16.9
8.7
3.9
54.2
At
      December 31, 2005
232.2
140.8
126.5
52.8
552.3
2005
2004
£m
£m
Current
      provisions
104.3
99.7
Non-current
      provisions
448.0
442.1
552.3
541.8
The
  decrease in provisions due to discounting of £1.2m is represented by an
  increase due to the unwind of the discount of £10.5m and a decrease due
  to the change in the discount rate of £11.7m.
Included
  within reclamation provisions release in the year of £21.2m (£0.8m)
  is £14.7m (£nil) resulting from a change in estimates of future cash
  flows.
Asbestos
Various
  of the Company's US subsidiaries are defendants, typically with many other
  companies, in lawsuits filed in state and federal courts by claimants who allege
  that they have suffered bodily injury as a result of exposure to asbestos-containing
  products, the manufacture of which by such subsidiaries ceased, depending on
  the subsidiary involved, between 1973 and 1984, which was prior to the time
  that these subsidiaries became members of the group.
The
  discounted pre-tax provision for the gross cost of asbestos is shown above.
  The related insurance asset is included within "Receivables" in note
  17 and the deferred tax asset relating to asbestos payments is included within
  "Deferred tax" in note 22.
Claimant
      numbers and costs during the year
Information
      regarding the movement in asbestos claimants in the year and the cost of
      resolution in the year is provided below:
2005
2004
New claimants
10,350
18,700
Resolutions
(14,750
)
(7,150
)
Outstanding claimants
131,350
135,750
Average gross cost of resolution
      ($)
2,929
8,294
Gross cost of resolution ($m)
43.2
59.3
Less insurance recoveries ($m)
(11.5
)
(46.5
)
Net cost before tax ($m)
31.7
12.8
New
  claimants were 10,350 for 2005, compared with the 18,700 claimants in 2004.
  At the end of 2005, outstanding claimants totalled approximately 131,350 (135,750).
  Of the 14,750 (7,150) claimants whose cases were resolved during 2005, over
  90% were dismissed without payment. In the USA, claimants can file without illness
  or product identification. In the absence to date of federal reform, a number
  of states have introduced or are looking to introduce an unimpaired docket which
  will suspend claims until there is proven evidence of illness. Although outstanding
  claimants decreased as at the end of 2005 compared to 2004, this does not mean
  that the Company believes that 2005 is the start of a downward trend in the
  number of claimants.
The
  gross cost of resolving asbestos claims in 2005 was $43.2m ($59.3m)
  including legal fees of $26.3m ($27.4m). The pre-tax cost of asbestos
  for the year after insurance was $31.7m ($12.8m).
The
  aggregate amounts paid in settlement and average settlement payments in any
  given period, together with related defence costs, have fluctuated widely and
  are expected to continue to fluctuate widely depending on the nature of the
  claims resolved (including the proportion of which that are mass claims), disease
  mix, number of other defendants and jurisdiction of claim.
96
Notes
      to the accounts
Back
  to Contents
21
Provisions
continued
Each
  of the Company's relevant US subsidiaries, together with its insurance
  carriers and outside counsel, review each asbestos claim that is pursued by
  claimants. In many cases claimants are unable to demonstrate that any injury
  they have suffered resulted from exposure to the subsidiary's products,
  in which case their claim is generally dismissed without payment. In those cases
  where a compensatable disease, exposure to the subsidiary's products and
  causation can be established by claimants, the subsidiary generally settles
  for amounts that reflect the type of disease, the seriousness of the injury,
  the age of the claimant, the particular jurisdiction of the claim and the number
  and solvency of the other defendants.
The
  Company's approach to accounting for the asbestos claims against its US
  subsidiaries is to provide for those costs of resolution which are both probable
  and reliably estimable. The costs of resolving possible claims are disclosed
  as contingent liabilities (refer note 26). At present, based on detailed analysis
  and the assumptions noted below, the provision for those costs which are both
  probable and reliably estimable equates to approximately eight years of gross
  cost, assuming an annual level of approximately US$60m. Whilst further claims
  are likely to be resolved beyond this eight year period, the associated costs
  of resolution are not able to be reliably estimated and hence no provision has
  been made to cover these possible liabilities.
Assumptions
  made in establishing the provision relate to the number, disease mix and location
  of future claimants, trends in dismissal rates, settlement and defence costs,
  resolution of all existing claimants, time scale of resolution of new claimants,
  the continued solvency of co-defendants and expected insurance recoveries. In
  light of the significant uncertainty associated with asbestos claims, there
  can be no guarantee that the assumptions used to estimate the provision for
  the cost of resolving asbestos claims will be an accurate prediction of the
  actual costs that may be incurred and as a result the provision will be subject
  to potential revision from time to time as additional information becomes available
  and to reflect any changes in trends.
Gross
  cost provision
The
  provision of $480.0m at January 1, 2005 was increased by $60.0m (the
  estimated gross cost for an additional year) and reduced by the gross cost incurred
  in 2005 of $43.2m, to give a closing provision at December 31, 2005 of $496.8m.
  This represents the estimated gross cost of asbestos for the next eight years,
  and is equivalent to $398.6m on a discounted basis, or £232.2m.
Movements
      in the provision for the year were as follows:
January 1,
January 1,
December 31,
2004
Discount
Provided
Utilised
Exchange
2005
Discount
Provided
Utilised
Exchange
2005
Undiscounted $'m
Gross cost provision
316.8
–
222.5
(59.3
)
–
480.0
–
60.0
(43.2
)
–
496.8
Insurance asset
(72.6
)
–
–
46.5
–
(26.1
)
–
–
11.5
–
(14.6
)
Net cost
244.2
–
222.5
(12.8
)
–
453.9
–
60.0
(31.7
)
–
482.2
Deferred tax asset
(95.2
)
–
(86.8
)
5.0
–
(177.0
)
–
(23.4
)
12.4
–
(188.0
)
Post-tax net cost
149.0
–
135.7
(7.8
)
–
276.9
–
36.6
(19.3
)
–
294.2
Discounted $'m
Gross cost provision
316.8
(78.8
)
222.5
(59.3
)
–
401.2
0.9
39.7
(43.2
)
–
398.6
Insurance asset
(72.6
)
2.1
–
46.5
–
(24.0
)
0.3
–
11.5
–
(12.2
)
Net cost
244.2
(76.7
)
222.5
(12.8
)
–
377.2
1.2
39.7
(31.7
)
–
386.4
Deferred tax asset
(95.2
)
29.9
(86.8
)
5.0
–
(147.1
)
(0.5
)
(15.5
)
12.4
–
(150.7
)
Post-tax net cost
149.0
(46.8
)
135.7
(7.8
)
–
230.1
0.7
24.2
(19.3
)
–
235.7
Discounted £'m
Gross cost provision
178.6
(43.0
)
121.6
(32.4
)
(15.8
)
209.0
0.5
21.8
(23.8
)
24.7
232.2
Insurance asset
(40.9
)
1.1
–
25.4
1.9
(12.5
)
0.1
–
6.4
(1.1
)
(7.1
)
Net cost
137.7
(41.9
)
121.6
(7.0
)
(13.9
)
196.5
0.6
21.8
(17.4
)
23.6
225.1
Deferred tax asset
(53.7
)
16.3
(47.4
)
2.7
5.5
(76.6
)
(0.2
)
(8.5
)
6.8
(9.3
)
(87.8
)
Post-tax net cost
84.0
(25.6
)
74.2
(4.3
)
(8.4
)
119.9
0.4
13.3
(10.6
)
14.3
137.3
The
      rate used to discount the provision and insurance assets in 2005 was 5.30%
      (4.25%).
Insurance
  asset
The
  insurance asset of $26.1m at January 1, 2005 was reduced by insurance utilisation
  during the year of $11.5m, to give a closing insurance asset at December
  31, 2005 of $14.6m, equivalent to £7.1m on a discounted basis.
Most
  of the US subsidiaries involved with asbestos claims have had agreements with
  their respective insurance carriers regarding the defence and settlement of
  asbestos claims, the terms of which varied for each such subsidiary. These insurance
  arrangements have resulted in the insurance companies having met substantially
  all of the amounts such subsidiaries have paid in the past in settlements and
  defence costs. More of these costs are now being borne by the relevant subsidiaries
  as these arrangements are assumed, for accounts purposes, to be exhausted.
In
  February 2006, one of the Company's US subsidiaries reached a settlement
  with its insurers covering approximately 20% of the group's present asbestos
  costs. Details are provided in note 31.
Certain
  other US subsidiaries, not party to the recent settlement, continue to pursue
  litigation and negotiation to maximise the insurance cover available. Litigation
  proceedings are progressing in the state of California with a view to establishing
  whether or not substantially all of the primary cover available to one of our
  US subsidiaries has been exhausted and, to the extent that such cover has been
  exhausted, the amount of excess cover that is available to it.
Deferred
  tax asset
The
  net cost of asbestos is deductible for US taxation at an estimated rate of 39%.
  At December 31, 2005, the deferred tax asset relating to the discounted asbestos
  provision, net of insurance, was £87.8m as shown in note 22.
Income
  statement
The
  net impact on the income statement, shown under discontinued items in note 9,
  was a charge of £13.7m. This consists of a discounted charge after tax
  of £13.3m, as shown in the 'Provided' column of the above table,
  less the net impact of the discount unwind and change in discount rate which
  was a charge of £0.4m after tax as shown in the 'Discount' column
  of the above table.
Cash
  flow
The
  net cash flow impact, shown within net cash inflow from operating activities,
  was a net cash outflow of £10.6m shown in the 'Utilised' column
  of the above table.
97
Notes
      to the accounts
Back to Contents
Notes
            to the accounts
continued
for the 12
  months ended December 31, 200
5
21
Provisions
continued
Risk
  factors
Factors
  which could cause actual results to differ from these estimates include: (i)
  adverse trends in the ultimate number of claimants filing asbestos claims against
  the Company's US subsidiaries; (ii) increases in the cost of resolving
  current and future asbestos claims as a result of adverse trends relating to
  settlement and/or defence costs, dismissal rates, and/or judgment amounts; (iii)
  increases or decreases in the amount of insurance available to cover asbestos
  claims; (iv) the emergence of new trends or legal theories that enlarge the
  number of potential claimants; (v) the impact of bankruptcies of other defendant
  companies whose share of liability may be imposed on the Company's US subsidiaries
  under certain state liability laws; (vi) the unpredictable aspects of the US
  litigation process; (vii) adverse changes in the mix of asbestos-related diseases
  with respect to which asbestos claims are made against the Company's US
  subsidiaries; and (viii) potential legislative changes.
In
  light of such factors, the costs of the Company's US subsidiaries involved
  in resolving asbestos claims may be materially different from current estimates
  and consequently might have a material adverse effect on the Company's
  consolidated financial condition, results of operations and cash flow. However,
  assuming that current trends continue, the Company does not expect that such
  costs will have such a material adverse effect and, even assuming a material
  deterioration in current trends, on the evidence available to it, the Company
  does not expect that such claims would impact the ability of the Company to
  continue as a going concern.
Koppers'
  liabilities
Koppers'
  environmental obligations and related costs arise primarily from the US chemical
  and related operations formerly operated by Koppers Company Inc, a company acquired
  by Beazer PLC which itself was acquired by the Company in 1991. Members of the
  Beazer group remain contractually and statutorily liable for certain environmental
  costs relating to these discontinued operations. During 1998 an agreement was
  signed under which, for a one-off premium and related transaction costs totalling
  $275.0m, insurance cover of $800.0m in perpetuity (after payment by
  members of the Beazer group of the first $100.0m of remediation costs arising
  since January 1, 1998) was provided by subsidiaries of two reinsurance companies,
  Centre Solutions and Swiss Re.
At
  the end of 2005, $413.9m of the $800.0m insurance cover had been utilised.
  The estimate of future probable cost, discounted at 5.3% (5.1%), is shown as
  a provision of £140.8m at December 31, 2005. These costs are the responsibility
  of the insurers and hence a receivable of £140.8m is recorded at December
  31, 2005 as shown in note 17.
Based
  upon existing known circumstances, the Company considers that the remaining
  $386.1m of insurance cover should meet the related future costs, recognising
  that the estimate of future probable costs could increase. Factors which could
  cause such remediation costs to increase include (i) unknown adverse conditions
  arising at sites; (ii) third party claims in excess of estimates; (iii) changes
  to regulatory requirements; (iv) changes in remediation techniques; and (v)
  any other significant variations to assumptions made in support of these estimates.
Other
provisions
Long-term provisions

have been discounted at rates of up to 6.25%.
Reclamation
  obligations have been established to cover those situations where members of
  the group have either a statutory or constructive obligation to carry out remedial
  works. Reclamation provisions are expected to be utilised over the life of the
  relevant site. Legal, insurance, environmental and other provisions relate to
  acquisitions, disposals and rationalisations both arising on acquisitions and
  provided for in current and prior years. Legal, insurance, environmental and
  other provisions are expected to be utilised on a reducing basis over the next
  five years, depending in each case on the nature of the underlying obligation.
Where
  appropriate, reclamation and environmental provisions have been established
  after taking into account the opinions of suitably qualified and experienced
  consultants and after estimating the costs in line with current practice and
  standards.
22
Tax
      receivable/payable and deferred tax
Current
  and non-current tax receivable/payable includes expected taxes receivable/payable
  for tax filings and provisions for potential adjustments by tax authorities
  with respect to the tax filings in previous years. Examination of tax filings
  by tax authorities may last several years beyond the year of filing.
Deferred
      tax assets
Property,
      plant
Other
Other
and
      equipment
liabilities
assets
Total
£m
£m
£m
£m
At
      January 1, 2004
0.5
1.2
0.5
2.2
(Charge)/credit
      to income statement
(1.7
)
1.5
(0.5
)
(0.7
)
Acquisitions/disposals
0.5
–
–
0.5
Exchange
      movements
–
(0.1
)
–
(0.1
)
At
      December 31, 2004
(0.7
)
2.6
–
1.9
Charge
      to income statement
(0.1
)
(1.2
)
–
(1.3
)
Exchange
      movements
–
0.1
–
0.1
At
      December 31, 2005
(0.8
)
1.5
–
0.7
98
Notes to the accounts
Back to Contents
22
Tax
      receivable/payable and deferred tax
continued
Deferred tax liabilities
Property,
      plant
Other
Other
and
      equipment
assets
liabilities
Pensions
Asbestos
Losses
Total
£m
£m
£m
£m
£m
£m
£m
At
      January 1, 2004
(526.4
)
(3.5
)
157.8
14.1
53.7
9.3
(295.0
)
(Charge)/credit
      to income statement
14.6
8.2
(55.0
)
35.6
28.4
7.1
38.9
Acquisitions/disposals
–
–
0.2
–
–
0.7
0.9
Credited
      to reserves
–
–
–
4.9
–
–
4.9
Exchange
      movements
22.2
(0.1
)
(8.0
)
2.9
(5.5
)
(1.2
)
10.3
At
      December 31, 2004
(489.6
)
4.6
95.0
57.5
76.6
15.9
(240.0
)
(Charge)/credit
      to income statement
12.5
(5.8
)
(4.0
)
(5.0
)
1.9
(2.1
)
(2.5
)
Acquisitions/disposals
(21.2
)
(0.4
)
0.8
–
–
–
(20.8
)
Utilised
      and other
–
1.7
–
–
–
–
1.7
Credited
      to reserves
–
–
6.1
5.7
–
–
11.8
Exchange
      movements
(32.6
)
0.1
8.8
6.0
9.3
1.4
(7.0
)
At
      December 31, 2005
(530.9
)
0.2
106.7
64.2
87.8
15.2
(256.8
)
23
Share
      capital
The
    share capital of the Company is shown below:
2005
2004
2005
2004
Number
Number
£m
£m
Authorised
Ordinary
      shares of £0.10 (£0.10)
1,000,000,000
1,000,000,000
100
100
Allotted,
      called-up and fully paid
Ordinary
      shares of £0.10 (£0.10)
736,968,849
736,968,849
73.7
73.7
Treasury
      shares
Ordinary
      shares of £0.10 (£0.10)
14,685,000
6,350,000
1.5
0.6
During
  the period January 1, 2005 to December 31, 2005 no ordinary share capital was
allotted.
At
        December 31, 2005, 6,780,839 (7,989,949) ordinary shares were reserved
        to satisfy rights in respect of various employee share option schemes.
        The nominal value of reserved
shares totalled £0.7m (£0.8m) at the balance sheet date, as set out
below:
i)
options
      were outstanding over 2,927,109 ordinary shares under the Share Option Plan.
      Of these, 164,775 were exercisable at dates up to 2011 at a subscription
      price of 473.3p per share and 180,718 were exercisable at dates up to 2012
      at a subscription price of 461.75p per share. Subject to performance criteria
      being met, the remaining options will be capable of being exercised at dates
      up to 2015. Of these 647,618 had a subscription price of 514.3p per share,
      710,196 had a subscription price of 439.6p per share and 1,223,802 had a
      subscription price of 290.4p per share. At December 31, 2004 options were
      outstanding over 3,207,545 ordinary shares under the Share Option Plan.
      Of these 282,883 were exercisable at dates up to 2011 at a subscription
      price of 473.3p per share. Subject to performance criteria being met, the
      remaining options will be capable of being exercised at dates up to 2014.
      Of these 986,516 had a subscription price of 461.75p per share, 710,196
      had a subscription price of 439.6p per share and 1,228,372 had a subscription
      price of 290.4p per share;
ii)
options
      were outstanding over 3,853,729 (4,461,233) ordinary shares under the Sharesave
      Scheme and were capable of being exercised at dates up to 2013, with subscription
      prices ranging from 318.0p to 428.0p per share with an average of 354.75p
      (332.5p) per share; and
iii)
no
      options (321,812) were outstanding under the closed Executive Share Option
      Schemes. The options outstanding at December 31, 2004 all had a subscription
      price of 356.4p per share.
24
      Reconciliation of changes in total equity
Equity
attributable
to
    equity
holders
of
    the
Company
Share
      capital
(note
    23)
Own
shares
Cash
      flow
hedge
reserve
Cumulative
translation
reserve
Retained
earnings
Other
reserves
Minority
interest
Total
equity
£m
£m
£m
£m
£m
£m
£m
£m
£m
At
      January 1, 2004
73.7
(8.9
)
–
–
1,289.5
972.4
2,326.7
2.7
2,329.4
Recognised
      income and expense
–
–
–
(12.1
)
243.9
–
231.8
(0.3
)
231.5
Dividends
      paid
–
–
–
–
(127.3
)
–
(127.3
)
–
(127.3
)
Employee
      share awards
–
–
–
–
(1.1
)
–
(1.1
)
–
(1.1
)
Purchase
      of own shares held in treasury
–
(26.1
)
–
–
–
–
(26.1
)
–
(26.1
)
Disposal
      of own shares by ESOP Trust
–
4.9
–
–
–
–
4.9
–
4.9
Changes
      in minority interest
–
–
–
–
–
–
–
(0.3
)
(0.3
)
At
      December 31, 2004
73.7
(30.1
)
–
(12.1
)
1,405.0
972.4
2,408.9
2.1
2,411.0
Restatement
      for effects of adopting IAS 39
–
–
(9.4
)
–
(2.2
)
–
(11.6
)
–
(11.6
)
At
      January 1, 2005
73.7
(30.1
)
(9.4
)
(12.1
)
1,402.8
972.4
2,397.3
2.1
2,399.4
Recognised
      income and expense
–
–
6.4
56.8
388.5
–
451.7
0.6
452.3
Dividends
      paid
–
–
–
–
(136.2
)
–
(136.2
)
–
(136.2
)
Purchase
      of own shares held in treasury
–
(46.7
)
–
–
–
–
(46.7
)
–
(46.7
)
Purchase
      of own shares by ESOP Trust
–
(6.0
)
–
–
–
–
(6.0
)
–
(6.0
)
Disposal
      of own shares by ESOP Trust
–
9.5
–
–
–
–
9.5
–
9.5
Employee
      share awards
–
–
–
–
0.4
–
0.4
–
0.4
Changes
      in minority interest
–
–
–
–
–
–
–
(0.4
)
(0.4
)
At
      December 31, 2005
73.7
(73.3
)
(3.0
)
44.7
1,655.5
972.4
2,670.0
2.3
2,672.3
99
Notes to the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
24
Reconciliation
      of changes in total equity
continued
Own shares
On
  May 31, 1995 the group established an Employee Share Trust (the "Trust")
  approved by shareholders on May 15, 1995. The Trust as at
December
  31, 2005 held 0.1m (1.0m) ordinary shares in Hanson at a book value of £0.5m
  (£4.0m) . The Trust waived its rights to dividends payable during the year
  and to its future dividends on its holding of ordinary shares. The cost of the
  Hanson Sharesave Scheme, where awards are granted at a discount to the market
  price of the Company's shares, Share Option Plan and the Long Term Incentive
  Plan, is charged to the income statement. During the year, the group contributed
  £6.0m (£nil) to the Trust.
At
        December 31, 2005, 14,685,000 shares were held in treasury, none of which
        has the right to receive dividends. A further 3,565,000 shares were purchased
        by the Company to be held in treasury during the period January 1 to
        February 21, 2006. Pursuant to approval given by shareholders at the
        AGM held on April 20, 2005, as at December 31, 2005 the Company retains
        the authority to purchase a further 55,350,000 of its own shares up to
        the end of the AGM to be held in 2006. Details of shares purchased during
    the year are shown below:
Nominal
      value
Average
      price paid per share,
Total
      cost of purchasing
Number
      of shares purchased
of
      shares purchased
inclusive
      of transaction costs
shares
      held in treasury
Period
£m
(pence)
£m
April
      2005
875,000
0.1
471.9
4.2
May
      2005
275,000
–
489.3
1.3
September
      2005
375,000
–
589.7
2.2
October
      2005
4,625,000
0.5
557.4
25.8
November
      2005
1,835,000
0.2
598.5
11.0
December
      2005
350,000
–
635.9
2.2
Total
8,335,000
0.8
560.0
46.7
The
      following own shares are held by the Company:
Employee
      Share Trust
Treasury
      Shares
Total
Number
      of shares
Number
      of shares
Number
      of shares
At
      January 1, 2005
983,392
6,350,000
7,333,392
Purchased
      during the year
1,000,000
8,335,000
9,335,000
Distributed
      during the year
(1,894,945
)
–
(1,894,945
)
At
      December 31, 2005
88,447
14,685,000
14,773,447
Cash flow hedge reserve
Movements in the cash flow hedge reserve represent:
–
changes
      in the fair value of cash flow hedges;
–
the
      recycling of the above changes through the income statement (totalling £3.7m
      since January 1, 2005), offsetting therein the impact of the
underlying hedged
      item; and
–
related
      deferred tax.
The change in the fair value of derivatives in the cash flow hedge reserve in the period relates mainly to interest rate swaps with a maximum maturity date of 2013 hedging
floating rate debt. Underlying cash flows are therefore expected to occur until this date.
Cumulative
  translation reserve
Included
  within the foreign exchange adjustments of £56.8m (£(12.1)m) is foreign
  exchange of £0.1m (£(0.3m)) recycled through the income statement
  on disposal of overseas operations.
Retained
  earnings
Included
   within the retained earnings balance of £1,655.5m (£1,402.8m) is £37.6m
    (£(2.5)m) in respect of joint-ventures and associates of which profit
    after  tax for the current year of £43.2m (£2.0m) and dividends
    are £32.9m
  (£19.9m). The undistributed earnings of joint-ventures and associates
   is £38.9m (£18.0m).
Other
  reserves
Other
  reserves represent merger reserves on acquisition of Pioneer International Limited
  of £216.3m, and £756.1m created on reduction of share capital through
the Scheme of Arrangement under Section 425 of the Companies Act.
100
Notes to the accounts
Back to Contents
25
Business combinations
Total
      cash acquisitions spend for 2005 was £342.9m (£88.4m). On January
      4, 2005, Hanson Building Products UK acquired the assets of UK brick manufacturer
      Marshalls
Clay Products for £64.7m and Thermalite, a market leader in aircrete blocks,
on March 7 for £124.2m. On June 17, Hanson Aggregates North America acquired
the assets of Mission Valley Rock, Berkeley Ready Mix and Berkeley Asphalt, and
 Hanson Building Products North America acquired the assets of Sherman Pipe,
a concrete pipe and precast concrete products business for a total of £108.0m.
Other acquisitions made in the year consisted of three quarries in Southern Indiana
by  Hanson Aggregates North America in December, and a further six acquisitions
totalling £46.0m.
During 2004, Hanson Building Products North America acquired the assets of US brick manufacturer Athens Brick for £22.0m on February 19. The assets of concrete pipe
manufacturers Waco Precast and WPC Florida, the assets of a roof tile manufacturer in Fort Myers and an aggregates quarry in Sylvania were also acquired by Hanson Aggregates North America on May 14, July 16, June 25 and November 12 respectively for
a total of £22.2m. Hanson Aggregates UK acquired contractor Cumbrian Industrials Ltd on September 15 and Hanson Building Products UK acquired brick manufacturer Wilnecote on November 12 for a total of £41.6m. Within Hanson Australia &
Asia Pacific two further bolt-on acquisitions totalling £2.6m were made.
2005
2005
2005
2004
2004
2004
Total
carrying value
Fair
    value
adjustments
Total
fair value
Total
carrying value
Fair
  value
adjustments
Total
fair value
£m
£m
£m
£m
£m
£m
Intangible assets (other than goodwill)
–
25.6
25.6
–
4.4
4.4
Property, plant and equipment
107.6
26.2
133.8
29.6
9.8
39.4
Inventories
22.8
(0.4
)
22.4
7.6
(0.3
)
7.3
Receivables
20.8
6.2
27.0
11.3
(0.4
)
10.9
Cash and cash equivalents
0.1
–
0.1
4.1
–
4.1
Payables
(20.5
)
(9.2
)
(29.7
)
(11.0
)
(0.5
)
(11.5
)
Borrowings
(1.9
)
–
(1.9
)
(1.9
)
–
(1.9
)
Provisions
(1.6
)
(0.8
)
(2.4
)
(0.1
)
(0.2
)
(0.3
)
Deferred tax (liabilities)/assets
(6.9
)
(13.9
)
(20.8
)
0.9
–
0.9
120.4
33.7
154.1
40.5
12.8
53.3
Goodwill on acquisition
190.1
35.1
344.2
88.4
Consideration:
Cash paid
340.5
87.7
Other consideration
1.3
–
Acquisition costs (primarily legal and accounting fees)
2.4
0.7
Total consideration
344.2
88.4
Included in the goodwill recognised above are items that cannot be individually separated and reliably measured due to their nature. These include new customers and synergy
benefits.
For the period since acquisition, turnover of £143.8m and operating profit of £17.1m in respect of the current year acquisitions is included within the income
statement as continuing operations. If the acquisitions had taken place at the beginning of the financial year, the continuing operating profit of the group would have been £491.4m (£417.0m) and turnover from continuing operations would
have been £3,777.9m (£3,581.5m) .
The preliminary allocation of the purchase consideration to net assets and liabilities will be reviewed based on additional information up to December 31, 2006. The Directors
do not anticipate that any net adjustments resulting from such reviews will have a material effect on the financial position or results of Hanson's operations. In respect of acquisitions in 2004, there were no material subsequent amendments to
the preliminary allocations made.
Goodwill
      of £36.9m arising on current year acquisitions is deductible for tax purposes.
26
Contingent liabilities
Litigation relating to certain discontinued operations
Certain
of the Company's US subsidiaries, either directly or as a result of indemnity
obligations, are the subject of claims or lawsuits both on an individual and
class action basis for bodily injury or property damage, relating to products
incorporating asbestos, coal by-products and chemicals, in particular for the
wood treating industry.
Asbestos
The
Company's approach to accounting for the asbestos claims against its US subsidiaries is to provide for those costs of resolution which are both probable and reliably
estimable (refer note 21). The costs of resolving possible claims are disclosed as contingent liabilities. At present, based on detailed analysis and the assumptions noted below, the provision for those costs which are both probable and reliably
estimable equates to approximately eight years of gross cost assuming an annual level of approximately US$60m.
Whilst further claims are likely to be resolved beyond this eight year period,
the associated costs of resolution are not able to be reliably estimated and
hence no provision has been made to cover these possible liabilities.
Assumptions made in establishing the provision relate to the number, disease mix and location of future claimants, trends in dismissal rates, settlement and defence costs,
resolution of all existing claimants, time scale of resolution of new claimants, the continued solvency of co-defendants and expected insurance recoveries. In light of the significant uncertainty associated with asbestos claims, there can be no
guarantee that the assumptions used to estimate the provision for the cost of resolving asbestos claims will be an accurate prediction of the actual costs that may be incurred and as a result the provision will be subject to potential revision from
time to time as additional information becomes available and to reflect any changes in trends. Factors which could cause actual results to differ from these estimates include: (i) adverse trends in the ultimate number of claimants filing asbestos
claims against the Company's US subsidiaries; (ii) increases in the cost of resolving current and future asbestos claims as a result of adverse trends relating to settlement and/ or defence costs, dismissal rates, and/or judgement amounts;
(iii) increases or decreases in the amount of insurance available to cover asbestos claims; (iv) the emergence of new trends or legal theories that enlarge the number of potential claimants; (v) the impact of bankruptcies of other defendant
companies whose share of liability may be imposed on the Company's US subsidiaries under certain state liability laws; (vi) the unpredictable aspects of the US litigation process; (vii) adverse changes in the mix of asbestos-related diseases
with respect to which asbestos claims are made against the Company's US subsidiaries; and (viii) potential legislative changes.
101
Notes
    to the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
26
Contingent
liabilities
continued
In light of such factors, the costs of the Company's US subsidiaries involved in resolving asbestos claims may be materially different from current estimates and
  consequently might have a material adverse effect on the Company's consolidated financial condition, results of operations and cash flow. However, assuming that current trends continue, the Company does not expect that such costs will have such
a material adverse effect and, even assuming a material deterioration in current trends, on the evidence available to it, the Company does not expect that such claims would impact the ability of the Company to continue as a going concern.
Details of asbestos claims against the Company's US subsidiaries and the Company's approach to provisioning (and the associated contingent liabilities) are detailed
  in note 21. At December 31, 2005, approximately 131,350 claimants were outstanding. The amounts of compensation formally claimed in the cases initially filed by these claimants vary but typically follow standard formulations that are used in various
  jurisdictions by various plaintiffs' law firms. Of the claimants outstanding as of December 31, 2005, Hanson estimates that approximately 52% do not specify a dollar claim for damages, approximately 44% claim an amount "greater than
  US$25,000" and approximately 4% specify various amounts, typically "greater than" specified amounts between US$50,000 and US$1m. Hanson is not aware of any claim specifying an amount greater than US$40m. Hanson does
  not believe that the specific dollar amount mentioned in any claim is an accurate gauge of what relief, if any, the claimant may eventually recover from one of Hanson's US subsidiaries, and most claimants fail to allocate their alleged claims
of liability amongst the various named defendants.
Coal by-products and chemicals
These
claims and lawsuits relate primarily to former US chemical products and operations,
in particular those relating to the wood treating and coal tar derivative industries;
products and operations which are unrelated to the group's present business and activities. In such cases where one of the Company's subsidiaries is involved, there are often several potential defendants named in the claim or lawsuit.
  Since the demergers in 1996 no settlements have been paid by, or judgments rendered against, any of the Company's subsidiaries which have had or could have a material adverse effect on the Company's
  consolidated financial condition, results of operations or cash flow in connection
  with any such claims or lawsuits. In a number of instances, the claim or lawsuit
  against the subsidiary has not been pursued and has been dismissed. With respect
  to those claims or lawsuits that have
been or are being pursued, the subsidiary concerned generally believes itself
  to have had or to have meritorious defences and such claims and lawsuits have
been and are being vigorously defended.
The costs of defence and the amounts that are claimed by the plaintiffs, particularly in those lawsuits which involve numerous claimants, can be significant with claims
  amounting to tens of millions of dollars. The unpredictable aspects of the US litigation process and the potential for juries to award punitive damages mean that there is a possibility that the Company's subsidiary may suffer at some stage a
  significant adverse verdict. Insurance issues do arise on these claims and lawsuits, both in terms of settlement and defence coverage, the outcome of which can be uncertain. In certain instances no insurance coverage may be available to the relevant
  subsidiary. The insurance cover referred to in note 21 relating to the Koppers' environmental obligations does not apply to the bodily injury claims and lawsuits described in this note, although it will address certain of the property damage
claims. The cost relating to these claims is shown in note 21.
Other litigation
Several
of the Company's US subsidiaries are subject to litigation in California
courts arising out of sand dredging operations on submerged lands leased from
the state of  California. The litigation involves allegations that these subsidiaries
underpaid royalties due under the leases and that sand was dredged from state
owned lands without authorisation. The litigation includes claims by the state
of California under
  California statutes providing for the recovery of treble damages and certain
fines, penalties and attorney fees where the wrongful conduct involves false
statements or conversion of state owned property. A press release by the California
Attorney  General states that he is seeking damages of $200m, although the
complaint actually filed in court does not specify the amount of damages sought.
Initial indications from the court regarding the interpretation of the relevant
leases have not  served to clarify the situation and further submissions have
been made by all parties involved. Whatever the ultimate ruling of the court,
the decision is likely to be appealed. Other issues raised by the Attorney General's
complaint have not  yet been addressed and will be vigorously defended. In light
of the uncertainties involved in any litigation, no assurances or predictions
can be made on the outcome of this litigation.
Various
      subsidiaries of the Company are also the subject of a
    number of other pending legal proceedings. The Company does not anticipate
  that the outcome of these proceedings, either individually or in aggregate,
      will have a material adverse effect upon the Company's consolidated financial
  condition,  results of operations or cash flow. However, in light of the uncertainties
  involved in any litigation and in particular in the USA, where there is the added
  potential for punitive damage awards, there can be no guarantee that a settlement
  might have
    to be made by, or an unfavourable judgement may be rendered against, the Company
  or one of its subsidiaries, which could have a material adverse effect on the
  Company's
    consolidated financial condition, results of operations or cash flow in connection
  with the above mentioned non-asbestos claims and lawsuits.
Demergers
In
  connection with the demergers, each of the four companies into which the Company
  demerged its respective businesses agreed to indemnify the Company against,
among other things, the past, present and future obligations and liabilities
of the
  businesses transferred to it on its respective demerger while the Company agreed
  to indemnify each of these companies against, among other things, the past,
present and future
    obligations and liabilities of all other businesses owned or previously owned
  by the Company (including the businesses transferred to the other demerged
companies). Neither the Company nor any of its existing subsidiaries has incurred
any liability
  in respect of a claim that related to the above-mentioned businesses demerged
  by the Company, any such liability being borne by the relevant demerged company
  without liability to the Company or any of its existing subsidiaries. The Energy
  Group PLC,
    one of the demerged companies, was acquired by TXU Corp. in 1998. In November
  2002, TXU Corp. announced that several of TXU Corp's UK subsidiaries had
  been placed under the administration process in the UK, including The Energy
  Group PLC. The Energy Group PLC itself is therefore unlikely to be able to
  fulfil its indemnification obligations to the Company and its existing subsidiaries
  if and when required. The Company is, however, not aware of any claims against
  it or its subsidiaries
  that would give rise to an indemnity obligation owed to the Company or its
  subsidiaries,
on the part of The Energy Group PLC.
Bonds and guarantees
As
at December 31, 2005 the group had contingent liabilities in respect of bank
guarantees and performance bonds given to third parties amounting to £20.3m (£19.3m),
  of which £0.2m (£0.2m) relates to former trading activities of the group; £99.7m (£81.6m) in surety bonds issued primarily to US public authorities by US insurance companies in respect of reclamation liabilities of £51.6m
  (£42.1m), performance bonds of £38.0m (£31.2m) and other surety obligations of £10.1m (£8.3m) . The group's bankers have also issued letters of credit of £91.4m (£78.5m),
  primarily relating to environmental and restoration obligations and the deductible
  element of insurance programmes. Whilst the group holds provisions (see note
  21) for certain liabilities to which the bonds and guarantees relate, the liabilities
  under the bonds and guarantees are not
directly recorded on the consolidated balance sheet.
102
Notes
    to the accounts
Back to Contents
27
Commitments
Group as lessee:
The future
  minimum rental commitments as at December 31, for finance leases and non-cancellable
  operating leases, together with the present value of minimum lease payments

under finance leases, are as follows
:
Operating
    leases
Finance
    leases
2005
2004
2005
2004
£m
£m
£m
£m
Within one year
31.1
24.3
0.4
0.7
After one year but not more than two years
25.9
20.1
0.2
0.4
After two years but not more than three years
21.7
16.8
–
0.2
After three years but not more than four years
16.8
13.4
–
–
After four years but not more than five years
14.8
11.7
–
–
After more than five years
128.5
132.6
–
–
Total minimum lease payments
238.8
218.9
0.6
1.3
Less amount representing finance charges
(0.1
)
(0.2
)
Present value of minimum lease payments
0.5
1.1
Future minimum sublease receivable
(8.6
)
(11.3
)
–
–
28
Pensions and other post-retirement benefits
i)
Description
of plans and details of cash contributions
Hanson has several funded defined benefit pension plans. The principal plans are in the UK and the USA. The benefits provided by these plans are based primarily on years of
  credited service and final average pensionable pay as defined under the respective plan provisions. Hanson also provides benefits from unfunded non-qualified plans in the USA and post-retirement employee welfare benefits in the USA and
Canada.
The UK defined benefit plans were closed to new employees joining the group after July 2002 and a new defined contribution plan was established. In the UK, the current level of
  employer contributions to the defined contribution plan ranges from 5-10% of pensionable salaries dependent on the level of employee contribution. Other than for those employees covered by pre-existing collective bargaining arrangements, the US
  defined benefit plan was closed to new employees joining the group after July 2005 and a new defined contribution plan was established. In the USA, the current level of employer contributions to the defined contribution plan ranges from 3-6% of
pensionable salaries dependent on the level of employee contribution.
During 2005, the group continued with its own review of funding policy of the main UK and US defined benefit plans which built on the work carried out in earlier years. The
  group continues to adopt a funding policy that targets the accrued benefit obligation, which is higher than applicable statutory minimum funding levels in each country. Group companies, together with the relevant trustees of the various defined
benefit plans, have a long-term goal of matching the liabilities of the defined benefit plans by investing in assets of an appropriate nature.
Contributions
  by the group totalled £59.1m in the year (2004: £57.8m), principally in the UK, USA, Canada and Australia. This is represented by regular contributions
  of £31.1m (2004: £38.0m) and additional contributions of £12.1m (2004: £8.4m) to defined benefit plans; contributions to defined contribution plans of £12.1m (2004: £7.6m); and contributions to multi-employer plans of
£3.8m (2004: £3.8m) (multi-employer plans are principally in the USA, and provide defined benefits to certain of the group's union employees). Multi-employer plans are accounted for as defined contribution schemes since it is not
  possible to isolate the individual components of the charge that relate to the group from the other employers that participate in the plans. In addition to the ongoing regular contributions, group companies are scheduled to make additional payments
  of £8.4m in each of the next three years (to the principal UK defined
  benefit plan). No conclusion has currently been reached on the level of contributions
  to other plans. Contributions relating to multi-employer plans are based on
  negotiated collective bargaining agreements. The surpluses and deficits in
  the multi-employer plans are not considered to have a material impact on the
Company.
Employee benefit obligations
The amounts recognised in the balance sheet are as follows:
Pension
plans
Pension
plans
Post-
employment
medical
benefits
Post-
employment
medical
benefits
2005
2004
2005
2004
£m
£m
£m
£m
Present value of funded obligations at 31 December
(1,998.7
)
(1,779.5
)
–
–
Fair value of plan assets at 31 December
1,991.6
1,742.2
–
–
(7.1
)
(37.3
)
–
–
Present value of unfunded obligations
(13.7
)
(11.2
)
(103.3
)
(80.4
)
Net liability
(20.8
)
(48.5
)
(103.3
)
(80.4
)
Represented by amounts in the balance sheet:
Liabilities
(47.7
)
(76.1
)
(103.3
)
(80.4
)
Assets
26.9
27.6
–
–
Net liability
(20.8
)
(48.5
)
(103.3
)
(80.4
)
There are three UK pension plans and five US plans with an IAS 19 surplus at December 31, 2005. These plans had a combined net asset of £26.6m and £0.3m respectively.
The remaining plans (including post-retirement medical plans) had a net deficit of £151.0m.
103
Notes
    to the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
28   Pensions
          and other post-retirement benefits
continued
The
      amounts recognised in the income statement and statement of recognised
    income and expense are as follows:
Post-
Post-
employment
employment
Pension
Pension
medical
medical
plans
plans
benefits
benefits
2005
2004
2005
2004
£m
£m
£m
£m
Current service cost (defined benefit plans)
31.1
37.1
1.1
1.1
Current service cost (defined contribution plans)
12.1
7.6
–
–
Current service cost (multi-employer plans)
3.8
3.8
–
–
Total recognised in operating profit
47.0
48.5
1.1
1.1
Interest costs on plan obligations
98.6
96.2
4.6
3.0
Expected return on plan assets
(108.7
)
(111.2
)
–
–
Total recognised in net finance costs
(10.1
)
(15.0
)
4.6
3.0
Total expense recognised in the income statement
36.9
33.5
5.7
4.1
Actual return on plan assets
(216.2
)
(125.7
)
–
–
Less: Expected return on plan assets
108.7
111.2
–
–
Actuarial gain on plan assets
(107.5
)
(14.5
)
–
–
Actuarial losses on plan obligations
98.3
37.3
16.3
2.9
Other actuarial gains and losses
0.9
–
–
–
Net actuarial (gain)/loss recognised in the statement of recognised income and expense
(8.3
)
22.8
16.3
2.9
Changes
    in the present value of the defined benefit obligation are as follows:
Post-
Post-
Defined
Defined
employment
employment
benefit
benefit
medical
medical
pension plans
pension plans
benefits
benefits
2005
2004
2005
2004
£m
£m
£m
£m
At January 1
(1,790.7
)
(1,737.6
)
(80.4
)
(87.9
)
Current service cost for defined benefit plans
(31.1
)
(37.1
)
(1.1
)
(1.1
)
Employee contributions
(6.2
)
(7.3
)
–
–
Interest costs on plan obligations
(98.6
)
(96.2
)
(4.6
)
(3.0
)
Actuarial losses on plan obligations
(98.3
)
(37.3
)
(16.3
)
(2.9
)
Liabilities assumed in a business combination
(11.5
)
–
–
–
Benefits paid
89.0
83.2
9.0
8.5
Exchange movements
(65.0
)
41.6
(9.9
)
6.0
At December 31
(2,012.4
)
(1,790.7
)
(103.3
)
(80.4
)
Changes
    in the fair value of plan assets are as follows:
Defined
Defined
benefit
benefit
pension plans
pension plans
2005
2004
£m
£m
At January 1
1,742.2
1,686.5
Expected return on plan assets
108.7
111.2
Actuarial gains on plan assets
107.5
14.5
Contributions by employee
6.2
7.3
Contributions by employer
43.2
46.4
Assets acquired in a business combination
10.6
–
Benefits paid
(89.0
)
(83.2
)
Exchange movements
62.2
(40.5
)
At December 31
1,991.6
1,742.2
Overall the group expects to contribute at broadly the same level to its defined benefit pension plans in 2006 subject to maintaining plan funding at the accumulated benefit
obligation (ABO) level in the USA and Canada. The contributions to the main defined benefit plan in the USA are expected to be lower than for 2005 as approximately 35% of the members of this plan elected to join the new defined contribution plan.
The
      major categories of plan assets as a percentage of total plan assets are
    as follows:
2005
2004
%
%
Equity
41.7
46.3
Bonds
51.7
44.2
Property
5.0
4.5
Cash and other
1.6
5.0
Total
100.0
100.0
104
Notes
      to the accounts
Back to Contents
28
Pensions
    and other post-retirement benefits
continued
ii)
Assumptions
To develop
the expected long-term rate of return on assets assumptions, the group considered
the current level of expected returns on risk-free investments (primarily government
bonds), the historical level of the risk premium associated with the other asset
classes in which the portfolio is invested and the expectations for future returns
of each asset class. The expected return for each asset class was weighted
based on the asset allocation to develop the expected long-term rate of return
on assets assumption for the portfolio, resulting in weighted average assumptions
of 5.6% for the UK and 6.75% for the USA at December 31, 2005.
The
      major assumptions used to determine the liabilities on an IAS 19 basis
    for the principal US and UK defined benefit plans are set out below:
UK
UK
US
US
2005
2004
2005
2004
%
%
%
%
Discount rates at December 31
4.80
5.30
5.60
5.75
Future salary increases
4.25
4.50
4.25
4.25
Future pension increases
2.75
2.75
–
–
Expected rate of return on plan assets:
Equity
7.00
7.25
8.00
8.00
Bonds
4.50
4.60
5.50
5.50
Property
7.00
7.25
8.00
8.00
Cash and other
5.00
5.00
5.00
5.00
Weighted average expected return across plans
5.60
5.70
6.75
7.00
Investigations have been carried out into the mortality experience of the major schemes in both the UK and the USA. These investigations concluded that the current mortality
assumptions retain prudent allowance for future improvements in longevity and therefore have been used in both 2005 and 2004. For the UK plans, the mortality table "PA(90) rated down 5 years" was used in retirement for current pensioners
and PXA92 (C=2014) for future pensioners. In the USA, the mortality table "GAM83 series" was adopted in retirement for both current and future pensioners.
The
      current life expectancies underlying the value of the accrued liabilities
    for the principal UK and US defined benefit plans in 2005 and 2004 are:
UK
US
Current pensioners (at age 65 – males)
18.0
16.7
Current pensioners (at age 65 – females)
22.5
21.3
Future pensioners (at age 65 – males)
19.3
16.7
Future pensioners (at age 65 – females)
22.3
21.3
Additional assumptions for post-retirement medical plans:
2005
2004
Annual increase in healthcare costs for US healthcare plans – initial
9.0
%
10.0
%
Annual increase in healthcare costs for US healthcare plans – ultimate
5.0
%
5.0
%
Year that the rate reaches ultimate trend rate
2009
2009
A
      one percentage point change in the assumed rate of increase/decrease to
    healthcare costs would have the following effects:
One
One
percentage
percentage
point increase
point decrease
£m
£m
Effect on the aggregate of the service cost and interest cost
0.4
(0.3
)
Effect on defined benefit obligation
5.4
(5.0
)
The
      effect of experience gains and losses on plan assets and liabilities for
    the current and prior period are as follows:
Post-
Post-
Defined
Defined
retirement
retirement
benefit
benefit
medical
medical
pension plans
pension plans
benefits
benefits
2005
2004
2005
2004
£m
£m
£m
£m
Present value of defined benefit obligation
(2,012.4
)
(1,790.7
)
(103.3
)
(80.4
)
Fair value of plan assets
1,991.6
1,742.2
–
–
Net liability
(20.8
)
(48.5
)
(103.3
)
(80.4
)
Difference between actual and expected return on plan assets:
Amount (£m)
107.5
14.5
–
–
Percentage of plan assets (%)
5.4
%
0.8
%
–
–
Experience gains and (losses) on plan liabilities:
Amount (£m)
(14.6
)
115.3
(14.0
)
6.9
Percentage of plan liabilities (%)
0.7
%
(6.4
)%
13.6
%
(8.6
)%
As required under IAS 19, the effects of experience gains and losses on plan assets and liabilities shown above for 2005 and 2004 exclude the effects of changes in actuarial
assumptions.
105
Notes
      to the accounts
Back to Contents
Notes
          to the accounts
continued
for
    the 12 months ended December 31, 2005
29
Financial
      risk management
Exposure
        to liquidity, credit, and market price risk arises as a result of the
        day-to-day business activities of the group and the financing of those
        activities. Derivative financial instruments are used to hedge exposures
        to fluctuations in interest rates, foreign exchange rates, and commodity
    prices.
a)
Funding
    and Liquidity Risk
In
        addition to the high level of free cash flow of the group, Hanson operates
        a prudent approach to liquidity management using a mixture of long-term
        debt together with short-term debt, cash and investments to meet its
        liabilities when due. This approach allows the group to respond quickly
    to strategic market opportunities as they arise.
The
    group's core funding is provided by two US$750m bonds maturing in
    September 2010 and March 2013 respectively. In addition the group holds the
following facilities:
–
A £500m
revolving credit facility expiring in April 2010. In April 2005, Hanson entered
into a five year £500m multi-currency revolving credit facility
 arranged by Barclays Capital and J.P. Morgan plc with a syndicate of banks.
 This replaced a £519.2m facility due to expire in
March 2006.
 The new facility contains a US$947m swingline advance facility and a sub-limit
 of up to £300m for Australian dollar loan note
advances.
–
A US$475m syndicated credit facility expiring in July 2009. This facility is available to be drawn as either cash advances or standby letters of credit.
–
Two A$200m bilateral revolving credit facilities maturing in September 2006 and September 2007.
Committed
    bank facilities
Expiring
Remaining
£m
£m
2005
–
947.7
2006
85.5
862.2
2007
85.5
776.7
2008
–
776.7
2009
276.7
500.0
2010
500.0
–
b)
Credit
    Risk
Credit
        risk represents the loss which Hanson would suffer if a counterparty
        failed to meet its contractual obligations. This is an inherent risk
        in the day to day operations of
the group.
The
Board's policy for mitigating credit risk is to enter into financial transactions
with counterparties with a A-/A3 credit rating for long-term transactions and
F2/P-2/A2 for short-term transactions. In addition, each counterparty and c
ountry are allocated limits for cash and short-term investments. Cash deposits and investments have a maximum term of three months.
At December 31, 2005 there were no significant risk weighted concentrations of credit risk. The maximum exposure under cash and short-term investments to a single counterparty
at December 31, 2005 represented no more than 17% of group cash and short term investments.
c)
Market
    Risk
Market
          risk is the risk of loss arising from movements in market variables
    such as interest rates, exchange rates, and commodity prices.
Market risk is incurred by Hanson as a result of borrowing to meet its financing obligations, by holding investments which earn interest, by operating in currencies other than
sterling and by purchasing commodities as inputs into its operations.
Ongoing monitoring of these risks is performed and risks are mitigated by utilising appropriate risk management products.
(i)
Interest
    rate risk
The
        group's policy on interest rate risk is designed to limit the group's
        exposure to fluctuating interest rates. This is achieved by limiting
        the level of floating interest rate exposure to a maximum determined
        by both the level of debt and the level of operating profit of the group
        at any point in time. This approach, which is consistent with the group's
        target for leverage, will mean, other things being equal, that for any
        given level of debt, a higher level of operating profit will result in
        a higher limit on the level of floating rate debt in the group (and vice
        versa). Consistent with this policy, at December 31, 2005 the group held
        56% of net debt at fixed rates. Hanson uses interest rate swaps as part
        of fair value hedges, to swap fixed rate debt into floating rates and
        as part of cash flow hedges to swap floating rate debt into fixed rates,
        in line with the policy described above. Derivatives are classified separately
    in the balance sheet as an asset or liability as appropriate.
106
Notes
      to the accounts
Back to Contents
29
Financial
    risk management
continued
In respect of interest-earning financial assets and interest bearing financial liabilities, the following table indicates their weighted average effective interest rates at the
balance sheet date and the periods in which they reprice or mature. Interest on financial instruments classified as floating rate is repriced at intervals of less than one year. The other financial assets and liabilities of the group that are not
included in the table below are non-interest bearing and are therefore not subject to interest rate risk.
The
    effective interest rate and repricing or maturity analysis is as follows:
Fixed interest
Weighted
average
effective
At floating
Total at fixed
More than
interest rate
Total
interest rates
interest rates
1 year or less
1-2 years
2-3 years
3-4 years
4-5 years
5 years
As
    at
December 31, 2005
Notes
%
£m
£m
£m
£m
£m
£m
£m
£m
£m
Financial liabilities:
Bank overdrafts
20
4.86
(20.9
)
(20.9
)
–
–
–
–
–
–
–
Bank loans
(including effect of
interest rate swaps)
20
5.30
(371.2
)
(264.1
)
(107.1
)
–
(0.3
)
(42.7
)
–
(21.4
)
(42.7
)
Commercial paper
(including effect of
interest rate swaps)
20
3.26
(787.4
)
(641.8
)
(145.6
)
–
–
(58.2
)
(87.4
)
–
–
Debenture loans
(including effect of
interest rate swaps)
20
6.09
(890.1
)
(593.6
)
(296.5
)
(5.3
)
–
–
–
(145.6
)
(145.6
)
Finance leases
20
(0.8
)
–
(0.8
)
(0.6
)
(0.2
)
–
–
–
–
Other loans
20
(2.2
)
–
(2.2
)
(0.6
)
(0.5
)
(0.4
)
(0.2
)
(0.2
)
(0.3
)
(2,072.6
)
(1,520.4
)
(552.2
)
(6.5
)
(1.0
)
(101.3
)
(87.6
)
(167.2
)
(188.6
)
Less:
Effect of interest
rate swaps
–
540.8
(540.8
)
(10.5
)
(199.8
)
101.0
87.4
(293.3
)
(225.6
)
Total financial
liabilities excluding effect
of interest rate swaps
(2,072.6
)
(979.6
)
(1,093.0
)
(17.0
)
(200.8
)
(0.3
)
(0.2
)
(460.5
)
(414.2
)
Financial assets:
Cash and deposits
18
4.21
1,083.0
1,083.0
–
–
–
–
–
–
–
Net debt
20
(989.6
)
103.4
(1,093.0
)
(17.0
)
(200.8
)
(0.3
)
(0.2
)
(460.5
)
(414.2
)
Floating/Fixed comparison (based on net debt)*
44%
56%
Weighted average fixed rate*
6.3%
Weighted average fixed period*
5.1 years
*Including
    effect of interest rate swaps
During 2005, US$250m of the interest rate swaps relating to the 2013 US$750m 5.25% fixed rate bond were cancelled, leaving US$500m swapped to floating rates.
(ii)
Foreign
    exchange risk
Due
          to the nature of the group's products, which are generally uneconomic
          to transport long distances, there are few foreign exchange transaction
          exposures in the course
of the group's day-to-day business. The group does, however, have the majority
(67.9%) of its net assets in overseas locations denominated in foreign currencies,
principally US dollars (42.2% of its net assets). As a consequence, changes in
exchange rates affect both reported profit and asset values. The exposure of
asset values to changes in foreign exchange rates is controlled to an extent
by matching a proportion of currency assets with currency liabilities using both
debt and foreign exchange contracts. This means that falling overseas exchange
rates will give rise to falling asset values and lower levels of net debt in
sterling terms. The interest cost of currency liabilities also provides a partial
hedge for foreign
currency income.
The
          following table summarises the group's net balance sheet currency
    exposure as at December 31, 2005:
2005
2005
2005
2005
2005
2004
2004
2004
2004
2004
Equity
Net foreign
Equity
Net foreign
Gross capital
Net
shareholders'
exchange
Net currency
Gross capital
Net
shareholders'
exchange
Net currency
employed
(debt) cash
funds
contracts
exposure
employed
(debt) cash
funds
contracts
exposure
£m
£m
£m
£m
£m
£m
£m
£m
£m
£m
Sterling
1,225.7
303.6
1,529.3
173.0
1,702.3
1,096.3
324.2
1,420.5
175.7
1,596.2
US Dollar
1,551.2
(691.5
)
859.7
(398.6
)
461.1
1,182.2
(426.9
)
755.3
(407.8
)
347.5
Australian Dollar
598.6
(170.9
)
427.7
(92.2
)
335.5
549.8
(202.3
)
347.5
(17.0
)
330.5
Euro
86.1
(549.1
)
(463.0
)
519.1
56.1
97.1
(484.3
)
(387.2
)
421.5
34.3
Other
198.0
118.3
316.3
(201.3
)
115.0
178.7
94.1
272.8
(172.4
)
100.4
Total
3,659.6
(989.6
)
2,670.0
–
2,670.0
3,104.1
(695.2
)
2,408.9
–
2,408.9
(iii)
Commodity
    price risk
Hanson
          is exposed to price risk on fuel and energy purchases in its operations.
          Commodity price risk is managed by a combination of physical supply
          agreements and derivative instruments. Derivative transactions are
    typically recognised as non-designated hedge relationships.
The
          notional and carrying values of commodity hedges outstanding at December
    31, 2005 is as follows:
2005
2004
£m
£m
Carrying Value
(0.2
)
(1.0
)
Notional Value
4.1
21.0
107
Notes to
          the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
29
Financial
          risk management
continued
(iv)
Hedging
Hanson
          uses derivatives to mitigate market price risk. Hedges are classified
    into the following types:
Fair value hedges
For
effective fair value hedges, the hedging instrument is recorded at fair value
on the balance sheet, with changes in fair value being taken through the income
statement. The carrying amount of the hedged item is adjusted for gains and losses
attributable to the risk being hedged. Hanson uses fixed to floating interest
rate swaps to hedge US$500m of each of the US$750m fixed rate bonds outstanding. In addition,
the group hedges £199.8m of fixed rate bank debt with interest rate swaps.
Cash
  flow hedges
For
  cash flow hedges, the fair value of the hedge is carried on the balance sheet.
  The hedged item is either held off-balance sheet or recorded at historic or
  amortised cost, depending upon the type of transaction. For effective hedges,
  changes in the fair value of the hedging instrument are taken to equity. They
  are then recycled through the income statement in the period during which the
  hedged item impacts the income statement.
Included
  in the group's cash flow hedges are US$250m and A$250m of floating
  to fixed interest rate swaps hedging short-term floating rate borrowings. The
  maximum length of time over which the variability in future cash flows of forecast
  transactions, excluding floating rate borrowings, are hedged is under one year.
Net investment hedges
The group holds forward exchange contracts as hedges of its foreign currency investments. The value of such contracts is set out in the currency exposure table in section c)
(ii) of this note.
Non-designated hedges
As IFRS has stringent rules under which hedge accounting may be applied, it is not considered practicable to apply hedge accounting for a small number of hedges (including
hedges of commodities). Such hedges are deemed non-designated under IAS 39 and are recognised at fair value on the balance sheet with changes in their fair value being recognised immediately through the income statement.
The amount of hedge ineffectiveness during the year was not significant.
d)
Fair
    value of financial instruments
Fair
          value is the amount for which an asset could be exchanged, or a liability
          settled, between knowledgeable, willing parties on an arm's length
          basis. For financial instruments carried at fair value, market prices
          or rates are used to determine fair value where an active market exists.
          Hanson uses forward prices for valuing forward foreign exchange and
          commodity contracts and uses swap models with present value calculations
          based on market yield curves to value interest rate swaps. For short-term
          assets and liabilities the carrying amount is approximate to their
    fair value.
All derivative financial assets and liabilities are shown at fair value on the balance sheet. Under IAS 39 hedge accounting rules, only the portions of the two US$750m
bonds which form part of an effective fair value hedge are shown at fair value in the balance sheet. The fair value of bonds at December 31, 2005 was £940.4m (£878.4m at 31 December 2004), compared to their carrying value of £889.7m
as at December 31, 2005.
2005
2005
2004
2004
(IAS 39)
(IAS 39)
(FRS13)
(FRS13)
Book value
Fair value
Book value
Fair value
Fair value of financial assets and liabilities
Notes
£m
£m
£m
£m
Primary financial instruments held or issued to finance the group's operations:
Current borrowings
20
(911.0
)
(911.0
)
(1,031.2
)
(1,040.9
)
Non-current borrowings
20
(1,161.6
)
(1,212.3
)
(1,058.3
)
(1,161.0
)
Cash and short-term deposits
18
1,083.0
1,083.0
1,394.3
1,394.3
Net debt
(989.6
)
(1,040.3
)
(695.2
)
(807.6
)
Derivative financial instruments held to manage the interest rate and
currency profile of financial assets and liabilities:
Net interest rate swaps
17 and 19
6.4
6.4
4.6
21.2
Derivative financial instruments held to manage cash flows:
Commodity swaps
19
(0.2
)
(0.2
)
–
(1.0
)
Derivative financial instruments held to manage the currency profile
of the net asset investment in overseas subsidiaries:
Net forward exchange contracts
17 and 19
(5.7
)
(5.7
)
44.6
44.6
For those financial assets and liabilities which bear either a floating rate of interest or no interest, fair value is estimated to be equivalent to book value.
For
    non-current receivables (note 17), payables (note 19) and provisions (note
    21) fair value is estimated to be equivalent to book value, and is not included
    in the table above.
108
Notes to
          the accounts
Back to Contents
29
Financial
          risk management
continued
e)
Financial
    risk management disclosures for 2004 under FRS 13
As
        described in note 1, Accounting policies, this is the first year that
        the group has applied IAS 32 and IAS 39. Comparative data for 2004, in
        the tables above, has been reproduced from the 2004 Annual Report and
        presented under UK GAAP (Financial Reporting Standard 13). This analysis
    is set out more fully below.
The
    group's policy is to hedge the following exposures:
–
interest
    rate risk – using currency swaps and, or interest rate swaps
–
foreign
    exchange risk – using forward foreign currency contracts.
The effects of any interest rate hedges are recognised over the life of the hedge. Foreign exchange hedges are evaluated against the closing exchange rate at the balance sheet
date and the resultant gain or loss is matched with that of the underlying asset or liability in the accounts. As a result, the unrecognised gain or loss is a function of market rates at the balance sheet date and is not indicative of gains or
losses which will be recognised in future accounting periods.
The
          table below analyses movements in the fair values of derivatives used
    to hedge financial assets and liabilities:
2004
2004
2004
Fair
Fair
Total net
value
value
assets
assets
liabilities
(liabilities)
£m
£m
£m
Unrecognised gains and losses on hedges at January 1
49.6
(24.2
)
25.4
Gains and losses arising in previous years that were recognised during the year
(1.3
)
0.2
(1.1
)
Gains and losses arising before January 1 that were not recognised during the year
48.3
(24.0
)
24.3
Gains and losses arising in the year that were not recognised during the year
(10.6
)
1.8
(8.8
)
Unrecognised gains and losses on hedges at December 31
37.7
(22.2
)
15.5
Of which:
Gains and losses expected to be recognised within one year
–
(1.3
)
(1.3
)
Gains and losses to be recognised after more than one year
37.7
(20.9
)
16.8
The
        interest rate and currency profile of the financial assets and liabilities
    of the group are as follows:
Fixed rate financial assets and liabilities
Floating rate
Fixed rate
Weighted
financial
financial
Weighted
average period
assets,
assets,
average
for which
Total
(liabilities
)
(liabilities
)
interest rate
rate is fixed
2004
2004
2004
2004
2004
Interest rate risk
£m
£m
£m
%
years
Sterling
Assets
1,125.6
1,125.6
–
Liabilities
(625.7
)
(625.7
)
–
Net
499.9
499.9
–
US dollar
Assets
764.9
764.9
–
Liabilities
(1,599.6
)
(1,117.3
)
(482.3
)
7.05
2.3
Net
(834.7
)
(352.4
)
(482.3
)
Australian dollar
Assets
1.9
1.9
–
Liabilities
(221.1
)
(165.6
)
(55.5
)
6.60
2.4
Net
(219.2
)
(163.7
)
(55.5
)
Euro
Assets
457.0
457.0
–
Liabilities
(519.9
)
(519.9
)
–
Net
(62.9
)
(62.9
)
–
Other
Assets
94.0
94.0
–
Liabilities
(172.3
)
(172.3
)
–
Net
(78.3
)
(78.3
)
–
Total
Assets
2,443.4
2,443.4
–
Liabilities
(3,138.6
)
(2,600.8
)
(537.8
)
7.00
2.3
Net debt
(695.2
)
(157.4
)
(537.8
)
100
%
23
%
77
%
The amounts in the above table are shown after taking account of currency and interest rate swaps undertaken to manage the interest rate exposure of the group. It also includes
the principal amount of any forward exchange contracts undertaken to manage the translation exposure of the net assets of overseas subsidiaries.
In the table above, fixed rate US dollar liabilities represent the $681.6m of the $750m bond repayable on September 15, 2005 and $250m of the $750m bond due
September 27, 2010. The fixed rate liabilities in Australian dollars represent the net notional principal of interest rate swaps. Interest rate swaps starting at dates in the future are included in the weighted average period, but excluded from the
weighted average rate. Floating rate financial assets comprise cash deposits, the receivable element of forward exchange contracts and commercial paper. The majority of floating rate financial assets and liabilities bear interest based on the
equivalents of LIBOR.
The group has taken advantage of the FRS 13 exemption to exclude current receivables and payables from this note. Also excluded is the Koppers' liability and other
discounted provisions which are accounted for at a discount rate of 5.1% . These are all non interest bearing.
109
Notes to
          the accounts
Back to Contents
Notes
            to the accounts
continued
for the 12 months ended December 31, 2005
30
Related
            party
transactions
Transactions
          entered into and trading balances outstanding with related parties
    are as follows:
Joint-ventures
Joint-ventures
Associates
Associates
2005
2004
2005
2004
£m
£m
£m
£m
Sales to related parties
27.1
28.1
3.6
9.0
Purchases from related parties
168.2
119.1
6.7
9.9
Details of transactions with Directors are given in the auditable part of the Remuneration report.
Terms and conditions of transactions with related parties
Amounts
due from and to joint-ventures and associates are disclosed in notes 17 and 19
  respectively. There have been no guarantees provided or received for any related
  party receivables or payables. For the year ended December 31, 2005, the group
  has not made any provision for doubtful debts relating to amounts owed by related
  parties (2004: £nil). This assessment is undertaken each financial year
  through examining the financial position of the related party and the market
in which the related party operates.
31
Subsequent
    events
On
        January 30, 2006, Hanson announced that it had completed the acquisition
        of PaverModule, Inc., a supplier of concrete pavers in Florida, USA,
        and Red Bank Manufacturing Company Limited, a producer of terracotta
        clay and concrete products in Derbyshire, UK for a total consideration
    of approximately £60.0m.
On January 31, 2006, the operations of Seagoe, a drainage business based in Northern Ireland, classified as held for sale at December 31, 2005, was sold.
On February
  13, 2006, Hanson announced that one of its US subsidiaries, responsible for
  approximately 20% of the group's present asbestos costs, had reached a
  settlement with its insurers. The settlement is effective from January 1, 2006
  and resolves a number of issues relating to historic insurance policies which
  provided insurance cover for a range of claims, including those relating to
asbestos.
Under the
  settlement, the subsidiary will pay the first $35.0m of its future asbestos costs, which the subsidiary estimates will be paid over approximately three years.
  Thereafter, the subsidiary's asbestos costs will be paid in full by the insurance carriers up to agreed, and undisclosed, limits. These limits, assuming they are not used for non-asbestos claims, are expected to provide asbestos insurance cover
  for this subsidiary well beyond 2020. As detailed in note 21, the group's total cost of asbestos, before tax, is estimated to average approximately $60.0 million per annum over the next eight years. Based on these estimates, this settlement
would reduce the net cost by 20% to $48.0 million per annum, after 2008.
32
Restatement
    for first-time adoption of IFRS
For
          periods up to and including the year ended December 31, 2004, the group
          prepared its financial statements in accordance with UK generally accepted
          accounting practice (UK GAAP). These financial statements for the year
          ended December 31, 2005 are the first the group is required to prepare
          in accordance with International Financial Reporting Standards (IFRS)
    as adopted by the European Union.
The significant
  accounting policies are set out in note 1. In preparing these financial statements,
  the group has started from an opening balance sheet as at January 1, 2004 (the
  group's date of transition to IFRS), and made those changes in accounting policies and other restatements required by IFRS 1 for the first-time adoption of IFRS. The group has taken advantage of the exemption not to restate comparatives
  for IAS 32 "Financial Instruments: Disclosure and Presentation" (IAS 32) and IAS 39 "Financial Instruments: Recognition and measurement" (IAS
39) but to apply these standards from January 1, 2005.
This note explains the principal adjustments made by the group in restating its UK GAAP consolidated balance sheet at December 31, 2004 and January 1, 2005, together with its
consolidated income and cash flow statements for the year ended December 31, 2004 against its previously published UK GAAP financial statements.
The group
  issued a press release providing detailed guidance on the group's preliminary restatement at January 1, 2004 and December 31, 2004 from UK GAAP to IFRS on June
  2, 2005. There is a change from the preliminary restatement in relation to the January 1 and December 31, 2004 for deferred tax balances. This relates primarily to a change in the interpretation in accounting for IAS 12 "Income taxes"
  regarding the tax bases of depreciable assets that can be recognised in calculating deferred tax, as well as certain other temporary difference adjustments. The impact is to decrease the deferred tax liability at December 31, 2004 by £0.5m;
decrease the deferred tax asset at December 31, 2004 by £32.8m; and increase the tax charge on continuing operations before impairments for the year ended December 31, 2004 by £51.3m.
Since the preliminary restatements, certain other amounts have been reclassified to conform with current period presentation. There is no change to the UK GAAP reported numbers
for the year ended December 31, 2004 and previous years.
Exemptions applied
IFRS
1 "First-time Adoption of International Financial Reporting Standards" permits
  companies adopting IFRS for the first time to take advantage of certain optional
  and mandatory exemptions from applying IFRS with full retrospective effect
in the transition period.
Hanson PLC has elected to take advantage of the following exemptions in its adoption of IFRS:
–
Business combinations: The group has elected not to restate business combinations on an IFRS basis prior to the date of transition, other than to
adjust the carrying value of goodwill to reclassify separately identifiable intangible assets previously reported within that goodwill at date of transition;
–
Property, plant and equipment: The group has elected not to measure property, plant and equipment at their fair values at the date of transition
to IFRS and not to use those fair values as their deemed cost;
–
Employee benefits: All cumulative actuarial gains and losses have been recognised in equity on transition to IFRS. The group will continue
to apply this treatment, with all actuarial gains and losses being recognised in the statement of recognised income and expense;
–
Cumulative
    translation differences: IAS 21 "The Effect of Changes in Foreign Exchange Rates" requires
    that on the disposal of a foreign
operation, the cumulative amount of exchange differences recognised within equity for the retranslation of that operation be recognised within
the income statement as part of the profit or loss on disposal. The group has adopted the exemption which allows these cumulative exchange
differences to be set to zero at the date of transition. Had the group not taken advantage of this exemption, the impact on transition to IFRS
would have been in
    line with the principles explained in the group's US GAAP reconciliation;
–
Financial
    instruments: The group has taken advantage of the exemption not to restate
    its comparative financial information for IAS 32 "Financial
Instruments: Disclosure
    and Presentation" and IAS 39 "Financial Instruments: Recognition and Measurement" but
    to apply these standards
from January 1, 2005. As a result, the comparative information is presented in line with UK GAAP as previously stated. A reconciliation of the
impact on equity of adopting IAS 32 and IAS 39 in 2005 is provided below. On adoption of IAS 39, the group has elected to designate existing
financial instruments as a financial asset or financial liability at their fair value on January 1, 2005, the date of transition. The impact of applying
IAS 39 on a retrospective
    basis and not taking advantage of this exemption would have been similar
    to principles explained in the group's US GAAP reconciliation apart from the impact of US GAAP transition rules;
–
Share-based
    payments: The group has taken advantage of the exemption to apply IFRS 2 "Share-based Payment" only
    to awards made after
November 7, 2002 which have not vested at January 1, 2005. Had the group not applied this elective exemption, then the impact of adopting
IFRS 2 would have
    been similar to the pro forma information provided for FAS 123 "Share-based payments" under
    US GAAP.
110
Notes
    to the accounts
Back to Contents
32
Restatement
    for first-time adoption of IFRS
continued
The
          group has complied with the following mandatory exemptions on adoption
          of IFRS:
–
Estimates – The
    group's
    estimates under IFRS at the date of transition to IFRS are consistent with
    estimates made at the same date
under
    UK GAAP;
–
Assets
    classified as held for sale and discontinued operations – The group has applied the requirements of IFRS 5 "Non-current
    Assets Held
for Sale
    and Discontinued Operations" on a prospective basis from January 1,
    2004, applying the transitional requirements of the standard;
–
Financial
    instruments – The group has applied the derecognition requirements of
    IAS 39 on a prospective basis for transactions occurring on
or after January 1, 2005. As required under IAS 39, the group has measured all its derivatives for which hedge accounting is applied, at fair
value and has eliminated all deferred losses and gains arising on derivatives reported under UK GAAP.
Reconciliation of consolidated income statement
for the year ended December 31, 2004
IFRS
2005
IFRS
restatement
discontinued
disclosed
UK GAAP
IFRS
at December
operations
in 2005
published
adjustments
31, 2004
reclassification
comparatives
£m
£m
£m
£m
£m
Continuing operations:
Turnover – group and share of joint-ventures' and associates' turnover
3,810.2
(374.7
)
3,435.5
(52.5
)
3,383.0
Less joint-ventures' turnover
(264.2
)
264.2
–
–
–
Less associates' turnover
(81.7
)
81.7
–
–
–
Group turnover*
3,464.3
(28.8
)
3,435.5
(52.5
)
3,383.0
Costs and overheads
(3,128.2
)
95.0
(3,033.2
)
50.4
(2,982.8
)
Group operating profit before impairments*
336.1
66.2
402.3
(2.1
)
400.2
Share of
    joint-ventures' and associates' profit after tax
13.6
12.8
26.4
(3.2
)
23.2
Operating profit before impairments
349.7
79.0
428.7
(5.3
)
423.4
Operating impairments
–
(51.2
)
(51.2
)
21.9
(29.3
)
Operating profit
349.7
27.8
377.5
16.6
394.1
Finance costs
(100.0
)
(98.0
)
(198.0
)
–
(198.0
)
Finance income
40.1
111.1
151.2
–
151.2
Net finance costs
(59.9
)
13.1
(46.8
)
–
(46.8
)
Profit before taxation
289.8
40.9
330.7
16.6
347.3
Tax on continuing operations before impairments
(80.1
)
45.0
(35.1
)
1.7
(33.4
)
Tax on impairments
60.4
(54.1
)
6.3
–
6.3
Taxation on continuing operations
(19.7
)
(9.1
)
(28.8
)
1.7
(27.1
)
Profit after
    taxation – continuing operations
270.1
31.8
301.9
18.3
320.2
Discontinued operations:
Current year profit/(loss) after tax of discontinued operations
–
1.9
1.9
(18.3
)
(16.4
)
Profit on disposals in the current year, after tax
(78.3
)
88.7
10.4
–
10.4
Loss on disposals in prior years, after tax
–
(50.0
)
(50.0
)
–
(50.0
)
Profit on disposal of fixed assets
1.8
(1.8
)
–
–
–
Profit after
    taxation – discontinued operations
(76.5
)
38.8
(37.7
)
(18.3
)
(56.0
)
Profit for the year
193.6
70.6
264.2
–
264.2
Dividends – paid
(42.8
)
42.8
–
–
–
Dividends – proposed
(93.4
)
93.4
–
–
–
57.4
206.8
264.2
–
264.2
Profit for the year attributable to:
Equity holders of the company
193.6
70.7
264.3
–
264.3
Minority interest
–
(0.1
)
(0.1
)
–
(0.1
)
193.6
70.6
264.2
–
264.2
Dividends
Paid in the year
–
127.3
127.3
–
127.3
*
The
    use of the word 'Group' reflects that the results of joint-ventures
    and associates that are accounted for under the equity method are excluded.
111
Notes to the accounts
Back to Contents
Notes
            to the accounts
continued
for the 12 months ended December 31, 2005
32
Restatement
    for first-time adoption of IFRS
continued
Reconciliation of consolidated
            balance sheet
As at
As at
As at
Restatement
As at
Dec 31, 2004
Dec 31, 2004
Dec 31, 2004
on Jan 1, 2005
Jan 1, 2005
UK GAAP
IFRS
IAS 39
published
adjustments
IFRS
adjustments
IFRS
£m
£m
£m
£m
£m
Assets
Non-current
          assets
Intangible
        assets
700.9
23.7
724.6
–
724.6
Property,
        plant and equipment
2,440.1
(1.5
)
2,438.6
–
2,438.6
Investments
287.1
24.8
311.9
–
311.9
Receivables
162.2
(3.1
)
159.1
38.3
197.4
Pension
        plan surpluses
–
27.6
27.6
–
27.6
Deferred
        tax assets
–
1.9
1.9
–
1.9
3,590.3
73.4
3,663.7
38.3
3,702.0
Current
          assets
Inventories
308.4
(12.6
)
295.8
–
295.8
Trade
        and other receivables
984.2
(196.2
)
788.0
0.5
788.5
Tax
        receivable
–
6.2
6.2
–
6.2
Cash
        and cash equivalents
1,394.3
–
1,394.3
–
1,394.3
2,686.9
(202.6
)
2,484.3
0.5
2,484.8
Assets
        held for sale
–
12.6
12.6
–
12.6
Total
          assets
6,277.2
(116.6
)
6,160.6
38.8
6,199.4
Liabilities
Non-current
          liabilities
Payables
–
(31.9
)
(31.9
)
(24.6
)
(56.5
)
Borrowings
(1,058.3
)
–
(1,058.3
)
(34.8
)
(1,093.1
)
Provisions
(635.2
)
193.1
(442.1
)
–
(442.1
)
Pension
        and post-retirement plan deficits
–
(156.5
)
(156.5
)
–
(156.5
)
Tax
        payable
–
(94.9
)
(94.9
)
–
(94.9
)
Deferred
        tax liabilities
(111.5
)
(128.5
)
(240.0
)
–
(240.0
)
(1,805.0
)
(218.7
)
(2,023.7
)
(59.4
)
(2,083.1
)
Current
          liabilities
Trade
        and other payables
(689.0
)
127.1
(561.9
)
14.9
(547.0
)
Borrowings
(1,031.2
)
–
(1,031.2
)
(5.9
)
(1,037.1
)
Provisions
–
(99.7
)
(99.7
)
–
(99.7
)
Tax
        payable
(26.9
)
(6.2
)
(33.1
)
–
(33.1
)
(1,747.1
)
21.2
(1,725.9
)
9.0
(1,716.9
)
Total
          liabilities
(3,552.1
)
(197.5
)
(3,749.6
)
(50.4
)
(3,800.0
)
Net
          assets
2,725.1
(314.1
)
2,411.0
(11.6
)
2,399.4
Equity
Called-up
        share capital
73.7
–
73.7
–
73.7
Own
        shares
(30.1
)
–
(30.1
)
–
(30.1
)
Cash
        flow hedge reserve
–
–
–
(9.4
)
(9.4
)
Cumulative
        translation reserve
–
(12.1
)
(12.1
)
–
(12.1
)
Retained
        earnings
1,709.1
(304.1
)
1,405.0
(2.2
)
1,402.8
Other
        reserves
972.4
–
972.4
–
972.4
Attributable
          to equity holders of the Company
2,725.1
(316.2
)
2,408.9
(11.6
)
2,397.3
Minority
        interest
–
2.1
2.1
–
2.1
Total
          equity
2,725.1
(314.1
)
2,411.0
(11.6
)
2,399.4
112
Notes
            to the accounts
Back to Contents
32
      Restatement for first-time adoption of IFRS
continued
Reconciliation of consolidated
      cash flow statement
for
      the 12 months ended December 31, 2004
UK
      GAAP
IFRS
published
adjustments
IFRS
£m
£m
£m
Cash
      inflow from operating activities
Net
      cash inflow from operating activities before interest and tax
559.1
19.9
579.0
Interest
      received
40.4
25.6
66.0
Interest
      paid (including interest element of finance lease rental payments of £0.6m)
(93.6
)
(25.6
)
(119.2
)
Taxation
      paid
(18.3
)
–
(18.3
)
Dividends
      received from joint-ventures and associates
19.9
(19.9
)
–
507.5
–
507.5
Cash
      flow from investing activities
Purchase
      of property, plant and equipment and intangible assets
(198.6
)
–
(198.6
)
Sale
      of property, plant and equipment and assets held for sale
18.5
–
18.5
Purchase
      of investments
(16.2
)
–
(16.2
)
Disposal
      of investments
18.4
–
18.4
Acquisitions
      of operations
(88.4
)
–
(88.4
)
Disposals
      of operations
59.4
–
59.4
Cash
      and cash equivalents in operations acquired or disposed of
1.0
–
1.0
(205.9
)
–
(205.9
)
Cash
      flow from financing activities
Dividends
      paid to shareholders
(127.3
)
–
(127.3
)
Purchase
      of own shares in treasury
(26.1
)
–
(26.1
)
Management
      of cash and liquid resources
44.0
(44.0
)
–
Repayment
      of short-term loans
(298.0
)
298.0
–
Proceeds
      of bank loans
76.8
(76.8
)
–
Repayment
      of debenture loans
(16.5
)
16.5
–
Capital
      element of finance leases
(1.0
)
1.0
–
Decrease
      in borrowings (including finance lease payments of £1.0m)
–
(445.3
)
(445.3
)
Increase
      in borrowings
–
206.6
206.6
(348.1
)
(44.0
)
(392.1
)
Net
      cash outflow after financing
(46.5
)
(44.0
)
(90.5
)
Foreign
      exchange
61.9
(70.9
)
(9.0
)
Cash
      and cash equivalents at beginning of the year
111.0
1,377.5
1,488.5
Cash
      and cash equivalents at end of year
126.4
1,262.6
1,389.0
The
  transition to IFRS from UK GAAP has had no impact on the cash flows of the group.
  The IFRS changes shown above are presentational only. Under UK GAAP, the cash
  flow statement included cash at bank and overdrafts whereas IFRS also includes
  short-term deposits (£1,262.6m) in the definition of cash and cash equivalents
  for cash flow purposes.
113
Notes
      to the accounts
Back to Contents
Notes
          to the accounts
continued
for
    the 12 months ended December 31, 2005
32   Restatement
      for first-time adoption of IFRS
continued
Called-up
Cash
      flow
Cumulative
share
Own
hedge
translation
Retained
Other
Minority
Total
capital
shares
reserve
reserve
earnings
reserve
interest
equity
Restatement
      of total equity on transition to IFRS
£m
£m
£m
£m
£m
£m
£m
£m
UK
      GAAP as at January 1, 2004
73.7
(8.9
)
–
–
1,692.1
972.4
–
2,729.3
IFRS
      adjustments:
Share-based
      payments
–
–
–
–
(0.4
)
–
–
(0.4
)
Goodwill
      and intangible assets
–
–
–
–
0.5
–
–
0.5
Pensions
      and other post-retirement benefits
–
–
–
–
(218.1
)
–
–
(218.1
)
Dividends
–
–
–
–
84.5
–
–
84.5
Provisions
–
–
–
–
(11.9
)
–
–
(11.9
)
Taxation
–
–
–
–
(257.2
)
–
–
(257.2
)
Reclassification
      of minority interest
–
–
–
–
–
–
2.7
2.7
Total
      IFRS adjustments
–
–
–
–
(402.6
)
–
2.7
(399.9
)
IFRS
      as at January 1, 2004
73.7
(8.9
)
–
–
1,289.5
972.4
2.7
2,329.4
UK
      GAAP as at December 31, 2004
73.7
(30.1
)
–
–
1,709.1
972.4
–
2,725.1
IFRS
      adjustments:
Share-based
      payments
–
–
–
–
(0.3
)
–
–
(0.3
)
Goodwill
      and intangible assets
–
–
–
–
51.3
–
–
51.3
Joint-ventures
      and associates
–
–
–
–
(0.5
)
–
–
(0.5
)
Pensions
      and other post-retirement benefits
–
–
–
–
(225.6
)
–
–
(225.6
)
Provisions
–
–
–
–
(13.0
)
–
–
(13.0
)
Dividends
–
–
–
–
93.4
–
–
93.4
Reclassification
      of minority interest
–
–
–
–
–
–
2.1
2.1
Taxation
–
–
–
–
(221.5
)
–
–
(221.5
)
Foreign
      exchange
–
–
–
(12.1
)
12.1
–
–
–
Total
      IFRS adjustments
–
–
–
(12.1
)
(304.1
)
–
2.1
(314.1
)
IFRS
      as at December 31, 2004
73.7
(30.1
)
–
(12.1
)
1,405.0
972.4
2.1
2,411.0
UK
      GAAP as at January 1, 2005
73.7
(30.1
)
–
–
1,709.1
972.4
–
2,725.1
IFRS
      adjustments:
Financial
      instruments
–
–
(9.4
)
–
(2.2
)
–
–
(11.6
)
Share-based
      payments
–
–
–
–
(0.3
)
–
–
(0.3
)
Goodwill
      and intangible assets
–
–
–
–
51.3
–
–
51.3
Joint-ventures
      and associates
–
–
–
–
(0.5
)
–
–
(0.5
)
Pensions
      and other post-retirement benefits
–
–
–
–
(225.6
)
–
–
(225.6
)
Provisions
–
–
–
–
(13.0
)
–
–
(13.0
)
Dividends
–
–
–
–
93.4
–
–
93.4
Reclassification
      of minority interest
–
–
–
–
–
–
2.1
2.1
Taxation
–
–
–
–
(221.5
)
–
–
(221.5
)
Foreign
      exchange
–
–
–
(12.1
)
12.1
–
–
–
Total
      IFRS adjustments
–
–
(9.4
)
(12.1
)
(306.3
)
–
2.1
(325.7
)
IFRS
      as at January 1, 2005
73.7
(30.1
)
(9.4
)
(12.1
)
1,402.8
972.4
2.1
2,399.4
Reconciliation
      of profit on transition to IFRS
Profit
      for the year
for
      the year ended December 31, 2004
£m
UK
      GAAP
193.6
IFRS
      adjustments:
Share-based
      payments
0.1
Goodwill
      and intangible assets
50.6
Joint-ventures
      and associates
(0.5
)
Pensions
      and other post-retirement benefits
3.4
Provisions
(2.2
)
Taxation
19.6
Reclassification
      of minority interest
(0.1
)
Cumulative
      foreign exchange on disposal
(0.3
)
Total
      IFRS adjustments
70.6
IFRS
264.2
114
Notes
      to the accounts
Back to Contents
32   Restatement
      for first-time adoption of IFRS
continued
Explanation
  of IFRS adjustments
A
  summary of the significant differences between UK GAAP and IFRS and the impact
  to the group is as follows:
a)   Goodwill
  and intangible assets
Principal
  difference:
Under
  UK GAAP, goodwill was capitalised and amortised through the income statement
  over its estimated economic life, usually assumed to be no more than 20 years.
  Under IFRS, goodwill is no longer amortised, but is frozen at the UK GAAP carrying
  value at the transition date and subjected to an annual impairment test. IFRS
  requires that negative goodwill is recognised in the income statement as it
  arises. UK GAAP required acquired intangible assets to be capitalised where
  they could be reliably measured and amortised over their economic life. IFRS
  stipulates that intangible assets should be capitalised where they are separable
  from the entity or arise from contractual or other legal rights.
Under
  UK GAAP and IFRS, certain separable intangible assets are required to be capitalised
  and amortised over their useful economic life and under IFRS, such assets are
  classified apart from goodwill (although within the intangible asset category).
Transition
  impact (as at January 1, 2004):
Negative
  goodwill with a carrying value of £0.5m has been transferred to reserves.
  Intangible assets, previously recognised within the goodwill balance, with a
  carrying value of £7.8m, have been separately identified within intangible
  assets.
Income statement impact
    (for the year ended December 31, 2004):
The
    goodwill amortisation change of £48.7m recorded under UK GAAP has been
    reversed. In addition, the amortisation charge of £3.9m relating to goodwill
    held within joint-ventures and associates has been written back to the income
    statement. A charge of £2.0m has been recorded in respect of the amortisation
    of intangible assets recognised under IFRS which were not separately recognised
    under UK GAAP.
Balance
         sheet impact (as at December 31, 2004):
Goodwill
          and intangible assets have increased by £51.3m, consisting of
          the 2004  amortisation charge reversal of £48.7m; a write back
          of the negative goodwill  at January 1, 2004 of £0.5m; less £1.8m
          (net of a foreign exchange  impact of £0.2m) for the amortisation
          of intangible assets; and adding  back goodwill amortisation of £3.9m
  for goodwill held within joint-ventures  and associates.
Goodwill
      has also been tested for impairment, for the year ended
    December 31, 2004 and at the IFRS transition date of January 1, 2004, in
      accordance with IFRS. An adjustment of £1.4m to operating impairments, shown
             within  joint-ventures' and associates' impairments of £21.9m,
             was required  to reflect the impact on the carrying value of goodwill
             of reversing amortisation
    in 2004 (see section f) 'Joint-ventures and associates' below).
b)   Pensions
  and other post-retirement benefits
Principal
  difference:
Under
  UK GAAP, the group provided for the cost of pension and other post-retirement
  benefits over employee service lives in accordance with SSAP 24 "Accounting
  for pension costs". The group also provided additional disclosures under
  FRS 17 "Retirement benefits" based on the valuation methodologies
  required by the standard. IAS 19 "Employee Benefits" takes a similar
  valuation approach to FRS 17, requiring the surplus or deficit relating to defined
  benefit post-retirement schemes to be recognised directly at fair value on the
  group's balance sheet. IAS 19 permits entities to recognise the effects
  of any movements in the surpluses or deficits immediately in reserves, in common
  with FRS 17, or to introduce these movements gradually, using a corridor approach.
  Hanson has adopted the same treatment that is required under FRS 17.
Like
  FRS 17, IAS 19 requires the service cost element of pensions and other post-retirement
  benefit plans to be recognised separately from the financing elements. The net
  financing charge includes the impact of the unwinding of the discount on the
  schemes' liabilities in the current year and the expected return on the
  schemes' assets. Under IAS 19, Hanson has shown the service cost within
  operating profit and the net finance charge as part of finance costs. Under
  SSAP 24, both elements were included within operating profit.
Under
  UK GAAP, an asset or liability in respect of pension and post-retirement medical
  schemes was reported on the balance sheet to the extent that the timing of any
  payments differed from the charge or credit reported for the period. IFRS requires
  that pensions and other post-retirement benefit plan assets are carried at their
  fair value and plan liabilities are carried at their present value at the balance
  sheet date.
Transition
  impact (as at January 1, 2004):
A
  provision for employee benefit deficits of £139.6m has been recognised
  at the transition date, which replaces provisions of £121.1m previously
  recognised under UK GAAP. The pension prepayment (reported within trade and
  other receivables under UK GAAP) of £199.6m has also been derecognised
  on transition to IFRS. The overall impact is a reduction in total equity of
  £218.1m on transition.
Income
  statement impact (for the year ended December 31, 2004):
Under
  UK GAAP the group recorded a pension charge of £36.9m and a charge relating
  to other post-retirement benefits of £4.1m totalling £41.0m within
  operating profit. Under IFRS, the group has reflected a total 2004 charge of
  £37.6m, representing an operating charge of £49.6m and a net financing
  credit of £12.0m. Accordingly, Hanson has reduced its operating profit
  by £8.6m and reported income of £12.0m within net finance costs. A
  deferred tax charge of £0.9m has been recognised in 2004 in respect of
  the additional pension charge, which is included within the total taxation adjustment
  (c) explained below.
Balance
  sheet impact (as at December 31, 2004):
The
  closing balance sheet prepayment under UK GAAP is £204.9m and the closing
  balance sheet provision is £114.2m. Under IFRS, the prepayment is written
  off and the provision is increased by £14.7m, taking the pension provision
  to £48.5m and post-retirement medical schemes provision to £80.4m,
  totalling £128.9m. This represents the pre-tax deficit on the group's
  schemes at the balance sheet date and comprises the total of the deficits recognised
  at the transition date above, adjusted for the charge recognised in the year,
  cash payments in the period and actuarial gains and losses totalling £7.5m.
c)   Taxation
Principal
  difference
The
  scope of deferred tax under IAS 12 is wider than under UK GAAP. Under IFRS,
  deferred tax is required to be provided on all temporary differences; that is,
  the difference between the carrying value of assets and liabilities included
  in the financial statements and the basis of those assets and liabilities for
  tax purposes. Under UK GAAP, deferred tax is provided on timing differences
  that have not reversed at the balance sheet date; that is, items (e.g. pensions)
  which, for tax purposes, are taxable or deductible in periods different from
  those in which they are accounted for in the financial statements. UK GAAP prohibits
  recognition of deferred tax on certain timing differences defined in the standard.
Transition
  impact (as at January 1, 2004)
The
  deferred tax opening balance has increased by £257.2m. This is primarily
  due to liabilities arising on temporary differences in respect of historic UK
  and US mineral reserve revaluations for which there is a requirement to provide
  deferred tax under IFRS but which were not previously required to be provided
  for under UK GAAP.
Income
  statement impact (for the year ended December 31, 2004)
In
  2004, under UK GAAP, a deferred tax credit of £18.7m was recognised. Under
  IFRS, an additional deferred tax credit of £19.6m has been recognised.
  This principally relates to the change in the deferred tax liability balances
  with respect to the mineral reserves as well as the write-up, for Australian
  tax purposes, of Australian assets under a recently introduced Australian tax
  consolidation regime.
Closing
  balance sheet impact
At
  December 31, 2004, a deferred tax asset of £1.9m was recognised together
  with an increase in the deferred tax liability of £223.4m compared to the
  UK GAAP liability of £111.5m. This is principally a result of the increased
  deferred tax liability in respect of mineral reserves net of deferred tax benefits
  recognised on the write-up in Australian assets, for Australian tax purposes,
  under a new Australian tax consolidation regime.
115
Notes
      to the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
32
Restatement
    for first-time adoption of IFRS
continued
d)
Dividends
Principal
            difference:
Under
            UK GAAP, dividends are recognised in the period to which they relate.
            In practice this means that the group accrues for the final dividend
            proposed. Under IFRS, dividends are recognised in the period in which
            they are declared and approved. In practice, this results in the
            final dividend for the year being recognised in the following year,
    since this is when it is declared and approved.
Transition impact (as at January 1, 2004):
No
accrual is required for the 2003 final dividend
of £84.5m, since this was declared and paid in 2004. As a result, the accrual
for this dividend is not recognised on transition.
Income statement impact (for the year ended December 31, 2004):
The
final 2004 dividend of £93.4m approved by shareholders in 2005 has been credited to the 2004 income statement and increased by the final 2003 dividend approved in 2004 of £84.5m. The net impact of this adjustment is a £8.9m
credit to retained
profit.
Balance sheet impact (as at December 31, 2004):
No
accrual is required for the 2004 final
dividend of £93.4m, since this was declared and paid in 2005.
e)
Provisions
Principal
            difference:
Under
            UK GAAP, the group's restoration obligation provisions are discounted
            by applying a market assessed discount rate to increases in its estimated
            obligation recognised each period, IFRIC 1 "Changes in Existing
            Decommissioning, Restoration and Similar Liabilities" requires
            the group to apply the current market assessed discount rate to the
    whole obligation.
Transition impact (as at January 1, 2004):
On
transition to IFRS, the group has increased its restoration obligations as a
result of this change in policy by £17.4m. This has resulted in an increase in the group's assets of £5.5m directly as a result of the change in discount rates. The net impact of these adjustments on
equity is £11.9m.
Income statement impact (for the year ended December 31, 2004):
This
has resulted in an
increase to financing costs of £2.1m and an increase in depreciation of £0.1m
in the year.
Balance sheet impact (as at December 31, 2004):
The
  change has resulted in an overall increase in provisions of £14.8m and an additional asset of £1.8m. The change is due to the additional financing cost and depreciation
  charge during the period and has a net impact on equity of £13.0m.
f)
Joint-ventures
    and associates
Principal
            difference:
Under
            UK GAAP, Hanson uses the gross equity method of consolidation to
            account for
its share of its joint-ventures' results and assets and liabilities, which
it presents on two separate lines in its balance sheet. It uses the equity method
to account for its share of its associates' results and net assets. Under
IFRS, Hanson has elected to apply the equity method to both its joint-ventures
and associates. This has had no impact on net profit, but requires that the group's
share of profit from joint-ventures and associates is disclosed after finance
costs and tax. This has been disclosed in the Consolidated income statement after
group operating profit and before operating profit before impairments.
The group's
joint-ventures and associates are required to adopt IFRS for the purposes of
reporting to Hanson and the adjustment below reflects the impact that this has
had on the group's
share of their profit after tax.
Impact:
The
adoption of IFRS by the group's joint-ventures and associates increases the
share of their profits by £0.9m before an additional impairment charge of £1.4m, giving a net £0.5m
reduction in profit after tax.
Operating profit
before impairments increases by £8.9m due to the £0.9m above and £8.0m of reclassifications. The reclassifications consist of an add back of
£20.5m of impairments (shown separately below operating profit before impairments) and a deduction of £3.2m of finance costs and £9.3m of tax which are shown within the joint-ventures and associates' column.
g)
Share-based
    payments
Principal
            difference:
Hanson
            operates a number of share-based incentive schemes. Under UK GAAP,
            it recognises the cost of these over the performance period, based
            on the number of awards expected to vest and their cost (calculated
            on an intrinsic value method) to
the group. Under IFRS 2 "Share-based Payment", an expense is recognised
in the profit and loss account for share-based awards expected to vest over their
performance period, based on the fair value of equity instruments granted at
the date of the award. Black Scholes, Binomial and Monte Carlo simulation models
are used, as appropriate, to calculate the IFRS 2 fair value at the date the
award is granted. The charge to the income statement under IFRS 2 is only calculated
on awards made after November 7, 2002 as a result of the transition option applied
by the group.
Transition impact (as at January 1, 2004):
The
opening liability for cash-settled awards of £0.4m has been reclassified
from retained earnings where it was recorded under UK GAAP. As under UK GAAP,
IFRS required that movement in the cumulative income statement charge and utilisation
for equity-settled schemes is shown as a reserve movement within equity. This
results in no impact to the opening balance sheet for equity-settled awards.
Income statement impact (for the year ended December 31, 2004):
The
application of IFRS 2 has
resulted in a credit for 2004 of £0.1m against costs and overheads disclosed
within operating profit.
Balance sheet impact (as at December 31, 2004):
The
cash-settled liability recorded in the
balance sheet is £0.3m as a result of an income statement credit of £0.1m. As the net income statement charge for equity-settled schemes as a result of the transition to IFRS is £nil in 2004, the overall impact on equity reserves as a
result of the transition to IFRS is also £nil. A deferred tax asset of £3.6m
has been recognised in respect of future tax deductions.
h)
Minority
    interest
Principal
            difference:
Under
            UK GAAP the group did not disclose the share of profits and losses
            of minority interests separately on the face of the income statement
            or balance sheet on grounds of immateriality. Hanson has made this
            disclosure on the face of the income statement and balance sheet
            under IFRS to highlight to the reader that the group has minority
    shareholders in certain of its subsidiaries.
Impact:
The
group has reclassified £2.7m at January 1, 2004 from trade and other
payables, £0.1m as a loss attributable to minority interest from costs and overheads within the income statement for the year ended December 31, 2004, and £2.1m
at December 31, 2004 from trade and other payables to minority interest.
i)
Reclassifications and other items
i)
Under
	      UK GAAP the group discloses asset impairments as exceptional items within
	      operating profit. UK GAAP requires that material items
which
	      are unusual by virtue of size or incidence must be disclosed as exceptional,
	      where this is necessary to show a true and fair view. Under IFRS, Hanson
	      has changed the format of its income statement and as a result, the group
	      has disclosed some of its UK GAAP operating exceptional items in a separate "operating
	      impairments" line. IFRS is less prescriptive than UK GAAP regarding
	      income statement formats; however, IAS 1 still encourages entities to
	      disclose additional lines on the face of the income statement to assist
	      the reader in understanding the entity's financial performance. As
	      such, impairment charges have been reclassified from costs and overheads
	      to operating impairments, increasing operating profit before impairments
	      by £29.3m. Changes to the disclosure of impairments relating to joint-ventures
	      and associates are described in section (f) 'Joint-ventures and
associates' above.
116
Notes
    to the accounts
Back to Contents
32
Restatement
    for first-time adoption of IFRS
continued
ii)
UK
            GAAP required that profits/losses on the sale of fixed assets and
            investments and on the sale and termination of operations were shown
            separately on the face of the income statement as exceptional items,
            where these were material. As noted above, IFRS is less prescriptive
            regarding income statement formats. It requires key elements relating
            to discontinued operations to be disclosed separately from continuing
            operations, highlighting the results of discontinued operations and
            the profit or loss on disposal of the operation. These amounts are
            disclosed after tax and
are included separately in Hanson's income statement below profit after
taxation. In
order to aid the reader's understanding of the group's performance,
the profits and losses on disposal of operations are split between those relating
to current year disposals and additional profits and losses relating to disposals
which took place in previous periods. This
latter category includes charges in
respect of increases to the group's asbestos provision.
This
        has resulted
in operating profit after impairments being reduced by £1.1m due to two
reclassifications. Current year profit after tax from operations discontinued
in the year of £1.9m has been reclassified from turnover, costs and overheads,
operating profit and taxation into a new section of the income statement showing
discontinued operations.
This has resulted in a reduction in turnover of £28.8m and a reduction in
costs and overheads of £26.9m.
Profits
    on sale of fixed assets of £0.8m disclosed within non-operating exceptional
    items have been reclassified to costs and overheads.
The resulting exceptional profits and losses on the disposal of discontinued operations have then been analysed into disposals which have taken place in the current period and
costs incurred relating to disposals in previous periods. Exceptional tax gains and losses of £38.0m have been reclassified from taxation to form part of the profit or loss on disposal of the operation to which they relate. A credit of
£39.1m is recorded against 'Profit/loss from prior year's disposals' and a charge of £1.1m is reclassified to 'Profit/loss on current year's disposals'. The total loss due to discontinued operations decreases
by £38.8m as a result of the above reclassifications plus an additional net loss of £0.3m explained in paragraph iii) below.
Profits on
the disposal of fixed assets investments of £1.0m have been reclassified
from non-operating exceptional items to profit/loss on current year disposals.
iii)   Cumulative
      translation exchange losses of £24.7m arising in the year have
  been reclassified from retained earnings to the cumulative translation reserve
  as at December 31, 2004. As permitted by IFRS 1, this reserve was set to £nil
  on  January 1, 2004 and the cumulative foreign exchange amount for 2004 has
  been transferred into the cumulative translation reserve. This has had no impact
  on
  net assets. Under IFRS, cumulative exchange differences are taken into the
  calculation of the
  profit or loss on the sale of a business to which they relate. UK GAAP does
  not require these to be taken into account. An amount of £0.3m of cumulative
  exchange losses has been reclassified from the cumulative translation reserve
  to
  profit/loss on current year's disposals which forms part of discontinued
  operations in the income statement.
iv)   An
      element of the group's capitalised
    software with a net carrying value of £2.2m has been reclassified from
    property, plant and equipment under UK GAAP to intangible assets in accordance
    with IFRS
    as at January 1, 2004. At December 31, 2004, this balance is £3.3m.
v)   Goodwill
      with a net carrying value of £27.0m held within goodwill
      under UK GAAP, has been reclassified to investment in joint-ventures and
      associates.
      In addition,
      the transition of the group's joint-ventures and associates to IFRS
      has resulted in an increase in the group's investment of £0.9m,
      increasing the group's
      investment in joint-ventures and associates by £27.9m in total.
vi)   IFRS
      requires provisions, creditors and debtors which are expected to be settled
        within one year from the balance sheet date to be classified as current
        liabilities. Long-term
        creditors with a value of £31.9m have been reclassified from short-term
        to long-term creditors under IFRS. Long-term debtors of £47.2m have
        been reclassified from 'Trade and other receivables' to 'Long-term
        receivables'
  which are partially offset by a reclassification of £50.3m long-term debtors
        being reclassified to 'Trade and other receivables'. The portion
        of provisions expected to be settled within one year has been disclosed
        separately and
        includes a reclassified amount of £99.7m. In addition, the Koppers' insurance
        asset and liabilities have been included within long-term receivables
        and provisions on the face of the balance sheet.
j)
Explanation of IFRS adjustments
    to the balance sheet on January 1, 2005
The
          group adopted IAS 32 "Financial Instruments: Disclosure and Presentation" (IAS
          32) and IAS 39 "Financial Instruments: Recognition and Measurement" (IAS
          39) on January 1, 2005, having taken advantage of the exemption not
          to restate comparatives for IAS 32 and 39. The impact of the opening
          balance sheet adjustments as a result of this change in accounting
          policy are shown in the reconciliation of the consolidated IFRS balance
          sheet at that date. The principal differences are explained as follows:
Previously,
          derivative financial instruments (derivatives) were not required to
          be recognised on the balance sheet at fair value where they were hedging
          a defined financial risk (i.e. the derivative was part of a hedge relationship).
          Under IAS 39, the requirements for defining a hedge relationship (relating
          to designation, documentation and effectiveness testing) are more strictly
          defined and all derivatives are measured at fair value. Unless a derivative
          is part of an IFRS compliant hedge relationship, any changes in its
          fair value must be recognised directly in the income statement. IAS
          39 recognises three areas in which derivatives may be used as part
          of a hedge relationship: fair value, cash flow and net investment hedges.
          Determination of hedge
accounting treatment is dependent on this classification.
The
          group's hedging strategy remains unchanged and as far as practicable,
          hedge accounting has been applied under IFRS. The group considers all
          of its derivatives to be hedges of financial risks, categorised as
    follows:
i)
Fair
    value hedges
The
          group uses interest rate swaps to hedge the group's exposure to
          changes in the fair value of fixed rate debt as a result of interest
          rate movements. Under IFRS the interest on such swaps is accrued on
          an effective interest basis. The carrying amount of the hedged item
          is adjusted for gains and losses attributable to the risk being hedged.
          For effective hedges, changes in the fair values of both the hedge
          and the portion of the hedged item covered by the hedge are recognised
          in the income statement. If a hedge becomes ineffective, the hedged
          item ceases to be remeasured for subsequent changes in fair value.
          Instead, the portion of its carrying value relating to previous changes
          in fair value is amortised over its remaining life. Under UK GAAP,
          the hedged item was recorded at historic cost, with the hedging instrument
          typically being held off-balance sheet. Interest on such swaps was
          calculated
by reference to coupon rates on a straight line basis.
ii)
Cash
    flow hedges
When
          accounting for cash flow hedges under IFRS only the fair value of the
          hedging instrument is recorded on the balance sheet. The hedged item
          is either held off-balance sheet or recorded at historic or amortised
          cost, depending upon the type of underlying transaction. Changes in
          the fair value of the hedging instrument are taken to equity where
          they are recycled through the income statement in the same period during
          which the hedged item impacts the income statement. Although under
          UK GAAP the hedged item is also either held off-balance sheet or recorded
          at historic cost, the hedging instrument is also typically held off-balance
    sheet.
iii)
Net investment hedges
The
          group uses forward exchange contracts to hedge foreign currency investments.
          Under IFRS, the change in the spot exchange rate element of the forward
          exchange contracts is designated against the net investment in overseas
    investments, as was previously the case under UK GAAP.
iv)
Non-designated
    hedges
As
          IFRS has more stringent rules, under which hedge accounting may be
          applied, it was not considered practicable to try to obtain hedge accounting
          for a small number of relatively low volume hedges (including hedges
          of commodities). Such hedges are deemed non-designated and are recognised
          at fair value on the balance sheet with changes in their fair value
          being recognised immediately through the income
statement.
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Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
33
US
          accounting
information
a)
Comparison
            of
International and US accounting principles
From
          January 1, 2005, as required by the European Union's IAS Regulation,
          the group has prepared its Annual Report and Form 20-F in accordance
          with International Financial Reporting Standards (IFRS) as adopted
          by the European Union (EU), which differ in certain respects from US
          generally accepted accounting principles (US GAAP). These differences
          relate principally to the following items, and the effect of each of
          the adjustments to profit for the financial year and net equity that
    would be required to US GAAP, is set out below.
IFRS as adopted by the EU differ in certain respects from IFRS as issued by the International Accounting Standards Board (IASB). However, the consolidated financial statements
for the periods presented would be no different had the Company applied IFRS as issued by the IASB. References to IFRS hereafter should be construed as references to IFRS as adopted by the EU.
As a result of the group's transition to IFRS on January 1, 2004, the reconciliations of net income and net equity for 2004 published in previous periods have been
restated to reflect the restated profit and net equity reported within the Consolidated Income statement and Consolidated Balance Sheet.
Under the IFRS transition provisions within the Securities and Exchange Commission's (SEC) Form 20-F requirements, the group is permitted to provide two years of
comparable financial information under IFRS and reconciliations to US GAAP for the periods presented. In addition, the group is providing three years of certain comparable financial information under US GAAP and selected financial US GAAP
information for five years.
Intangible
    assets
i)
Goodwill
Under
          IFRS, goodwill arising on acquisitions completed prior to January 1,
          1998 was written off directly to reserves. From December 31, 1997 to
          January 1, 2004, all acquired goodwill was capitalised and amortised
          over a period not exceeding 20 years. Since January 1, 2004, goodwill
          continues to be capitalised, however, amortisation of goodwill ceased
          at that date. On disposal of a business, the profit or loss on disposal
          is determined including goodwill reported as part of intangible assets.
          Under US GAAP prior to January 1, 2002, goodwill arising on acquisitions
          prior to July 1, 2001, was capitalised and amortised over its estimated
          useful life, not exceeding 40 years. Under the transition provisions
          of SFAS 142 "Goodwill and other intangible assets", goodwill,
          which arose during the period subsequent to July 1, 2001, was capitalised,
          but has not been amortised. From January 1, 2002, goodwill is no longer
    amortised, but is reviewed annually for impairment.
ii)
Other
    intangible assets
Since
          January 1, 2002, separately identified intangible assets arising on
          acquisitions have been capitalised and amortised over their useful
          lives of between 1 and 27 years under US GAAP. Separately identified
          intangible assets recognised since transition to IFRS have been amortised
    on the same basis as under US GAAP.
iii)
Capitalised
    software
Under
          IFRS, computer software which is deemed not to be integral to the computer
    hardware is capitalised as part of intangible assets.
Under
    US GAAP, the balances are reclassified into property, plant and equipment.
Impairment
    of goodwill
Under
          IFRS, goodwill is reviewed for potential impairment where there is
          an indication that an impairment may have occurred. The impairment
          is measured by comparing the carrying value of goodwill for each cash
          generating unit (CGU) with the higher of the net realisable value and
          the value in use. Under US GAAP, goodwill impairment reviews are also
          conducted when an indicator of impairment exists, in addition to an
          annual impairment review as required by SFAS 142. The potential impairment
          is identified by comparing the carrying value of each reporting unit
          with its fair value. Where the carrying value including any separately
          identifiable intangible assets is greater than the fair value, an impairment
          loss is calculated based on the excess of the carrying value of goodwill
          over the implied fair value of goodwill. Where reporting units identified
          under US GAAP differ from the CGUs identified under IFRS, a reconciling
    item may arise.
The
          group's reporting units are based on its geographical region and
          product groups. Goodwill is allocated to these reporting units based
          on the location and product base of acquisitions and disposals at the
    date of the transaction.
Joint-ventures and associates
The main adjustments that would have been necessary to reconcile the joint-ventures and associates not domiciled within the United States to US GAAP would have been in respect
of deferred tax, pensions and goodwill. The group has not included a reconciling item for these adjustments, as the effect on net income is not material.
Impairment of long-lived assets to be held and used
Under
IFRS, property, plant and equipment and intangible assets subject to amortisation
are assessed for impairment on an annual basis. Where an indicator suggests that
there is potential for impairment, a review is completed comparing the recoverable
amount with the carrying value of the asset. The recoverable amount is either
the value in use based on the expected future cash flows discounted to present
value, or the
asset's fair value less costs to sell. Where the carrying value exceeds
the recoverable amount, the asset is impaired to the recoverable value. If in
the subsequent period, the indicator which caused the impairment no longer exists
and the
recoverable amount has improved, the impairment loss should be reversed.
Under US GAAP, such assets are assessed for impairment using a three-step approach. Where an indicator suggests there is potential for impairment, the group determines whether
the sum of the estimated undiscounted cash flows attributable to the long-lived assets in question is less than their carrying amount. It is only if the sum of the undiscounted cash flows is less than the carrying value of the asset that an
impairment should be recognised. The impairment loss is calculated based on the amount by which the carrying value of the asset exceeds its fair value. When an impairment is recorded against the cost of the asset, it may not be reversed.
Variable Interest Entities (VIEs)
FIN
46 Revised (FIN 46R) requires the primary beneficiary of variable interests in
entities for which control is achieved through means other than through voting
rights to consolidate the VIE. On adoption of FIN 46(R), the group identified
a variable interest entity in which Hanson is the primary beneficiary. This entity
is Piedras y Arenas Baja, S de R L de CV ("Piedras"), a 51% joint-venture which
previously has been equity accounted for under US GAAP and was consolidated from January 1, 2004. Piedras is an aggregates producer located in Mexico which in 2005 had turnover of £11.9m (2004: £9.9m; 2003, £8.0m) and a pre-tax loss
of £0.5m (2004: £1.1m; 2003 £1.4m). In addition it had net assets at December 31, 2005 of £3.5m (2004: £3.5m; 2003, £4.9m). Approximately 80% of the annual turnover of Piedras is to the group. There
is no recourse to the general credit of the Company for creditors (or beneficial
interest holders) of the consolidated VIE.
Capitalisation of interest costs
Under
IFRS, the capitalisation of interest costs is optional. It is the group's policy under IFRS not to capitalise interest costs. Under US GAAP, interest costs
associated with the construction of major assets over a period of time, such as facilities for use by the company, are capitalised as part of the cost of the tangible fixed asset where the impact of the interest cost is material to the financial
statements. The interest cost capitalised represents an allocation of the interest cost incurred during the period required to complete construction of the asset. In 2005, interest costs of £119.0m have been incurred. Of that amount £2.2m
has been capitalised during the period as part of property, plant and equipment
under US GAAP.
Inventory valuation
Under IFRS, valuing inventory on a last-in-first-out (LIFO) basis is not permitted. However, under US GAAP, where the inventory is valued on a LIFO basis for tax purposes in
the local state, the same methodology must be used for accounting purposes.
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33
US
          accounting
information
continued
Derivative instruments and hedging activities
The group enters into derivative instruments to limit its exposure to interest rate, foreign exchange and commodity price risks.
Until December 31, 2004, certain derivative instruments were not required to be recognised on the balance sheet at fair value. On January 1, 2005, the group adopted IAS 32 and
39 under IFRS on a prospective basis, requiring designation of hedging instruments and recognition of all derivative instruments at fair value on the balance sheet. The group's hedging policy remains unchanged but the instruments are accounted
for as described in the Accounting policies on page 75.
Under US GAAP, derivative instruments, whether designated as a hedge or not, are required to be recognised on the balance sheet at fair value. From January 1, 2005, the group
has applied hedge accounting for the purposes of SFAS 133 "Accounting for derivative instruments and hedging activities" where the requirements of SFAS 133 are met. Prior to that date, hedge accounting was not applied for the purposes of
US GAAP and therefore, in 2004, the reconciliation to net income in that period fully reflects the changes in fair value of the derivatives, other than hedges of net investment. Hedges of net investment and the treatment of realised and unrealised
gains and losses are the same under US GAAP as under IFRS, being taken to equity.
Transition adjustment
In
addition, under US GAAP, transition adjustments were required to include the
fair value of derivatives on the balance sheet on the adoption of SFAS 133 at
January 1, 2001. For those derivatives considered to be fair value hedges, the
January 1, 2001 opening fair value of £17.1m was shown as current assets and liabilities – derivatives and as an adjustment to debt. The adjustment to debt is being subsequently
amortised through the income statement over the residual life of the debt. For those derivatives considered to be cash flow hedges, the January 1, 2001 opening value of £0.5m was shown as current assets and liabilities – derivatives,
and as an adjustment to other comprehensive income. The amounts in other comprehensive
income are recognised in the income statement as the related cash flows are realised.
Pensions
Under both IFRS and US GAAP, the pension cost or credit is determined by reference to the pension liability and the market value of the underlying plan assets, after adjustment
to reflect any previously unrecognised pension obligations or assets.
For certain
pension plans the accumulated benefit obligation at December 31, 2005 exceeded
the fair value of related plan assets. Where a pension plan has an unfunded
accumulated benefit obligation, US GAAP requires such amount to be recognised
as a liability in the balance sheet. The adjustment resulting from the recognition
of any such minimum liability, including the elimination of amounts previously

recognised as a prepaid benefit cost, is reported as an intangible asset to the
extent of unrecognised prior service cost with the remaining amount reported
in comprehensive income.
Under
      US GAAP, surpluses or deficits, which may result where the actual performance
      of the scheme differs from previous actuarial assumptions,
  are dealt with on an aggregate basis. The group applies the 10% corridor test
  at the beginning of the year, to determine whether amortisation of the gain
      or loss is
  necessary. Where the gain or loss exceeds 10% of the greater of the projected
  benefit obligations or the market related value of the scheme's assets,
  this is amortised over the active participants' average remaining service
  periods. Under  IFRS, the group has opted not to apply the corridor approach
  and this, therefore, represents a difference in accounting methodology between
  IFRS and US GAAP.
The group also provides post-retirement healthcare and life insurance benefits, mainly in the USA, under plans to certain groups of its retired and active employees.
Accounting for stock-based compensation
Under
IFRS, the group applies the fair value method of accounting for its stock-based
compensation plans. For accounting purposes under US GAAP, the group applies
an intrinsic
value method under APB 25 "Accounting for stock issued to employees" as permitted by SFAS 123 "Accounting for stock based compensation".
As permitted under the transition rules for IFRS, the group has applied the accounting
methodology to awards granted after November 7, 2002.
In line with the requirements of SFAS 123 and as amended by SFAS 148 "Accounting for stock-based compensation – transaction and disclosure", the group provides
pro forma disclosure of the impact of applying these standards which are based on a fair value method. For awards granted prior to 2005, the group has used a Black Scholes model to calculate the fair value of awards. For awards granted since January
1, 2005, the group has changed its method used to estimate the fair value of certain awards. The Long Term Incentive Plan (LTIP) and Share Option Plan (SOP) are valued using a Monte Carlo simulation model for the portion of awards dependent on
market conditions and a binomial model for the portion of awards dependent on non-market conditions. Sharesave awards continue to be valued using a Black Scholes model.
The changes
in method used to estimate the fair value were made in order to be consistent
with the estimates used for fair values determined under IFRS. These changes
did not
have a material impact on the group's proforma net income or related per
share amounts.
i)     Plans
      excluding performance criteria – Sharesave Scheme
Under IFRS, sharesave
      schemes are valued at their fair value on the date of grant and are expensed
      over the vesting period. Under US GAAP, the 20%
      discount offered
  to the group's UK employees on an Inland Revenue approved sharesave scheme
  should be expensed over the vesting period, representing the intrinsic value
  of the award.
ii)     Plans
      including performance criteria – Long Term Incentive Plan (LTIP)
    and Share Option Plan (SOP)
The group also operates two schemes which incorporate
    performance criteria, the SOP and the LTIP. Under IFRS, the fair value of
      the award is recognised over the performance period, based on a reasonable
      expectation
    of the extent to which the performance criteria will be met.
Adjustments to the expense are made as the number of awards expected to vest reduces as a result of employees leaving the scheme. Under US GAAP, the plans are treated as
variable compensatory plans and the expense is based on the intrinsic value, remeasured at each balance sheet date and spread over the performance period.
Provisions
Under IFRS, provisions are discounted to reflect the time-value of money based on the estimated timing of cash flows. US GAAP applies a stricter definition, permitting
discounting only where the timing of cash flows are fixed or reliably determinable. IFRS requires a current market discount rate to be applied to provisions, whereas in the instances that discounting is permitted US GAAP requires the current rate to
be used for new decommissioning provisions, or changes in estimates for existing obligations, without amendment in subsequent periods.
Accounting for restructuring costs
Under IFRS, restructuring costs are recognised where implementation of a formal plan has begun and communicated with those affected. Costs of leased property, plant and
equipment, which will no longer provide economic benefit, are provided for as part of the restructuring plan. Under US GAAP, termination benefits are recognised where a detailed formal plan has been communicated to employees. Where employees are
required to continue working until they are terminated to be eligible for the termination benefit and that period exceeds the minimum retention period, the cost is recognised ratably over the retention period. Costs of property, plant and equipment
that will continue to be incurred under a leasing contract without economic benefit are recognised once the assets cease to be used.
Non-monetary transactions
Under
IFRS, exchanges of assets in return for an equity interest in a joint-venture
entity are transferred at the fair value of assets surrendered. The fair value
of the equity interest received is measured by its fair value, which is equivalent
to the fair value of the assets given up adjusted by the amount of cash transferred.
In this instance a proportion of the gain or loss on the transaction is recognised
in the
equity shareholders' income statement.
119
Notes
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Notes
          to the accounts
continued
for
        the 12 months ended December 31, 2005
33
US
          accounting
information
continued
Under US GAAP, from January 2005, the group has adopted SFAS 153 "Exchanges of non-monetary assets", part of the current FASB and IASB's convergence project. The
issuance of this standard removes future differences as it is to be applied on a prospective basis. However, there are a number of residual differences on acquisitions prior to this date. Previously, APB Opinion No. 29 "Accounting for
non-monetary transactions" provided an exemption to its general principles of measuring such transactions at fair value where the exchange related to similar productive assets. SFAS 153 has removed this exemption for transactions taking place
after January 2005.
Foreign exchange gains and losses on disposals of businesses
Prior to the transition date, under IFRS, cumulative foreign exchange gains and losses relating to disposals were adjusted within reserves. Since January 1, 2004, cumulative
gains and losses are included in determining the profit or loss on disposal of the business. At that date, the group opted to set the cumulative translation reserve to nil. Under US GAAP, such gains and losses are also included in determining the
profit or loss on disposal but they are tracked from the date of acquisition of the entity.
Deferred tax
Under
both IFRS and US GAAP, deferred taxation liabilities are provided on differences
between the book and tax bases of assets and liabilities except in certain limited
circumstances. However, under IFRS, tax written down value may be taken into
account for certain assets' tax base where as US GAAP requires use of such assets' tax
base for disposal. Under IFRS, deferred tax assets are recognised for future
deductions and utilisations of tax carry forwards to the extent that it is more
likely than not that suitable taxable profit is expected to be available. Under
US GAAP, deferred tax assets are recognised at their full amounts and reduced
by a
valuation allowance to the extent it is more likely than not that suitable taxable
profits will not be available. Differences in deferred taxation may occur as
a result of accounting adjustments between IFRS and US GAAP.
Discontinued operations
Discontinued operations are those clearly distinguishable operations and activities which either ceased or left the group in the accounting period or soon thereafter, including
assets held for sale, where it is probable that the sale will complete within one year. Prior to January1, 2004, under IFRS, assets held for sale were not treated as discontinued operations. IFRS includes equity instruments as part of discontinued
operations whereas US GAAP specifically excludes equity instruments from scope.
Acquisition accounting
US GAAP requires that a deferred tax asset or liability be raised to reflect the difference between the tax basis of assets acquired and liabilities assumed, and their fair
values at the time of acquisition. The same is true under IFRS. However, where there are differences between the fair values of these assets and liabilities under IFRS and US GAAP, there will be a resulting difference in the deferred tax calculated.
The recognition of deferred tax assets or liabilities affects the amount of goodwill recognised on acquisition. IFRS requires that contingent consideration is included within the cost of the consideration at the date of acquisition where it is
probable that the resolution of the contingency will result in the transfer of economic benefit and that the amount can be measured reliably. US GAAP, however, only permits recognition of such consideration once the contingency is resolved and the
amount to be paid is determinable. Under IFRS, when shares are issued as consideration for an acquisition, the fair value of that consideration is based upon the share price at the date the acquisition is unconditional. Under US GAAP, the
acquisition price is based upon the share price over a reasonable period of time before and after the date that the acquisitions are agreed to and announced. Where an acquisition results in negative goodwill, IFRS requires that the excess amount is
immediately written off in the Income statement. US GAAP requires the excess to initially be proportionally allocated to the fair values assigned to non-current assets.
Asset recognition
Under
IFRS, contingent assets become recognisable in accordance with the criteria set
out in IAS 37 "Provisions, contingent liabilities and contingent assets".
Where such an asset is recognised under IFRS, it is discounted to its present
value based on the timing of expected cash flows. Although broadly similar, there
are certain circumstances under US GAAP where a contingent asset can only be
recognised if
additional criteria are met.
New US accounting standards and pronouncements not yet adopted
In
December 2004, the Financial Accounting Standards Board (FASB) issued FASB Statement
No. 123 (Revised 2004), "Share-Based Payment" (SFAS 123(R)), which is a
revision of SFAS 123 "Accounting for Stock-Based Compensation" (SFAS 123). SFAS 123(R) supersedes APB Opinion No. 25 "Accounting for Stock Issued to Employees" (APB 25) which is the group's current accounting policy under US
GAAP. It also amends FASB Statement No. 95 "Statement of Cash Flows".
The approach in SFAS 123(R) is similar to the approach described in SFAS 123.
However, SFAS 123(R) requires all share-based payments to employees, including
grants of share options, to be recognised in the income statement based on their
fair values. The pro forma disclosure option under SFAS 123 will no longer be
allowed.
The group expects to adopt the requirements of SFAS 123(R) as its accounting policy for the financial year ended December 2006. SFAS 123(R) permits adoption of the requirements
using one of two methods: a "modified prospective" method where the requirements are applied to all share-based payments granted after the effective date of the statement; or a "modified retrospective" method which allows
entities to restate prior periods based on the amounts previously recognised under SFAS 123 for the purposes of pro forma disclosures. Hanson plans to adopt SFAS 123(R) using the modified prospective method. This requires the group to not restate
prior periods but to provide the pro forma disclosures previously required under SFAS 123.
As permitted by SFAS 123, the group currently accounts for share-based payments to employees using APB 25's intrinsic value method rather than the fair value method under
SFAS 123(R). Accordingly, the adoption of SFAS 123(R)'s fair value method will impact the group's results of operations. The impact of adoption of SFAS 123(R) cannot be predicted at this time because it will depend on levels of share-based
payments granted in the future. However, had the group adopted SFAS 123(R) in prior periods, the impact of the standard would have approximated the impact of SFAS 123 as described in the disclosure of proforma net income and earnings per share in
Note 33(l). SFAS 123(R) also requires the benefits of tax deductions in excess of recognised compensation cost to be reported as a financing cash flow rather than as an operating cash flow as it is reported currently. This requirement will reduce
net operating cash flows and increase net financing cash flows in periods after adoption. While the company cannot estimate what those amounts will be in the future, the amount of operating cash flows recognised in prior periods for such excess tax
deductions were £0.7m, £1.1m and £0.7m in 2005, 2004 and 2003 respectively.
In May 2005, the FASB issued Statement No. 154 "Accounting Changes and Error Corrections" (SFAS 154) which converges the methodology of accounting for changes in
accounting policy and prior period errors with that of IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" (IAS 8), requiring retrospective adoption of new accounting policies to aid comparison between all periods
presented in the financial statements. The group intends to adopt this statement for US GAAP reporting purposes in the financial year ended December 2006.
In March 2005, the FASB ratified Emerging Issues Task Force Issue 04-06, "
Accounting for
Stripping Costs in the Mining Industry"
("EITF 04-06"). EITF 04-06 clarifies that post-production stripping costs, which represent costs of removing
overburden and waste materials to access mineral deposits, should be considered costs of the extracted minerals under a full absorption costing system and recorded as a component of inventory to be recognised in costs of sales in the same period as
the revenue from the sale of inventory. EITF 04-06 is effective January 1, 2006 and any capitalised post-production stripping costs will be recognised as an adjustment to retaining earnings at that date. The group expects the impact on its financial
conditions or results of operations to be immaterial.
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33
US
          accounting
information
continued
b)
Net income
2005
2004
(restated)
£m
£m
Profit for the financial year as reported in the consolidated income statement
387.6
264.2
Minority interest
(0.3
)
0.1
Profit for the year attributable to equity holders of the Company
387.3
264.3
Adjustments:
Intangible assets – amortisation
1.1
0.6
Intangible assets – impairment*
15.5
(321.0
)
Investments in joint-ventures
0.9
(0.9
)
Property, plant and equipment – impairment
(19.6
)
–
Property, plant and equipment – depreciation
0.4
(0.5
)
Inventory valuation
(1.6
)
(3.4
)
Receivables
1.8
21.3
Change in fair value of derivatives
1.8
(7.8
)
Pensions
(31.7
)
(15.0
)
Share-based payments
(11.2
)
(0.2
)
Provisions
(14.9
)
(42.0
)
Profit and loss on disposals – goodwill
(7.2
)
3.7
Profit and loss on disposals – cumulative exchange losses
4.7
(5.3
)
Interest
2.2
2.1
Taxation on above adjustments
23.7
4.1
Taxation methodology
110.5
73.1
Net income/(loss) as adjusted to accord with US GAAP
463.7
(26.9
)
Arising from:
Continuing operations
473.2
3.4
Discontinued operations – profit from operations
14.5
18.2
Discontinued operations – loss on disposals
(24.0
)
(48.5
)
Net income
463.7
(26.9
)
*Includes goodwill previously written off to reserves under UK GAAP pre 1998
The 2004 taxation methodology adjustment includes the impact of a tax write-up of depreciable fixed assets under a new tax consolidation regime recently introduced in
Australia.
c)
Earnings
    per share
2005
2005
2004
2004
2003
2003
Per share
Per ADS
Per share
Per ADS
Per share
Per ADS
pence
pence
pence
pence
pence
pence
Basic – income from continuing operations
65.0
324.8
0.5
2.3
40.5
202.8
Basic – income from discontinued operations
(1.3
)
(6.5
)
(4.1
)
(20.6
)
(9.0
)
(45.0
)
Basic – net income
63.7
318.3
(3.6
)
(18.3
)
31.5
157.8
Diluted – income from continuing operations
64.3
321.6
0.5
2.3
40.2
201.1
Diluted – income from discontinued operations
(1.3
)
(6.5
)
(4.1
)
(20.4
)
(8.9
)
(44.6
)
Diluted – net income
63.0
315.1
(3.6
)
(18.1
)
31.3
156.5
d)
Statement
    of comprehensive income
2005
2004
2003
£m
£m
£m
Net
    income/(loss) as adjusted to accord with US GAAP
463.7
(26.9
)
231.7
Other comprehensive income:
–
Translation adjustment for the period, net of tax of £nil
82.0
(15.5
)
30.4
–
Change in fair value of derivatives and related items, net of tax of £nil
(1.6
)
0.4
0.6
–
Unfunded accumulated benefit obligation and additional minimum liability – net of tax of £nil (£nil, £77.6m)
(2.4
)
0.1
121.8
Total comprehensive income/(loss)
541.7
(41.9
)
384.5
Movements
    in other comprehensive income amounts (net of related tax) are as follows:
Unfunded ABO
and additional
minimum liability
Derivative
financial
instruments
gains/(losses)
Currency
translation
differences
Total
£m
£m
£m
£m
At January 1, 2003
(126.1
)
(1.6
)
(52.2
)
(179.9
)
Movement in the year
121.8
0.6
30.4
152.8
At December 31, 2003
(4.3
)
(1.0
)
(21.8
)
(27.1
)
Movement in the year
0.1
0.4
(15.5
)
(15.0
)
At December 31, 2004
(4.2
)
(0.6
)
(37.3
)
(42.1
)
Movement in the year
(2.4
)
(1.6
)
82.0
78.0
At December 31, 2005
(6.6
)
(2.2
)
44.7
35.9
121
Notes
    to the accounts
Back to Contents
Notes
            to the accounts
continued
for the 12 months ended December 31, 2005
33
US accounting information
continued
e)
Net equity
2005
2004
£m
£m
(restated)
Net equity as reported in the consolidated balance sheet
2,672.3
2,411.0
Adjustments:
Intangible assets – goodwill
(45.0
)
(37.9
)
Intangible assets – other cost
(13.1
)
(3.1
)
Intangible assets – other accumulated amortisation
1.1
(0.2
)
Intangible assets – net adjustment
(57.0
)
(41.2
)
Investments in joint-ventures
(20.6
)
(44.8
)
Property, plant and equipment
6.1
13.9
Receivables
5.0
1.4
Inventory
(5.3
)
(2.7
)
Current liabilities – derivatives
18.9
(22.4
)
Provisions
(63.3
)
(26.2
)
Defined benefit pension surplus
458.2
470.6
Defined benefit pension deficit
27.3
16.1
Trade and other payables
(4.9
)
(11.2
)
Borrowings – derivatives
(9.5
)
26.0
Minority interest
(4.0
)
(3.9
)
Taxation on above adjustments
(141.2
)
(156.4
)
Taxation methodology
164.1
53.6
373.8
272.8
Net equity as adjusted to accord with US GAAP
3,046.1
2,683.8
f)
Cash
    flow statement
The
          consolidated statements of cash flows prepared under IFRS present substantially
          the same information as those required under US GAAP. These statements
          differ, however, with
regard to classification of items within them.
Under US GAAP, cash and cash equivalents for cash flow purposes include short-term liquid resources but not overdrafts. Under IFRS, overdrafts are included within the
  definition of cash equivalents. Under US GAAP, capitalised interest is treated as part of the cost of the asset to which it relates and thus included as part of investing cash flows; under IFRS all interest is treated as operating
activities.
2005
2004
2003
£m
£m
£m
Cash inflows from operating activities
473.4
509.6
478.9
Cash (outflows)/inflows from investing activities
(460.2
)
(208.0
)
(171.1
)
Cash (outflows)/inflows from financing activities
(407.1
)
(350.5
)
(85.6
)
(Decrease)/increase in cash and cash equivalents
(393.9
)
(48.9
)
222.2
Effect of foreign exchange rate changes
82.6
(67.4
)
(82.5
)
Cash and cash equivalents at January 1
1,394.3
1,510.6
1,370.9
Cash and cash equivalents at December 31
1,083.0
1,394.3
1,510.6
g)
Additional information required by US GAAP in respect of taxation
The
        components of the corporate tax profit and loss (charge)/credit on continuing
    operations are as follows:
2005
2004
2003
£m
£m
£m
Current taxes
(27.1
)
(41.0
)
(38.6
)
Deferred taxes
141.9
80.9
69.7
114.8
39.9
31.1
The effective tax rate on continuing operations differs from the UK statutory rate for the following reasons:
2005
2004
2003
£m
£m
£m
UK statutory rate
(111.6
)
11.0
(80.0
)
Overseas tax rate differences
34.5
15.0
21.9
Effect of current year events on prior period tax balances
52.7
33.8
50.0
Utilisation of losses brought forward, net of excess losses
124.1
2.3
54.4
Impairment
–
(82.1
)
(8.4
)
Australian tax write-up
–
64.0
–
Other
15.1
(4.1
)
(6.8
)
Total continuing tax credit
114.8
39.9
31.1
122
Notes
    to the accounts
Back to Contents
33
US accounting information
continued
Significant
    components of the deferred tax liabilities and assets are as follows:
2005
2004
2003
£m
£m
£m
Deferred tax liabilities:
Property, plant and equipment
481.1
469.4
524.9
Pensions and other post-retirement benefits
167.5
113.0
113.8
Other
1.5
78.5
105.9
Total deferred tax liabilities
650.1
660.9
744.6
Deferred tax assets:
Environmental obligations
116.7
87.9
70.5
Losses
114.8
–
–
Other
175.6
137.2
105.7
Total deferred tax assets
407.1
225.1
176.2
Net deferred tax liabilities
243.0
435.8
568.4
The valuation allowance established against deferred tax assets at December 31, 2005 was £75.4m (2004: £108.0m), the movement in the year being £32.6m (2004:
£108.0m). The valuation allowance is in respect of unrecognised tax losses of £250.0m (2004: £360.0m).
The group has
reserves for taxes that may become payable in future periods as a result of tax
audits. It is the group's policy to establish reserves for taxes that may
 become payable in future years as a result of an examination by tax authorities.
The tax reserves are analysed at each balance sheet date and adjustments are
made as events occur to warrant adjustment to the reserves. At any given time,
the group is
undergoing tax audits in several tax jurisdictions and covering multiple years.
The accrual for these reserves at December 31, 2005 was £103.0m (£108.5m).
The
decrease is due to revisions to the best reasonable estimate of the tax exposure,
cash paid on certain audits and settlements of certain audits.
The
      group has not provided deferred tax liabilities related to differences
      of its foreign subsidiaries
  and joint ventures under Accounting Principles Board Opinion (APB) 23, "Accounting
  for Income Taxes – Special Areas" as it is the group's
  policy to
  permanently reinvest such earnings. Quantifying the amount of undistributed earnings and deferred tax liabilities is not practical.
"FASB
Staff Position No 109-2" Accounting and Disclosure Guidance for the Foreign
Earnings Repatriation Provision within the American Jobs Creation Act of 2004",

provides guidance under FASB Statement No. 109, "Accounting for Income Taxes," with
respect to recording any potential impact of the repatriation provisions of the
American Jobs Creation Act of 2004. Hanson has determined that the benefits
are immaterial to the financial statements at December 31, 2005.
h)
Additional information required by US GAAP in respect of pensions
    and other post-employment medical benefits
The
          weighted average rates for calculating year end benefit obligations
          and forecast cost in the main retirement plans and post-employment
          medical benefits are as
follows:
2005
2005
2005
2004
2004
2004
2003
2003
2003
Post-
Post-
Post-
employment
employment
employment
Pension
Pension
medical
Pension
Pension
medical
Pension
Pension
medical
benefits
benefits
benefits
benefits
benefits
benefits
benefits
benefits
benefits
UK
USA
Total
UK
USA
Total
UK
USA
Total
%
%
%
%
%
%
%
%
%
Weighted-average discount rates
4.80
5.60
5.60
5.30
5.75
5.75
5.40
6.25
6.25
Rates of increase in compensation levels
4.25
4.25
–
4.50
4.25
–
4.50
4.25
–
Expected long-term rates of return on assets
5.60
6.75
–
5.70
7.00
–
5.90
7.50
–
Initial post-retirement benefit trend rate*
–
–
9.00-5.00
–
–
10.00-5.00
–
–
9.00-5.00
*2005,
    2004 and 2003 assumed to decrease by 1% per annum to 5%
A summary of the components of net periodic pension cost for Hanson's pension plans is as follows:
2005
2004
2003
£m
£m
£m
Defined benefit plans
52.5
39.4
46.6
Defined contribution plans
12.1
7.6
6.9
Multi-employer plans
3.8
3.8
4.3
Total pension expense under US GAAP
68.4
50.8
57.8
The net periodic pension costs for Hanson's main pension plans and post-retirement benefit plans in the UK and US are as follows:
2005
2005
2005
2004
2004
2004
2003
2003
2003
Post-
Post-
Post-
employment
employment
employment
UK
US
medical
UK
US
medical
UK
US
medical
pensions
pensions
benefits
pensions
pensions
benefits
pensions
pensions
benefits
£m
£m
£m
£m
£m
£m
£m
£m
£m
Service cost
19.5
10.2
1.1
26.9
9.1
3.7
32.0
9.2
1.4
Interest cost
66.4
31.1
5.4
63.8
31.0
4.3
61.0
35.2
5.9
Expected return on assets
(71.1
)
(36.2
)
–
(67.5
)
(39.8
)
–
(59.0
)
(48.0
)
–
Amortisation of transition assets
–
–
–
(12.0
)
–
–
(15.0
)
–
–
Recognised loss/(gain)
16.9
12.4
0.1
16.1
7.2
(2.9
)
25.0
2.6
(1.6
)
Recognised prior service cost/(income)
2.1
0.4
(0.8
)
2.1
0.4
(0.6
)
1.0
0.4
(0.5
)
Gain due to settlement on curtailment
–
–
–
–
–
–
–
–
(0.8
)
Net periodic benefit cost
33.8
17.9
5.8
29.4
7.9
4.5
45.0
(0.6
)
4.4
123
Notes
    to the accounts
Back to Contents
Notes
          to the accounts
continued
for the 12 months ended December 31, 2005
33
US
    accounting information
continued
The following information shows the items that would be disclosed under US GAAP for Hanson's main pension plans and post-retirement benefit plans in the UK and USA:
2005
2005
2005
2004
2004
2004
2003
2003
2003
Post-
Post-
Post-
employment
employment
employment
UK
US
medical
UK
US
medical
UK
US
medical
pensions
pensions
benefits
pensions
pensions
benefits
pensions
pensions
benefits
£m
£m
£m
£m
£m
£m
£m
£m
£m
Benefit obligation at beginning of year
(1,246.7
)
(515.3
)
(80.4
)
(1,188.0
)
(525.9
)
(87.9
)
(1,146.0
)
(544.0
)
(100.2
)
Service cost
(19.5
)
(10.2
)
(1.1
)
(26.9
)
(9.1
)
(3.7
)
(32.0
)
(9.2
)
(1.4
)
Interest cost
(66.4
)
(31.1
)
(5.4
)
(63.8
)
(31.0
)
(4.3
)
(61.0
)
(35.2
)
(5.9
)
Plan participants' contributions
(5.8
)
–
–
(6.9
)
–
–
(6.0
)
–
–
Actuarial loss
(82.5
)
(14.5
)
(15.8
)
(7.2
)
(24.7
)
(2.6
)
9.0
(31.6
)
0.6
Benefits paid
51.5
35.9
9.0
46.1
35.6
8.5
48.0
39.8
10.2
Plan amendments
–
(0.5
)
0.3
–
–
3.8
–
(0.1
)
–
Divestitures, curtailments and settlements
(11.5
)
–
–
–
–
–
–
–
0.7
Others
–
–
–
–
–
–
–
(1.4
)
(0.5
)
Exchange movements
–
(62.2
)
(9.9
)
–
39.8
5.8
–
55.8
8.6
Benefit obligation at end of year
(1,380.9
)
(597.9
)
(103.3
)
(1,246.7
)
(515.3
)
(80.4
)
(1,188.0
)
(525.9
)
(87.9
)
Change in plan assets
Fair value of plan assets at beginning of year
1,217.8
499.7
–
1,150.8
514.7
–
1,046.0
458.5
–
Actual return on plan assets
185.9
32.4
–
72.4
49.5
–
119.0
96.2
–
Employer contributions
28.2
13.4
9.0
33.8
10.1
8.5
27.9
52.5
10.2
Plan participants' contributions
5.8
–
–
6.9
–
–
6.0
–
–
Benefits paid
(51.5
)
(35.9
)
(9.0
)
(46.1
)
(35.6
)
(8.5
)
(48.1
)
(39.8
)
(10.2
)
Divestitures
10.6
–
–
–
–
–
–
–
–
Others
–
–
–
–
–
–
–
0.6
–
Exchange movements
–
59.7
–
–
(39.0
)
–
–
(53.3
)
–
Fair value of plan assets at end of year
1,396.8
569.3
–
1,217.8
499.7
–
1,150.8
514.7
–
Funded status
Funded status of plans at December 31
15.9
(28.6
)
(103.3
)
(28.9
)
(15.6
)
(80.4
)
(37.2
)
(11.2
)
(87.9
)
Unrecognised prior service cost
8.8
2.8
(8.1
)
10.9
2.4
(7.6
)
13.0
3.0
(5.7
)
Unrecognised net actuarial (gain)/loss
266.1
209.2
6.8
314.4
181.4
(8.9
)
328.2
186.3
(14.7
)
Unrecognised transition asset
–
–
–
–
–
–
(12.0
)
–
–
Net amount recognised
290.8
183.4
(104.6
)
296.4
168.2
(96.9
)
292.0
178.1
(108.3
)
Amounts
recognised in the balance sheet consist of:
Prepaid benefit cost
291.7
192.8
–
296.4
176.1
–
292.0
188.3
–
Accrued benefit liability
(0.9
)
(9.4
)
(104.6
)
–
(7.9
)
(96.9
)
–
(9.8
)
(108.3
)
Additional minimum liability
–
(3.7
)
–
–
(8.3
)
–
–
(7.6
)
–
Intangible asset
–
1.4
–
–
1.4
–
–
0.9
–
Accumulated other comprehensive income
–
2.3
–
–
6.9
–
–
6.3
–
Net amount recognised
290.8
183.4
(104.6
)
296.4
168.2
(96.9
)
292.0
178.1
(108.3
)
The accumulated benefit obligation for defined benefit pension plans was £1,850m (£1,617.4m) at December 31. The projected benefit obligation, accumulated benefit
obligation and fair value of plan assets for the plans with accumulated benefit obligations in excess of plan assets were £31.8m, £30.6m and £16.5m (2004: £18.5m, £18.2m and £15.6m).
The following benefit payments, which reflect future service, as appropriate, are expected to be paid:
Post-
employment
medical
UK
US
benefits
£m
£m
£m
2006
52.9
38.5
8.4
2007
54.4
38.4
8.4
2008
55.9
38.6
8.3
2009
57.5
38.7
8.2
2010
59.1
39.1
8.0
2011–2015
320.7
204.8
35.0
124
Notes
    to the accounts
Back to Contents
33
US
    accounting information
continued
On December 8, 2003, the Medicare Prescription Drug, Improvement and Modernisation Act (the "Act") was signed into law. The Act introduces a prescription drug benefit
under Medicare as well as a federal subsidy to sponsors of retiree health care benefit plans. As of December 31, 2003, the Company gave consideration of the Act's changes to its other post-employment medical benefits by reducing the accumulated
benefit obligation by approximately £12.4m for that portion of the benefit pertaining solely to prescription drugs. This amount was reflected in the "Actuarial (gains) and losses" of the rollforward of the accumulated benefit
obligation for 2003. The Company has recorded no benefit for this change in its net periodic benefit cost for 2003, but recorded income of approximately £0.9m and £2.0m in 2005 and 2004, respectively as a result of decreased service and
interest costs and by amortising the unrecognised gain over the expected service lives of the active participants.
Assumed health care trend rates have a significant effect on the amounts reported for the post-retirement medical benefit plans. A one-percentage point change in assumed health
care cost trend rates would have the following effects on active and non-active liabilities as at December 31, 2005:
1-percentage
1-percentage
point increase
point decrease
£m
£m
Effect on total of service and interest cost components
0.4
(0.3
)
Effect on post-retirement medical benefit obligation
5.4
(5.0
)
The US plans' assets are primarily included in the Hanson Building Materials America Inc. Pension Trust ("Trust"),
which invests in listed stocks and bonds. At December 31, 2003, December 31,
2004 and at December 31, 2005 the Trust had no investment in Hanson ordinary
shares.
Within the UK, the fund assets are dealt with by several directly invested funds for the periods ended December 31, 2005, 2004 and 2003 where funds did not invest in the shares
of the Company.
i)
Additional
            information required by US GAAP in respect of accounting for the
            impairment of fixed assets
and for fixed assets to
be disposed
    of
A summary of the impairment charges that have been recognised under US GAAP is as follows:
2005
2004
£m
£m
Assets to be disposed of
–
–
Assets to be held and used
8.1
372.2
8.1
372.2
Disclosed as:
Impairment charges recognised under IFRS:
Operating impairment charges
23.6
29.8
Discontinued operations' impairments
–
21.9
Operating impairment reversals
(19.6
)
(0.5
)
Charge for the year under IFRS
4.0
51.2
Less: Adjustment to goodwill impairment recognised under US GAAP
(15.5
)
321.0
Plus: Adjustment to property, plant and equipment impairment under US GAAP
19.6
–
Total charge under US GAAP
8.1
372.2
Charged against:
Intangible assets – goodwill
2.1
324.8
Property, plant and equipment
5.9
25.4
Investment in joint-ventures
–
20.5
Other assets
0.1
1.5
8.1
372.2
In 2005, previously recognised impairment charges against property, plant and equipment in North America of £19.6m have been reversed. The reversal of such impairments is
not permitted under US GAAP. In addition, an impairment of goodwill of £17.6m has been recognised under IFRS. Under US GAAP, £15.5m of this impairment has been recognised previously and therefore the IFRS impairment has been
reversed.
Of the amounts charged as impairments in 2004 under IFRS, £nil had been charged in prior years as amortisation under US GAAP or previously impaired under IFRS, and is
therefore shown as a reduction in the difference between the charge under IFRS and US GAAP. The operating impairment charge of £29.3m in 2004 under IFRS relates to various operations within North America, the UK and Asia Pacific, where it has
been necessary to make an impairment provision for the difference in these operations' carrying values compared with the higher of their value in use or net realisable value.
In 2004, an impairment charge of £320.8m was recognised under US GAAP in relation to Hanson Aggregates UK goodwill following the annual SFAS 142 impairment review. This
related in part to goodwill which was written off to reserves under IFRS prior to 1998 and also reflected the current assessment of implied goodwill following the recent strategic review of this business. In addition, £2.7m of goodwill was
written off under US GAAP in relation to Asia Pacific's Singapore operations.
j)
Additional
            information required by US GAAP in respect of accounting for intangible
    assets subject to amortisation
Other
          intangible assets subject to amortisation primarily consisting of purchase
          options, order backlogs and non-compete agreements capitalised since
          2003, that have a cost of £35.0m (£12.9m) and an accumulated
          amortisation charge of £5.5m (£3.4m). The estimated aggregate
          amortisation expense for each of the next five years is £2.4m, £2.3m, £2.2m, £1.9m
    and £1.8m.
125
Notes
        to the accounts
Back to Contents
Notes to the accounts
continued
for the 12 months ended December 31, 2005
33
US
    accounting information
continued
k)
Additional information
    required by US GAAP in regards to goodwill
An
          analysis of goodwill of group companies by reporting segment is given
    below:
North America
UK
North America
Building
UK
Building
Asia
Continental
Aggregates
Products
Aggregates
Products
Australia
Pacific
Europe
Total
£m
£m
£m
£m
£m
£m
£m
£m
As at January 1, 2003
145.8
279.3
313.0
36.0
214.9
98.9
22.7
1,110.6
Currency retranslation
(23.4
)
(14.1
)
–
–
30.7
(1.5
)
0.6
(7.7
)
Impairments
–
–
(4.1
)
–
(2.4
)
(16.8
)
(8.4
)
(31.7
)
Reallocations
–
–
–
–
(20.1
)
–
–
(20.1
)
Acquisitions
24.3
–
–
–
0.7
–
4.6
29.6
Disposals
(2.5
)
–
–
–
(17.7
)
(18.9
)
–
(39.1
)
As at December 31, 2003
144.2
265.2
308.9
36.0
206.1
61.7
19.5
1,041.6
Currency retranslation
(16.0
)
(12.1
)
–
–
3.3
(7.6
)
3.8
(28.6
)
Impairments
–
–
(320.8
)
–
–
(4.0
)
–
(324.8
)
Reallocations
(12.9
)
–
–
–
3.0
–
–
(9.9
)
Acquisitions
0.3
21.3
12.6
1.1
0.5
0.1
–
35.9
Disposals
(1.6
)
–
(0.7
)
–
–
(37.9
)
–
(40.2
)
As at December 31, 2004
114.0
274.4
–
37.1
212.9
12.3
23.3
674.0
Currency retranslation
23.6
29.5
–
–
7.7
2.3
(1.4
)
61.7
Impairments
(1.6
)
–
–
–
–
–
(0.5
)
(2.1
)
Reallocations
–
–
–
–
(10.0
)
–
(17.0
)
(27.0
)
Acquisitions
34.0
42.4
–
111.9
1.5
–
0.3
190.1
Disposals
(4.6
)
–
–
(0.5
)
–
–
(3.9
)
(9.0
)
As at December 31, 2005
165.4
346.3
–
148.5
212.1
14.6
0.8
887.7
l)
Additional
    information required by US GAAP in regards to employee share schemes
Hanson
        has various share option and sharesave schemes. A description of the
        plans is included in note 5. In addition, certain employees have participated
        in the Hanson Inland Revenue Approved Share Option Scheme, under which
        they were granted ordinary shares by purchase. The fair value of options
    granted during the years ended: 2005, 2004 and 2003 are as follows:
Long Term
Sharesave
Share Option
Incentive Plan
Schemes
Schemes
pence
pence
pence
Fair value of options granted during the years ended
December 31, 2005
307.7
133.7
76.2
December 31, 2004
–
116.1
81.5
December 31, 2003
–
–
–
In 2004 and
2003, the group applied historical volatility as its basis to estimate expected
volatility for the proforma disclosure required by SFAS 123. In light of guidance
provided by IFRS and in conjunction with external advisors, the group has re-evaluated
its process for estimating volatility in 2005 resulting in volatility assumptions
which are more reflective of market conditions. This process has been applied
prospectively for SFAS 123 reporting purposes in 2005. The changes did not have
a material impact on the group's proforma net income or related per share
amounts.
The weighted
average fair value of share options and long-term incentive plans granted in
2005 were estimated using a Monte Carlo pricing model where the award includes
 market-based performance criteria and a binomial pricing model where the award
includes non-market-based performance criteria. The assumptions used were as
follows: dividend yield 4.3%, expected volatility 24.9% for Long Term Incentive
Plans and
30.7% for the share option plan and expected life of three years for the Long
Term Incentive Plan and 6.5 years for the Share Option Plan and a risk free interest
rate 4.8% for the Share Option Plan.
The weighted
    average fair value of sharesave schemes granted in 2005 were estimated using
    a Black Scholes pricing model using
  the following assumptions: dividend yield 4.3%, expected volatility 26.7% and
  expected life of 5.4 years.
The weighted average fair value of options granted in 2004 and 2003 were estimated using the Black-Scholes option pricing model with the following assumptions: dividend yield
4.3% (4.0%, nil) expected volatility of 28.1% (29.2%, nil) risk free interest rate of 4.9% (5.0%, nil) and expected life of 4.2 years (4.2 years, nil) for the sharesave schemes and 6.5 years (2.5 years, nil) for the share option plans.
126
Notes
        to the accounts
Back to Contents
33
US
    accounting information
continued
Under US GAAP, the group applies the methodologies set out in APB 25 "Accounting for stock issued to employees" and related interpretations. Had the group adopted
SFAS 123 "Accounting for stock-based compensation", the net income/(loss) under US GAAP would have been:
2005
2004
2003
£m
£m
£m
Net income/(loss) as adjusted to accord with US GAAP
463.7
(26.9
)
231.7
Add back: Compensation expense under APB 25
18.8
7.0
5.8
Deduct: Proforma SFAS 123 charge
(8.4
)
(8.0
)
(7.2
)
Proforma net income/(loss)
474.1
(27.9
)
230.3
2005
2005
2004
2004
2003
2003
Per share
Per ADS
Per share
Per ADS
Per share
Per ADS
pence
pence
pence
pence
pence
pence
Basic
Net income/(loss) as adjusted to accord with US GAAP
63.7
318.3
(3.6
)
(18.3
)
31.6
157.9
Add back: Compensation expense under APB 25
2.5
12.9
0.9
4.8
0.8
3.9
Deduct: Proforma SFAS 123 charge
(1.1
)
(5.7
)
(1.1
)
(5.4
)
(1.0
)
(4.9
)
Proforma net income/(loss)
65.1
325.5
(3.8
)
(18.9
)
31.4
156.9
Diluted
Net income/(loss) as adjusted to accord with US GAAP
63.0
315.1
(3.6
)
(18.1
)
31.3
156.5
Add back: Compensation expense under APB 25
2.5
12.8
0.9
4.7
0.8
3.9
Deduct: Proforma SFAS 123 charge
(1.1
)
(5.7
)
(1.1
)
(5.4
)
(1.0
)
(4.9
)
Proforma net income/(loss)
64.4
322.2
(3.8
)
(18.8
)
31.1
155.5
m)
Additional
            information required by US GAAP in regards to movement in valuation
            allowances
Additions
charged to
Balance at
costs and
Balance at
January 1
Exchange
expenses
Deductions*
December 31
Provision for doubtful debts
£m
£m
£m
£m
£m
2003
29.6
(1.9
)
10.3
(6.5
)
31.5
2004
31.5
(2.0
)
14.6
(11.7
)
32.4
2005
32.4
1.9
6.7
(11.1
)
29.9
*Represents
    the excess of amounts written off, over recoveries and subsidiaries disposed
Provisions for doubtful debts are recorded based on management's assessment of prior experience and knowledge of the customer and local economic conditions.
n)
Additional
      information required by US GAAP in respect of listed securities
Hanson
        has unconditionally guaranteed the listed debt securities of Hanson Australia
        Funding Limited which is a 100% owned finance subsidiary of Hanson. The
        financial statements of these subsidiaries are not appended to this document,
        in accordance
with Rule 3-10(b) of Regulations S-X, as Hanson's consolidated financial
statements are contained within the Annual Report and Form 20-F.
Hanson does not believe that at the current time there are any significant restrictions on the ability of the above mentioned finance subsidiaries to make their funds available
to other group companies.
127
Notes
        to the accounts
Back to Contents
IFRS
            selected financial data
Consolidated
    income statement data
2005
2004
£m
£m
Group
      turnover
†
Hanson
      Aggregates North America
980.6
897.3
Hanson
      Building Products North America
753.7
647.4
Hanson
      Aggregates UK
811.5
771.9
Hanson
      Building Products UK
368.2
300.7
Hanson
      Australia
464.6
413.2
Hanson
      Asia Pacific
108.4
124.5
Hanson
      Continental Europe
228.7
228.0
3,715.7
3,383.0
Group
      operating profit before impairments
†
Hanson
      Aggregates North America
138.4
127.6
Hanson
      Building Products North America
125.7
111.2
Hanson
      Aggregates UK
108.8
74.5
Hanson
      Building Products UK
37.8
36.8
Hanson
      Australia
81.6
66.5
Hanson
      Asia Pacific
8.1
5.6
Hanson
      Continental Europe
19.9
23.9
Central
(31.5
)
(22.7
)
488.8
423.4
Operating
      impairments
†
(4.0
)
(29.3
)
Operating
      profit
†
484.8
394.1
Net
      finance costs
†
(55.5
)
(46.8
)
Profit
      before taxation
†
429.3
347.3
Tax
      on continuing operations
(34.4
)
(27.1
)
Profit
      after taxation – continuing operations
394.9
320.2
Discontinued
      operations
(7.3
)
(56.0
)
Profit
      for the year
387.6
264.2
Less
      amounts attributable to minority interest
(0.3
)
0.1
Profit
      attributable to equity holders of the Company
387.3
264.3
Operating
      profit per ordinary share (pence)
†
65.6
53.1
Basic
      earnings per share (pence)
†
54.2
43.6
Diluted
      earnings per ordinary share (pence)
†
53.6
43.2
Dividends
      paid in the year (pence)
18.65
17.30
Weighted
      average number of shares – basic
728.3
734.3
Weighted
      average number of shares – diluted
735.7
741.1
Profit
      after tax
†
in respect of joint-ventures
      and associates for North America, UK, Australia & Asia Pacific and Continental
      Europe have been included in Group operating profit before impairments
†
for these divisions. The total amounts for joint-ventures and associate
      profit after tax
†
are 2005 – £40.5m (£23.2m).
†
Continuing
    operations
Consolidated
  balance sheet data
2005
2004
£m
£m
Non-current
      assets
4,221.7
3,663.7
Current
      assets
2,246.5
2,484.3
Assets
      held for sale
8.5
12.6
Total
      assets
6,476.7
6,160.6
Non-current
      liabilities
(2,202.8
)
(2,023.7
)
Current
      liabilities
(1,601.6
)
(1,725.9
)
Total
      liabilities
(3,804.4
)
(3,749.6
)
Net
      Assets
2,672.3
2,411.0
Equity
Called-up
      share capital
73.7
73.7
Own
      shares
(73.3
)
(30.1
)
Reserves
2,669.6
2,365.3
Attributable
      to equity holders of the Company
2,670.0
2,408.9
Minority
      interests
2.3
2.1
Total
      equity
2,672.3
2,411.0
Number
      of allotted, called-up and fully paid shares
737.0
737.0
128
IFRS
      selected financial data
Back to Contents
US
          GAAP selected financial data
Consolidated income statement data
2005
2004
2003
2002
2001
£m
£m
£m
£m
£m
Turnover
      including joint-ventures and associates
4,084.6
3,810.2
3,956.5
4,000.5
4,179.4
Operating
      profit including joint-ventures and associates
429.3
82.2
430.1
500.3
489.2
Continuing
      operations – net income
473.2
3.4
297.7
282.5
333.1
Discontinued
      operations – profit from operations
14.5
18.2
7.9
14.9
12.9
Discontinued
      operations – loss on disposals
(24.0
)
(48.5
)
(73.9
)
(25.6
)
(43.7
)
Income/(loss)
      before cumulative effect of change in accounting principle
463.7
(26.9
)
231.7
271.8
302.3
Cumulative
      effect of change in accounting principle
–
–
–
(900.4
)
–
Net
      income/(loss) available for appropriation
463.7
(26.9
)
231.7
(628.6
)
302.3
2005
2004
2003
2002
2001
pence
pence
pence
pence
pence
Adjusted
      weighted average basic number of ordinary shares (millions)
728.3
734.3
733.9
735.0
735.4
Basic
      – income from continuing operations
65.0
0.5
40.5
38.4
45.3
Basic
      – loss from discontinued operations
(1.3
)
(4.1
)
(9.0
)
(1.4
)
(4.2
)
Basic
      – income/(loss) before cumulative effect of change in accounting principle
63.7
(3.6
)
31.5
37.0
41.1
Basic
      – cumulative effect of change in accounting principle
–
–
–
(122.5
)
–
Basic
      – net income/(loss)
63.7
(3.6
)
31.5
(85.5
)
41.1
Adjusted
      weighted average diluted number of ordinary shares (millions)
735.7
741.1
740.4
740.9
737.7
Diluted
      – income from continuing operations
64.3
0.5
40.2
38.1
45.2
Diluted
      – loss from discontinued operations
(1.3
)
(4.1
)
(8.9
)
(1.4
)
(4.2
)
Diluted
      – income/(loss) before cumulative effect of change in accounting principle
63.0
(3.6
)
31.3
36.7
41.0
Diluted
      – cumulative effect of change in accounting principle
–
–
–
(121.5
)
–
Diluted
      – net income/(loss)
63.0
(3.6
)
31.3
(84.8
)
41.0
Consolidated
  balance sheet data
2005
2004
2003
2002
2001
£m
£m
£m
£m
£m
Total
      assets
7,269.5
6,560.2
7,210.9
7,082.2
8,436.3
Long-term
      debt
1,161.6
1,058.3
1,465.9
972.3
1,599.3
Share
      capital
73.7
73.7
73.7
1,473.9
1,471.8
Net
      assets and shareholders' equity
3,046.1
2,683.8
2,874.1
2,605.8
3,556.5
Number
      of shares
737.0m
737.0m
737.0m
737.0m
735.9m
129
US
      GAAP selected financial data
Back to Contents
Investor
    information
Financial
      calendar
Ordinary
ADS
CDI
Final
      dividend for the year to December 31, 2005
shareholders
holders
holders
Ex-dividend
      date
April
      5, 2006
April
      5, 2006
April
      3, 2006
Record
      date
April
      7, 2006
April
      7, 2006
April
      7, 2006
Payment
      date
May
      5, 2006
May
      12, 2006
May
      12, 2006
(Subject
      to shareholder approval at the AGM)
Interim
      dividend for the six months to June 30, 2006
payable
      September 2006 (provisional)
Interim
      2006
Full
      year 2006
Results
      announcements (provisional)
August
      2, 2006
February
      22, 2007
Dividends
Cash
  dividends are paid to shareholders as of record dates that are fixed in accordance
  with the dividend procedure timetable published by the London Stock Exchange.
  Hanson pays an interim dividend, normally in September, and a final dividend,
  subject to receiving shareholder approval at the AGM, normally at the end of
  April or early May following the end of the financial year. For the tax treatment
  of dividends paid to shareholders resident in the USA, please refer to the Ancillary
  Information section of this report.
Dividends in respect of the financial years ending December 31 were:
Per
      ordinary share
Per
      ADS
Per
      ADS
Interim
Final
Total
Interim
Final
Total
Interim
Final
Total
pence
pence
pence
pence
pence
pence
cents
cents
cents
2001
4.45
9.55
14.00
22.25
47.75
70.00
32.62
69.60
102.22
2002
4.55
10.85
15.40
22.75
54.25
77.00
35.24
88.22
123.46
2003
5.00
11.95
16.95
25.00
59.75
84.75
41.05
105.27
146.32
2004
5.35
12.80
18.15
26.75
64.00
90.75
47.74
121.83
169.57
2005
5.85
14.15
*
20.00
29.25
70.75
*
100.00
52.59
‡
‡
*
If
      approved by shareholders at the AGM to be held on April 26, 2006, the recommended
      final dividend of 14.15p per ordinary share for the year ended December
      31, 2005 will be payable on May 5, 2006 to ordinary shareholders on the
    register at close of business (London time) on April 7, 2006
‡
For
      holders of ADSs and CDIs, the dividend base rate is declared in pence and
      is converted to US dollars (for ADS holders) and Australian dollars (for
      CDI holders) on the UK dividend payment date using the
prevailing
      exchange rates on that day. Payment of the final dividend for the year ended
    December 31, 2005 to holders of ADSs and CDIs will be on May 12, 2006
Ordinary shareholders who wish to have future dividends paid direct into their bank or building society account should contact Lloyds TSB Registrars at the address shown on the
inside back cover. Payment to banks outside the UK is available to private shareholders subject to a small charge.
Dividend
  policy
The
  Board remains committed to a progressive dividend policy, although this will
  be subject to maintaining a reasonable level of dividend cover over the medium-term.
  The increase of 10.0% in the dividend for 2002, of 10.1% for 2003, of 7.1% for
  2004, followed by an increase of 10.2% for 2005 reflects the introduction of
  a more progressive approach to dividend payments. Future dividends will be dependent
  upon Hanson's earnings, financial condition and other factors.
Dividend
  reinvestment programme
There
  is a dividend reinvestment programme ("DRIP") for registered holders
  of Hanson ADSs who reside in the USA or Canada. This programme provides holders
  with a convenient and economical method (lower brokerage commissions) of investing
  cash dividends and optional cash deposits in additional ADSs at the market price,
  by having their purchases combined with those of other participants. For more
  information or a copy of the Hanson DRIP booklet call Citibank Shareholder Services
  on (877) 248 4237 or write to Citibank at the address shown on the inside back
  cover.
Major
  shareholders
To
  its knowledge, Hanson is not owned or controlled directly or indirectly by any
  government or by any other corporation. As of February 21, 2006, Hanson has
  been notified of the following persons who, directly or indirectly, are interested
  in 3% or more of the issued share capital. The voting rights of the major shareholders
  listed below are the same as for the other holders of ordinary shares or ADSs.
Number
      of
%
      of issued share
Name
ordinary
      shares million
capital
      at date of notification
Vanguard
      Windsor Funds – Vanguard Windsor II Fund
39.1
5.3
Legal
      & General Investment Management
36.9
5.0
Standard
      Life Group
22.4
3.0
Prudential
      plc
21.9
3.0
Barclays
      Bank plc
21.9
3.0
Zurich
      Financial Services
21.9
3.0
Other
  than as identified above and interests held as bare nominee, Hanson has not
  been notified of any other interests in 5% or more of the ordinary shares (including
  ADSs) in the three years prior to the date of the Annual Report and Form 20-F.
As
  at February 21, 2006 15.5m ADSs were held of record in the USA. The 77.7m ordinary
  shares (10.8% of the issued share capital, excluding shares held in treasury)
  representing those ADSs were registered in the name of National City Nominees
  Limited.
As
  of February 21, 2006, approximately 0.3m ordinary shares were held of record
  in the USA by approximately 260 record holders. Hanson believes that as of February
  21, 2006, approximately 3.83% of its outstanding ordinary shares were also beneficially
  owned by US holders. Since certain of these securities are held by brokers or
  other nominees, the number of holders of record in the USA may not be representative
  of the number of beneficial owners or of where the beneficial owners are resident.
Ordinary
  shareholders
As
  at February 21, 2006 there were 736,968,849 ordinary shares in issue, of which
  18,250,000 were held in treasury. There were 48,168 registered holders.
130
Investor
      information
Back to Contents
Listings
Hanson
ordinary shares are listed on the Official List of the UK Listing Authority (the "Official
List") and admitted to trading on the London Stock Exchange. The
7.875% notes due 2010 of the Company are also listed on the Official List and
admitted to trading on the London Stock Exchange.
In
    the USA, Hanson ordinary shares are listed on the New York Stock Exchange
    in the form of ADSs and trade
  under the
  symbol "HAN". Each ADS represents five Hanson ordinary shares. Each
  ADS is evidenced by a direct-registered ADS unless an American Depositary Receipt
  is specifically requested by the holder. Citibank N.A. is the ADS Depositary
  under a  Deposit Agreement, dated as of October 14, 2003. Hanson Building Materials
  America, Inc., whose office is at 1333 Campus Parkway, Monmouth Shores Corporate
  Park, Neptune, New Jersey 07752, USA, is Hanson's
  agent in the USA in respect of ADSs. The 5.25% notes due 2013 of Hanson Australia
  Funding Limited are also listed on the NYSE. Hanson is subject to the regulations
  of the SEC in the USA as they apply to foreign companies.
In Australia, Hanson ordinary shares are listed on the Australian Stock Exchange in the form of CDIs. Each CDI represents one Hanson ordinary share. Hanson Australia Pty
Limited, whose office is at Level 6, 35 Clarence Street, Sydney, NSW 2000, Australia, is Hanson's agent in Australia in respect of CDIs.
The following table shows, for the periods indicated, (i) the reported high and low sales prices based on the Daily Official List of the London Stock Exchange for Hanson
ordinary shares and (ii) the reported high and low sales prices on the NYSE for Hanson ADSs.
London Stock Exchange
NYSE
pence per ordinary share
US dollars per ADS
High
Low
High
Low
Calendar 2001
567.00
425.00
37.00
31.20
Calendar 2002
539.50
264.50
39.66
21.23
Calendar 2003
436.75
256.75
36.50
21.55
Calendar 2004
First quarter
451.50
398.00
42.40
36.26
Second quarter
446.00
377.75
39.96
34.49
Third quarter
410.50
360.00
37.00
33.71
Fourth quarter
449.25
399.50
43.30
36.90
Calendar 2005
First quarter
536.75
451.50
50.52
42.35
Second quarter
539.00
476.00
49.08
44.09
Third quarter
608.50
531.00
55.99
46.55
Fourth quarter
640.00
527.00
55.62
46.72
Most recent six months
August 2005
595.00
569.50
53.38
50.22
September 2005
608.50
583.50
55.99
51.43
October 2005
594.00
527.00
51.91
46.72
November 2005
606.50
580.00
52.60
50.96
December 2005
640.00
609.00
55.62
52.80
January 2006
663.00
624.50
58.96
54.95
February 2006 (through February 21, 2006)
696.00
656.50
60.70
57.56
Annual
General Meeting
The
AGM will be held at 11.00am on April 26, 2006 at the Institute of Electrical
Engineers, 2 Savoy Place, London WC2R 0BL. Shareholders being sent the Annual
Report and Form  20-F have also received a separate notice of the AGM, incorporating
explanatory notes of the resolutions to be proposed at the meeting.
Holders of ADSs and CDIs are not members of the Company but may instruct their respective depositary as to the exercise of voting rights at the AGM pertaining to the number of
ordinary shares represented by their ADSs and CDIs.
Ordinary shareholders may submit their proxy electronically via the internet at www.sharevote.co.uk or, if they have already registered with Lloyds TSB Registrars on-line
portfolio service, they may appoint their proxy by visiting www.shareview.co.uk. Ordinary shareholders who are CREST participants may use the CREST proxy voting service for submitting electronic proxy appointments and voting instructions for the
AGM. Full instructions on using these electronic voting options are included on the separate notice of the AGM.
Hanson website: www.hanson.biz
Our website www.hanson.biz is now firmly established and we are continuing our long-term on-line strategy to realise commercial benefits, maximise cost savings and reinforce
the Hanson brand. Via our website you can download our corporate reports, news releases and investor presentations, consult frequently asked questions, check dividend information and use share price data tools. Key features include:
E-mail distribution service
Hanson operates an e-mail distribution service for news releases and other corporate information. This service includes e-mail alerts two days prior to results announcements
and publication of Company reports.
Share price data
Shareholders
can view Hanson's latest share price on-line and also use the share price
look-up tool to access historical share prices.
Interactive share price charting tool
This
feature enables you to chart Hanson's share price on-line over a selected time period since demerger (1997) and/or relative to the FTSE 100 Index and/or the FTSE
Construction & Building Materials Index.
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Investor
information
continued
E-communication
Hanson
encourages shareholders to elect to receive shareholder documents such as Annual
and Interim Reports and shareholder circulars electronically, by downloading
from the
Company's website, rather than by post. There are clear advantages to doing so – it
means less cost for the Company, less paperwork for shareholders to deal with,
speedier delivery of documents and it is environmentally friendly. All future
shareholder mailings will allow for electronic distribution for those electing
this option.
Shareholders choosing to take advantage of this option, which is free to shareholders, will receive an e-mail notification each time a shareholder publication is placed on the
Company's website. Please note that those so electing will be able to change their mind about receiving documents by electronic notification at any time and that it will be the responsibility of the shareholder to notify any change of e-mail
address.
Ordinary shareholders who wish to register to receive future shareholder documents electronically should access the Shareview facility provided by Lloyds TSB Registrars at
www.shareview.co.uk. To register, shareholders will need their shareholder reference number (which can be found on the share certificate or dividend voucher). Agreement to the terms and conditions applying will be sought at the end of the
registration process. The registration facility is now open.
Lloyds TSB Registrars will be happy to answer any queries on 0870 600 0632 (if calling from the UK) or +44 121 415 7085 (if calling from overseas).
Shareholder facilities
Any enquiries relating to ordinary shareholdings should be addressed to Lloyds TSB Registrars. Up-to-date information on holdings, including balance movements and information
on recent dividends, can be found on www.shareview.co.uk, where ordinary shareholders can also notify a change of address and set up or change dividend mandate instructions.
Investors in the UK may take advantage of a postal low-cost share dealing service to buy or sell Hanson ordinary shares, held in a certificated form, in a simple, economic
manner. Basic commission is 1% with a minimum charge of £15. Purchases are subject to Stamp Duty Reserve Tax of 0.5%. Full details can be obtained from Hoare Govett Limited, 250 Bishopsgate, London EC2M 4AA. Tel 020 7678 8300.
Alternatively, Lloyds TSB Registrars offer Shareview Dealing, a service which allows UK resident shareholders to sell or purchase Hanson ordinary shares via the internet by
logging on to www.shareview.co.uk/dealing or via telephone on 0870 850 0852.
Holders of Hanson CDIs with a value of less than A$15,000 can take advantage of a facility, offered by Link Market Services Limited, to sell all their shares in a
cost-effective and efficient manner. Full details on this share sale facility can be obtained by contacting Link Market Services Limited on +61 (0)2 8280 7111.
Holders of ADSs and CDIs should address enquiries to Citibank Shareholder Services and Link Market Services Limited (details on the inside back cover), respectively.
ShareGift
Ordinary shareholders with only a small number of shares (including many overseas shareholders) whose value makes it uneconomic to sell them may wish to consider donating them
to charity through ShareGift, an independent charity share donation scheme. The relevant share transfer form may be obtained from Lloyds TSB Registrars. ShareGift is administered by the Orr Mackintosh Foundation, registered charity no. 1052686.
Further information about ShareGift may be obtained on 020 7337 0501 or from www.ShareGift.org. There are no implications for capital gains tax purposes (no gain or loss) on gifts of shares to charity and it is now also possible to obtain income tax
relief.
Unsolicited mail
As UK law obliges companies to make their share registers available to other organisations, shareholders may receive unsolicited mail. Shareholders in the UK who wish to limit
the amount of unsolicited mail they receive should contact the mailing preference service either by telephone on 0845 703 4599, online at www.mpsonline.org.uk or by writing to Mailing Preference Service, FREEPOST 29 LON20771, London W1E
0ZT.
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Ancillary information
Description
  of business
General development of business
Hanson became a business focused purely on building materials in 1997 following the demerger of the old Hanson conglomerate. The major building materials companies remaining
  within Hanson at the time were ARC, Hanson Brick and Cornerstone.
Hanson management transformed the business into a world leading building materials company through a series of disposals and acquisitions, the largest of which was the
acquisition of the Australian construction materials business, Pioneer International, in May 2000.
Following
      a series of restructurings, Hanson now operates as four identifiable trading
      regions: Hanson North America (46.7% of 2005 continuing turnover), Hanson
      UK (31.7% of 2005 continuing turnover), Hanson Australia & Asia Pacific
      (15.4% of 2005 continuing turnover), and Hanson Continental Europe (6.2%
      of 2005 continuing turnover).
This
      structure reinforces a continued focus on our core values of cost and margin
      control, together with disciplined
        and proactive growth via capital expenditure and bolt-on acquisitions.
North America
Hanson's
North American operations are organised into two operating groups, Hanson Aggregates
North America and Hanson Building Products North America, with a corporate office
in Neptune, New Jersey.
(a) Hanson Aggregates North America
Hanson Aggregates North America, headquartered in Dallas, Texas produces aggregates, ready-mixed concrete, asphalt and cement has over 350 operating locations throughout the
USA.
(b) Hanson Building Products North America
Hanson
Building Products North America, headquartered in Dallas, Texas, is divided into
two sub-groups, Pipe & Precast and Brick & Tile. Pipe & Precast, also
headquartered in Dallas, produces concrete pipes, and products and precast concrete for the US and Canadian markets. Brick & Tile,
with its headquarters in Charlotte, North Carolina, produces bricks for the US
and Canadian markets from its principal manufacturing factories in Canada, Texas,
and the Carolinas, and roof tiles from its plants in Florida, California, Texas
and Arizona.
UK
Hanson reports as two groups in the UK, Hanson Aggregates UK and Hanson Buildings Products UK.
(a) Hanson Aggregates UK
Hanson Aggregates UK produces aggregates, ready-mixed concrete and asphalt in the UK through its own operations and is a partner in a number of joint-venture companies, the
most significant of which is Midland Quarry Products Limited, owned jointly with a member of the Tarmac group of companies.
Included within Hanson Aggregates UK are Hanson's marine dredging operations which, through a wholly owned subsidiary and United Marine Holdings Limited, a joint-venture
with a member of the Tarmac group of companies, supply sea-dredged aggregates to the UK, Belgium, Holland and France.
(b) Hanson Building Products UK
Hanson Building Products UK supplies bricks and concrete products, concrete flooring, precast concrete and packed aggregates products throughout the UK.
Australia & Asia Pacific
Hanson Australia is a major supplier of construction materials to the Australian market. Its operations are divided into two operating groups: Hanson Construction Materials,
which produces ready-mixed concrete and aggregates; and Hanson Building Products, which produces blocks, pavers and retaining walls. Its other major interests include (i) its 25% share in Cement Australia Holdings Pty Ltd, jointly owned with Rinker
Group Ltd and Holcim Ltd, which operates cement plants in New South Wales, Tasmania and Queensland, and (ii) Pioneer Road Services Pty Ltd, jointly owned with Shell Australia Ltd, which operates as an asphalt and contracting business.
Hanson Asia Pacific operates in the south east Pacific region, principally in Malaysia, Hong Kong and Singapore.
Continental Europe
Hanson Continental Europe operates various aggregates, ready-mixed concrete and asphalt operations in Spain, the Czech Republic, The Netherlands, Belgium, France, Germany and Israel.
Additional information
Exchange
rates
The
following table sets forth for the periods indicated the average noon buying
rates in US dollars per £1 (to the nearest cent), calculated by using the
average of the exchange rates on the last day of each full calendar month during
the period.
Average
Year ended December 31, 2001
1.44
Year ended December 31, 2002
1.51
Year ended December 31, 2003
1.65
Year ended December 31, 2004
1.84
Year ended December 31, 2005
1.82
Year ending December 31, 2006 (through February 21, 2006)
1.76
The following table sets forth the high and low noon buying rates for the last six months in US dollars per £1 (to the nearest cent).
High
Low
August 2005
1.81
1.77
September 2005
1.84
1.76
October 2005
1.79
1.75
November 2005
1.78
1.71
December 2005
1.77
1.72
January 2006
1.79
1.74
February 2006 (through February 21, 2006)
1.78
1.73
Business overview
Seasonality
Seasonality is a significant factor affecting all of our operations. In our major markets in the USA, the UK and northern Continental Europe, activity is very much concentrated
during the period between March and November, while the winter in Australia and the rainy season and Chinese New Year in Asia Pacific cause a material slow-down in operations during these periods. Unusual weather patterns, in particular heavy and
sustained rainfall during peak construction periods, can cause significant delays and have an adverse impact on our businesses.
Sources and availability of raw materials
We
generally own or lease the real estate on which the raw materials, namely aggregates
and clay resources/reserves, essential to our main businesses are found, although
in the  case of the marine businesses of Hanson Aggregates UK and Hanson Aggregates
North America, we operate under licences from the relevant national and local
authorities.
We
      are also a significant purchaser of certain important materials such as
      cement,
  bitumen, steel, gas, fuel and other energy supplies, the cost of which can
      fluctuate by material amounts and consequently have an adverse impact on
      our businesses.
  We are not generally dependent on any one source for the supply of these products,
   other than in certain jurisdictions with regard to the supply of gas and electricity.
  Competitive markets generally exist in the jurisdictions in which we operate
  for the supply of cement, bitumen, steel and fuel. In 2005, percentage price
  changes
  in the cement market ranged from a 2%-20% increase.Bitumen
  prices are affected by general oil price changes. In 2005, percentage price changes
  in the bitumen market ranged from a decrease of 11% to an increase of 46%.
Sales and marketing
Although sales and marketing activities are more important in connection with our brick business in both the USA and the UK, where branding of the product is a factor, in
general the nature of the majority products, ie rock, sand, gravel, ready-mixed concrete and concrete products, and the cost of transportation means that marketing and selling is conducted on a more localised basis, with an emphasis on service and
delivery. Sales and marketing costs tend to be relatively low in relation to the overall delivered price of our products.
Competitive position
Statements
relating to Hanson's position as one of the leading heavy building materials
companies, one of the largest producers of aggregates and one of the largest
producers of heavy building products are based on management estimates.
Governmental regulation (including environmental)
Many products produced by our operating units are subject to government regulation in various jurisdictions regarding production and sale. We believe that our operating units
have taken, and continue to take, measures to comply with applicable laws and government regulations in the jurisdictions in which we operate so that the risk of sanctions does not represent a material threat to any of the operating units
individually or to Hanson as a whole. We also believe that compliance with these regulations does not substantially affect the ability of our subsidiaries to compete with similarly situated companies.
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In addition
to the regulatory framework described above, our operating units are subject
to extensive regulation by national, state and local agencies concerning such
matters  as planning, environmental and health and safety compliance. In addition,
numerous governmental permits and approvals are required for our operations.
We believe that our operating units are currently operating in substantial compliance
with, or
under approved variances from, various national, state and local regulations.
We do not believe that such compliance will materially adversely affect our business
or results of operations. In the past, our subsidiaries have made significant
capital  and maintenance expenditures to comply with planning, water, air and
solid and hazardous waste regulations and these subsidiaries may be required
to do so in the future. From time to time, various agencies may serve cease and
desist orders or
notices of violation on an operating unit or deny its applications for certain
licences or permits, in each case alleging that the practices of the operating
unit are not consistent with the regulations or ordinances. In some cases, the
relevant  operating unit may seek to meet with the agency to determine mutually
acceptable methods of modifying or eliminating the practice in question. We believe
that our operating units should be able to achieve compliance with the applicable
regulations
and ordinances in a manner which should not have a material adverse effect on
our business, financial condition or results of operations.
Approximately,
    100 present and former US operating sites, or portions thereof, currently
    or previously
  owned  and/or leased by current or former companies acquired by Hanson (responsibility
  for which remains with a member of the Hanson group) are the subject of claims,
  investigations, monitoring or remediation under the US federal Comprehensive

Environmental Response, Compensation and Liability Act ("CERCLA"),
  the US federal Resource Conservation and Recovery Act or comparable US state
  statutes or agreements with third parties. These proceedings are in various stages
  ranging from  initial enquiries to active settlement negotiations to implementation
  of response actions. In addition, a number of present and former Hanson operating
  units (responsibility for which remains with a member of the Hanson group) have
  been named as
  Potentially Responsible Parties ("PRPs") at approximately 40 off-site
  landfills under CERCLA or comparable state statutes. In each of these matters
  the Hanson operating unit is working with the governmental agencies involved
  and other PRPs  to address environmental claims in a responsible and appropriate
  manner. A substantial majority of these operating and landfill sites are covered
  by the environmental insurance policy referred to under the heading "Material
  Contracts"
  referred to below.
We do not believe that any of the above proceedings relating to operating sites and off-site landfills not covered by the environmental insurance policy should materially
adversely affect our business, financial condition or results of operations. At December 31, 2005, we had accrued £179.3m for environmental obligations, including legal and other costs, at such sites as are not covered by the above-mentioned
environmental insurance policy. Costs associated with environmental assessments and remediation efforts are accrued when determined to represent a probable loss and to be capable of being reasonably estimated. There can be no assurance that the
ultimate resolution of these matters will not differ materially from our estimates.
We cannot predict whether future developments in laws and regulations concerning environmental and health and safety protection will affect our earnings or cash flow in a
materially adverse manner or whether our operating units will be successful in meeting future demands of regulatory agencies in a manner which will not materially adversely affect our business, financial condition or results of
operations.
For other legal proceedings against Hanson, see note 26 of the Notes to the accounts.
Patents and trademarks
Our operating units have various patents, registered trademarks, trade names and trade secrets and applications for, or licences in respect of, the same that relate to various
businesses. We believe that certain of these intellectual property rights are of material importance to the businesses to which they relate. We believe that the material patents, trademarks, trade names and trade secrets of our operating
subsidiaries and divisions are adequately protected and that the expiration of patents and patent licences should not have a material adverse effect upon our business, financial condition or results of operations.
Employees
As at December 31, 2005, the group employed 24,300 employees. An analysis of employee numbers by business and geographical area is found in note 4 of the Notes to the accounts.
We believe that in general our relationship with our employees and trade unions or other bodies representing our employees is good.
Property, plants and equipment
As
of December 31, 2005, our operating units owned 1,121 plants and other freehold
properties, of which 486 were located in North America, 297 were located in the
UK, 295 were located in Australia and Asia and 43 were located in Continental
Europe. The remaining properties of our operating units throughout the world,
including other manufacturing facilities, warehouses, stores and offices, were
leased. None of the
individual properties is considered to have a value that is of major significance
in relation to our assets as a whole. For a description of certain environmental
issues that may affect our utilisation of our assets, see under the heading "Governmental regulation (including environmental)" referred
to above.
Material contracts
For
details relating to the Deposit Agreement under which the Hanson ADSs were issued,
the indentures under which the group's public bonds were issued and various
agreements and indemnities relating to the demergers, see under the heading "Exhibits" included in Hanson PLC's
2005 Annual Report and Form 20-F filed with the Securities and Exchange Commission.
In August 1998, an agreement was reached under which, for a one-off premium and related transaction costs totalling $275m, insurance cover of $800m (after payment by
the group of the first $100m of remediation costs arising since January 1, 1998) was available to meet the costs of remediating the environmental liabilities relating to the former Koppers' company operations of Beazer plc
("Beazer") (acquired by Hanson in 1991). The insurance cover is provided by the subsidiaries of two leading reinsurance companies, Centre Solutions (a member of the Zurich Group) and Swiss Re. Administration of the environmental
remediation programme will continue to be carried out by Beazer.
In April 2005, we entered into a five year £500m multi-currency revolving credit facility arranged by Barclays Capital and J.P. Morgan plc with a syndicate of banks. This
replaced our five year £519.2m facility due to expire in March 2006. The new facility contains a US$947m swingline advance facility and a sub-limit of up to £300m for Australian dollar loan note advances. In addition, in July 2004, we
entered into a five year US$475m facility arranged by Banc of America Securities Limited and Citigroup Global Markets Limited with a syndicate of banks. This facility is available to be drawn as either cash advances or standby letters of
credit.
Exchange controls
There
are no UK restrictions on the import or export of capital including foreign exchange
controls that affect the remittances of dividends or other payments to non-resident
holders of ordinary shares except as otherwise set forth in "Taxation information for US shareholders" below
and except for certain restrictions imposed from time to time by HM Treasury
pursuant to legislation such as The United Nations Act 1946 and the Emergency
Laws Act 1964 against the government or residents of certain countries.
Except for the general limitations contained in the Company's Memorandum
and Articles of Association and in the Deposit Agreement governing the Company's ADSs, and certain restrictions that may be imposed from time to time by HM
Treasury under legislation as described above, under English law and Hanson's
Memorandum and Articles of Association, persons who are neither residents nor
nationals of the UK may freely hold, vote and transfer ordinary shares in the
same
manner as UK residents or nationals.
Taxation information for US shareholders
The following paragraphs are intended as a general guide only and do not purport to be a complete technical analysis or listing of all potential tax effects relevant to the
ADSs or the ordinary shares. The statements of US federal tax laws set forth below are based on provisions of the US Internal Revenue Code of 1986, as amended, current and proposed US Treasury regulations promulgated thereunder, and administrative
and judicial decisions, all of which are subject to change, possibly on a retrospective basis.
This discussion addresses only US shareholders that beneficially own and hold ADSs or ordinary shares as capital assets and use the US dollar as their functional currency, and
that are either a citizen or resident of the USA for US federal income tax purposes, or a corporation, or other entity treated as a corporation for US federal income tax purposes, created or organised under the laws of the USA or any political
subdivision thereof, or an estate the income of which is subject to US federal income taxation regardless of its sources, or a trust, if a court within the USA is able to exercise primary supervision over the administration of the trust and one or
more US persons have the authority to control all substantial decisions of the trust (each a "US shareholder" for the purposes of this discussion).
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The discussion does not consider the tax treatment of beneficiaries of trusts or estates, partnerships or other pass-through entities or persons who hold ordinary shares or
ADSs through a partnership or other pass-through entity.
This discussion does not address all aspects of US federal income taxation, such as US federal gift or estate tax, nor state or local taxation. It does not address the tax
consequences for financial institutions, financial services entities, insurance companies, dealers in securities or foreign currencies, persons subject to the alternative minimum tax, persons owning directly, indirectly or by attribution 5% or more
of the total combined voting power of the stock of Hanson, persons carrying on a trade or business in the UK through a permanent establishment, persons who acquired ordinary shares or ADSs as compensation, persons who elect mark-to-market
accounting, tax-exempt entities or private foundations, persons that hold the ordinary shares or ADSs as part of a straddle, hedge, constructive sale or conversion transaction or other integrated transaction, persons whose functional currency is
other than the US dollar, certain expatriates or former long-term residents of the USA or holders who elected to apply the provisions of the former income tax convention between the USA and the UK.
US shareholders and holders of Hanson ADSs should consult their tax advisors with regard to the application of the US federal income tax laws to their particular situation, as
well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.
Considerations relevant to the ADSs and ordinary shares
US
shareholders of ADSs are not members of the Company but may instruct Citibank
N.A., the Depositary,
as to the exercise of voting rights pertaining to the number of ordinary shares
represented by their ADSs. However, US shareholders of ADSs are generally treated
as the owners of the underlying ordinary shares for purposes of the US-UK double
taxation conventions relating to income and gains (the "UK-US income tax
treaty") and to estate and gift taxes (the "Estate and Gift Tax Convention"),
and generally for purposes of the US federal tax laws.
Taxation of dividends
A
US shareholder will be required to include in gross income as ordinary income
the amount of
any dividend paid on the ordinary shares or ADSs on the date the dividend is
received to the extent the dividend is paid out of our current or accumulated
earnings and profits, as determined for US federal income tax purposes. Dividends
in excess of these earnings and profits will be applied against, and will reduce,
the US
shareholder's basis in the ADSs or ordinary shares and, to the extent in
excess of such basis, will be treated as gain from the sale or exchange of such
ADSs or ordinary shares. In addition, dividends of current or accumulated earnings
and profits will be foreign source passive income for US foreign tax credit purposes
and will not qualify for the dividends-received deduction otherwise available
to corporations.
Dividends paid out of current or accumulated earnings in foreign currency to a US shareholder will be includable in the income of a US shareholder in a US dollar amount
calculated by reference to the exchange rate on the date the dividend is received, regardless of whether the dividend is in fact converted into US dollars on such date. A US shareholder that receives a foreign currency dividend and converts the
foreign currency into US dollars subsequent to receipt will have foreign exchange gain or loss based on any appreciation or depreciation in the value of the foreign currency against the US dollar, which will generally be US source ordinary income or
loss.
An individual
US shareholder's "qualified dividend income" is subject to tax at a reduced rate of tax of 15%. For this purpose, qualified dividend income
includes dividends from foreign corporations if (a) the stock of such corporation with respect to which such dividend is paid is readily tradable on an established securities market in the USA, including NASDAQ, or (b) such corporation is eligible
for the benefits of a comprehensive tax treaty with the USA that includes an information exchange programme and is determined to be satisfactory to the US Secretary of the Treasury. The US Secretary of the Treasury has indicated that the UK-US
income tax treaty which came into effect on March 31, 2003 (the "Treaty") is satisfactory for this purpose. Dividends will not, however, qualify for the reduced rate if such corporation is treated for the tax year in which dividends are
paid (or in the prior year) as a "passive foreign investment company" for US federal income tax purposes. Based on the nature of Hanson's operations, Hanson does not believe that it would be treated as a passive foreign investment
company. Accordingly, if Hanson's beliefs are correct, dividend distributions with respect to its ordinary shares or ADSs should be treated as qualified dividend income and subject to the US shareholder's
satisfaction of the holding period requirements described below, should be eligible
for the reduced 15% US federal income tax rate. A US shareholder will not be
entitled to the reduced rate: (a) if the US shareholder has not held the ordinary
shares or ADSs for at least 61 days of
the 121 day period beginning on the date which is 60 days before the ex-dividend
date; or (b) to the extent the US shareholder is under an obligation to make
related payments on substantially similar or
related property.
Any days during which a US shareholder has diminished its risk of loss on the
ordinary shares or ADSs are not counted towards meeting the 61 day holding period
required by the statute. The UK does not currently apply a withholding tax on
dividends under its internal laws. However, if such a withholding tax were introduced,
the UK would be entitled, under the Treaty, in certain circumstances to
impose a withholding tax at a rate of up to 15% on dividends paid to a US shareholder.
Subject to applicable limitations, a US shareholder who was subject to any such
withholding should be entitled to claim a deduction for withheld tax or, subject
to the holding period requirements mentioned below, a credit for such withholding
tax against such holder's US federal income tax liability. The US foreign
tax credit limitation may be reduced to the extent that dividends are eligible
for the
reduced rate described above.
Taxation of capital gains
Upon
a sale or other disposition of ordinary shares or ADSs, a US shareholder will
recognise
gain or loss for US federal income tax purposes in an amount equal to the difference
between the US dollar value of the amount realised and the US shareholder's tax basis (determined in US dollars) in such ordinary shares or ADSs. Generally, such gain or loss will be capital gain or loss and will be long-term capital
gain or loss if the US shareholder's holding period for such ordinary shares
or ADSs exceeds one year. Any such gain or loss generally will be income or loss
from sources within the US for foreign tax credit limitation purposes. Long-term
capital gain of a non-corporate US shareholder is generally subject to a maximum
tax rate of 15%. The deductibility of a capital loss recognised on the sale or
exchange of ordinary shares or ADSs is subject to limitations.
If the ordinary
shares or ADSs are publicly traded, a disposition of such ordinary shares or
ADSs will be considered to occur on the "trade date", regardless of the
US shareholder's method of accounting. A US shareholder that uses the cash method of accounting calculates the US dollar value of the proceeds received on the sale as of the date that the sale settles. However, a US shareholder that uses the
accrual method of accounting is required to calculate the value of the proceeds of the sale as of the "trade date" and,
therefore, may realise foreign currency gain or loss, unless such US shareholder
has elected to use the settlement date to determine its proceeds of sale for
purposes of calculating such foreign currency gain or loss. In addition, a US
shareholder that receives foreign currency upon the sale or exchange of the ordinary
shares or ADSs and converts the foreign currency
into US dollars subsequent to receipt will have foreign exchange gain or loss
based on an appreciation or depreciation in the value of the foreign currency
against the US dollar. Foreign exchange gain or loss will generally be US source
ordinary
income or loss.
A US citizen who is resident (or in certain circumstance has been resident within the previous five UK years of assessment for tax) or ordinarily resident in the UK or a US
corporation which is resident in the UK by reason of being managed and controlled in the UK or a US citizen who, or US corporation which, is trading in the UK through a branch or agency and has used, held or acquired ADSs or ordinary shares for the
purposes of such trade, branch or agency, may be liable for both UK and US tax on any gain on the disposal of ADSs or ordinary shares. Subject to certain limitations, such a person will generally be entitled to a tax credit against any US federal
tax liability for the amount of any UK tax (namely, capital gains tax in the case of an individual and corporation tax on chargeable gains in the case of a corporation) which is paid in respect of such gain.
US information reporting and backup withholding
A
US shareholder is generally subject to information reporting requirements with
respect to dividends
paid in the USA on ADSs or ordinary shares. In addition, a US shareholder is
subject to backup withholding (currently at a rate of 28%) on dividends paid
in the USA on ADSs or ordinary shares unless the US shareholder provides an IRS
Form W-9 or otherwise establishes an exemption. A US shareholder is subject to
information reporting and backup withholding (currently at a rate of 28%) on
proceeds paid from a sale, exchange, redemption or other disposition of ADSs
or ordinary shares unless the US shareholder provides an IRS Form W-9 or otherwise
establishes
an exemption.
Backup
      withholding is not an additional tax. The amount of any backup withholding
      will be allowed as a credit against a US shareholder's
  US federal income tax liability and may entitle such holder to a refund, provided
that

certain information is furnished on a timely basis to the IRS.
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Inheritance tax
The
United Kingdom imposes inheritance tax, broadly, on transfers of capital which
occur on death and in the preceding seven years. HM Revenue & Customs is known to
consider that the Estate and Gift Tax Convention applies to inheritance tax and it is understood that, in practice, both the HM Revenue & Customs and the US Internal Revenue Service apply the provisions of the Estate and Gift Tax Convention to
inheritance tax. On this assumption, an ADS or ordinary share held by an individual who is domiciled in, or a citizen of, the United States and is not a national of or domiciled in the United Kingdom will not be subject to UK inheritance tax on the
individual's death or on a transfer of the ADS or ordinary share during the individual's
lifetime except in the exceptional case where the ADS or ordinary share is part
of the business property of a UK permanent establishment or an enterprise or
pertains to a UK fixed base of an individual used for the performance of independent
personal services. Special rules apply where an ADS or ordinary share is held
in trust. The Estate and Gift Tax Convention generally provides a credit
for the amount of any tax paid in the United Kingdom against the US federal tax
liability or for tax paid in the USA to be credited against the United Kingdom
liability (according to rules set out in the Convention) in a case where the
ADS or ordinary share is subject both to UK inheritance tax and to US federal
gift or estate tax.
Stamp duty and stamp duty reserve tax
Stamp
duty will, subject to certain exceptions, be payable at the rate of 1.5%, rounded
up to the nearest £5, on any instrument transferring ordinary shares to
the Custodian of the Depositary on the value of such ordinary shares. In accordance
with the terms of the Deposit Agreement, any tax or duty payable by the Depositary
or the Custodian of the Depositary on future deposits of ordinary shares may
be
charged by the Depositary to the party to whom ADRs are delivered against such
deposits.
No UK stamp duty will be payable on any transfer of an ADR evidencing an ADS, provided that the ADR (and any separate instrument of transfer) is executed and retained at all
times outside the UK and is not required to be admitted in evidence in any proceedings in the United Kingdom. A transfer of an ADR evidencing an ADS in the United Kingdom could attract stamp duty at a rate of 0.5%, rounded up to the nearest £5.
Any transfer (which will include a transfer from the Depositary to an ADS holder) of the underlying ordinary shares could result in a stamp duty liability at the rate of 0.5%, rounded up to the nearest £5. On a transfer from a nominee to the
beneficial owner (the nominee having at all times held the ordinary shares on behalf of the beneficial owner) under which no beneficial interest passes and which is neither a sale nor arises under a contract of sale nor is in contemplation of sale,
a fixed £5 stamp duty will be payable. The amount of stamp duty or stamp duty reserve tax payable is generally calculated at the applicable rate on the purchase price of the ordinary shares.
Stamp duty reserve tax at a rate of 0.5% will be payable on any agreement to transfer ordinary shares or any interest therein unless an instrument transferring the ordinary
shares is executed and stamp duty at a rate of 0.5%, rounded up to the nearest £5 has been paid. Stamp duty reserve tax will not be payable on any agreement to transfer ADRs representing ADSs.
Incorporation of the Company
Hanson PLC is a public limited company incorporated on December 31, 2002 in England and Wales.
Memorandum and Articles of Association
The
Company's Amended and Restated Memorandum and Articles of Association is included as Exhibit 1.1 to Hanson PLC's 2005 Annual Report and Form 20-F filed with the
Securities and Exchange Commission and is incorporated herein by reference. A summary description of certain provisions of the Deposit Agreement relating to the Company's
ADSs was included in the Report on Form 6-K dated November 11, 2003 which was
filed with the SEC. The information set forth in the Report on Form 6-K dated
November 11, 2003 (which was incorporated by reference in certain Registration
Statements) is incorporated herein by reference.
Registered office
1 Grosvenor Place
London SW1X 7JH
Telephone + 44 (0) 20 7245 1245
Documents on display
Hanson
furnishes annual and special reports and other information with the SEC. These
documents may be read and copied at the SEC's Public Reference Room at 450
Fifth Street, N.W., Washington DC 20549. Please call the SEC at 1-800-SEC-0330
for further information on the public reference rooms and their copy charges.
Filings with the SEC are also available to the public from commercial document
retrieval services
and on the website maintained by the SEC at www.sec.gov.
136
Ancillary
    information
Back to Contents
Definitions
In
      this document the following words and expressions shall, unless the context
      otherwise requires, have the following meanings:
Act/Companies
      Act
The
      Companies Act 1985 (as amended)
ADR
American
      Depositary Receipt evidencing title to an ADS
ADS
American
      Depositary Share representing five underlying Ordinary Shares of Hanson
      PLC
AGM
Annual
      General Meeting
ASX
Australian
      Stock Exchange Limited
bn
Billion
CDI
CHESS
      Depositary Interest
Company
      or company
Hanson
      PLC, sometimes referred to as New Hanson
Court
The
      High Court of Justice in England and Wales
Demergers
The
      demergers of US Industries, Inc. in 1995, Imperial and Millennium in 1996
      and The Energy Group in 1997
Depositary
Citibank,
      as depositary under the deposit agreement dated
as
      of October 14, 2003 pursuant to which ADSs are issued
Directors
The
      Directors of Hanson PLC
EGM
Extraordinary
      General Meeting
ESOP
Employee
      Share Ownership Plan
Existing
      business/operations
Operations
      excluding acquisitions made in the current year
Free
      cash flow
Operating
      cash flow after interest and taxation
FRS
Financial
      Reporting Standard (UK)
Hanson
Old
      Hanson and/or New Hanson as the case may be
Hanson
      or the group
Hanson
      and its subsidiaries
Hanson
      PLC
A
      company incorporated in England and Wales (No. 4626078) which was formerly
      named Hanson Building Materials PLC prior to October 14, 2003
Heritage
Operations
      owned by the group for more than 12 months
IFRS
International
      Financial Reporting Standards
LIBOR
The
      London inter-bank offered rate, the variable rate of interest charged by
      a bank when lending to other banks in the London inter-bank market
London
      Stock Exchange
London
      Stock Exchange plc
m
Million
Millennium
Millennium
      Chemicals, Inc.
New
      Hanson
Hanson
      PLC
NYSE
New
      York Stock Exchange, Inc.
Old
      Hanson
Hanson
      Building Materials Limited, a company incorporated in England and Wales
      (No 488067), formerly named Hanson PLC prior to October 14, 2003
Ordinary
      shares/shares
Ordinary
      shares of £2 each or of 10p each in the capital of Old Hanson and
      New Hanson respectively
Pioneer
Pioneer
      International Limited
pound
      sterling, £, pence or p
Refers
      to units of UK currency
ppts
Percentage
      points
SEC
Securities
      and Exchange Commission of the United States
Scheme
      or Scheme of Arrangement
The
      scheme of arrangement under section 425 of the Act approved by the Court
      on October 13, 2003
Scheme
      effective date
October
      14, 2003
SFAS
Statement
      of Financial Accounting Standards (United States)
SOX
Sarbanes-Oxley
      Act of 2002 (United States)
SSAP
Statements
      of Standard Accounting Practice (UK)
The
      Energy Group
The
      Energy Group plc
UITF
Urgent
      Issues Task Force (UK)
UK
      or United Kingdom
United
      Kingdom of Great Britain and Northern Ireland
UK
      GAAP
Generally
      accepted accounting principles applied in the UK
US
      dollar, US$, cents or c
Refers
      to units of US currency
US
      GAAP
US
      generally accepted accounting principles
USA,
      US or United States
United
      States of America
Figures
      in parentheses in tables and financial statements are used to represent
      negative numbers.
137
Definitions
Back to Contents
Glossary
  of terms and US equivalents
Terms
      used in the Annual Report and Form 20-F
US
      equivalent or brief description^
Accounts
Financial
      statements
Allotted
Issued
Associate
A
      business which is not a subsidiary or a joint-venture, but in which the
      group has a shareholding and exercises significant influence
Borrowings
Liabilities
Called-up
      share capital
Ordinary
      shares, issued and fully paid
Capital
      allowances
Tax
      depreciation
Consolidated
      statement of recognised income and expense
Statement
      of changes in stockholders' equity
Finance
      lease
Capital
      lease
Financial
      year
Fiscal
      year
Freehold
Ownership
      with absolute rights in perpetuity
Gearing
Leverage
Group,
      or consolidated, accounts
Consolidated
      financial statements
Interest
      payable
Interest
      expense
Interest
      receivable
Interest
      income
Joint-venture
A
      business which is jointly controlled by the group and one or more external
      partners
Nominal
      value
Par
      value
Operating
      profit
Net
      operating income
Payables
Accounts
      payable and accrued liabilities
Pension
      scheme
Pension
      plan
Profit
Income
      (or earnings)
Profit
      attributable to equity holders of the Company
Net
      income attributable to ordinary shareholders
Reserves
Stockholders'
      equity other than capital stock
Share
      capital
Ordinary
      shares, capital stock or common stock issued and fully paid
Share
      premium account
Additional
      paid-in capital relating to proceeds of sale of stock in excess of par value
      or paid-in surplus (not distributable)
Shares
      in issue
Shares
      outstanding
Total
      assets
Total
      identifiable assets
Total
      equity
Stockholders'
      equity
Turnover
Revenues/sales
^
US
      equivalent refers to the most comparable US term to that used in the Annual
      Report and Form 20-F. It should not be assumed that the terms used in the
      Annual Report and Form 20-F and the
US
      equivalent are identical
138
Glossary
      of terms and US equivalents
Back to Contents
Cross
  reference to Form 20-F
The
  information in this document that is referenced in the following table is included
  in Hanson PLC's 2005 Form 20-F and is filed with the Securities and Exchange
  Commission.
Item
Page
1
Identity
        of Directors, senior management and advisors
n/a
2
Offer
        statistics and expected timetable
n/a
3
Key
        information
A
Selected
        financial data
IFRS
        selected financial data
128
US
        GAAP selected financial data
129
A
Exchange
        rates
133
B
Capitalisation
        and indebtedness
n/a
C
Reason
        for the offer and use of proceeds
n/a
D
Risk
        factors
Principal
        risks and uncertainties
45-48
4
Information
        on the Company
A
History
        and development of the Company
Incorporation
        and name
53
Incorporation
        of the Company/registered office
136
Description
        of business
133
Note
        9 – Discontinued operations
88-90
Note
        25 – Business combinations
101
Capital
        expenditure
40
B
Business
        overview
Industry
        and markets
5-9
Description
        of business
133
Note
        2 – Segmental analysis
77-81
Seasonality
133
Sources
          and availability of raw materials
133
Sales
        and marketing
133
Competitive
        position
133
Patents
        and trademarks
134
Government
          regulations (including environmental)
133-134
C
Organisational
        structure
Note
        14 – Investments
92-93
Description
        of business
133
D
Property,
        plant and equipment
134
Government
          regulation (including environmental)
133-134
Note
          13 – Property, plant and equipment
92
5
Operating
        and financial review and prospects
A
Operating
        results
Review
        of operations
5-36
Financial
        review
37-44
B
Liquidity
        and capital resources
Funding,
          liquidity and treasury management
42
Capital
        expenditure
40
Consolidated
        cash flow statement
72
Note
          24 – Reconciliation of changes in total equity
99
Note
        29 – Financial risk management
106-109
C
Research
        and development, patents and licences, etc
Note
          3 – Costs and overheads of continuing operations
82
Patents
        and trademarks
134
D
Trend
        information
Review
        of operations
5-36
E
Off
        balance sheet arrangements
41
F
Tabular
        disclosure of contractual obligations
42
G
Safeharbour
Inside
        front cover
6
Directors,
        senior management and employees
A
Directors
        and senior management
Board
        of Directors
52
B
Compensation
Remuneration
        report
61-67
C
Board
        practices
The
        Board of Directors
55-56
Service
        contracts
66
Corporate
        governance
55-60
Remuneration,
        Nominations and Audit Committees
56-58
D
Employees
Note
        4 – Directors and employees
82-83
E
Share
        ownership
Remuneration
        report
61-67
Note
          33 (l) – Additional information required
by
          US GAAP in regards to employee share schemes
126-127
Item
Page
F
Description
        of option plans
64-65
7
Major
        shareholders and related party transactions
A
Major
        shareholders
130
B
Related
        party transactions
Remuneration
        report
61-67
Note
        30 – Related party transactions
110
C
Interests
        of experts and counsel
n/a
8
Financial
        information
A
Consolidated
        financial statements
See
        Item18
Asbestos
38-39
Note
        21 – Provisions
96-98
Note
        26 – Contingent liabilities
101-102
Dividend
        policy
130
B
Significant
        changes
Note
        31 – Subsequent events
110
9
The
        offer and listing
A
Share
        price history
Listings
131
B
Plan
        of distribution
n/a
C
Markets
Listings
131
D
Selling
        shareholders
n/a
E
Dilution
n/a
F
Expenses
        of the issue
n/a
10
Additional
        information
A
Share
        capital
130
Note
        23 – Share capital
99
B
Memorandum
        and articles of association
136
C
Material
        contracts
134
D
Exchange
        controls
134
E
Taxation
Taxation
          information for US shareholders
134-136
F
Dividends
        and paying agents
130
G
Statement
        by experts
n/a
H
Documents
        on display
136
I
Subsidiary
        information
142
11
Quantitative
        and qualitative disclosures about market risk
Funding,
          liquidity and treasury management
42
Note
        29 – Financial risk management
106-109
12
Description
        of securities other than equity securities
n/a
13
Defaults,
        dividend arrearages and delinquencies
n/a
14
Material
              modifications to the rights of security holders
and
      use of proceeds
n/a
15
Controls
        and procedures
A
Evaluation
        of disclosure controls and procedures
59
Internal
        control
58-59
B
Management's
        annual report on internal controls over
financial
        reporting
59
C
Attestation
        report
69
D
Changes
        in internal controls over financial reporting
59
16
Reserved
16
A
Audit
        committee financial expert
Audit
        Committee
57
16
B
Code
        of ethics
Corporate
        governance
55
16
C
Principal
        accountant fees and service
Note
        3 – Remuneration of auditors
82
Audit
        committee
57
16
D
Exemptions
        from the listing standards for audit committees
n/a
16
E
Repurchase
        activity
Note
        24 – Own shares
100
17
Financial
        statements
n/a
18
Financial
        statements
Report
          of independent registered public accounting firm
68-69
Consolidated
          income statement
70
Consolidated
          balance sheet
71
Consolidated
          cash flow statement
72
Consolidated
          statement of recognised income and  expense
73
Accounting
          policies
74-77
Notes
          to the accounts
74-127
19
Exhibits
n/a
139
Cross
      reference to Form 20-F
Back to Contents
Audit
    report for parent Company accounts
Independent auditor's report to the shareholders of Hanson PLC
We
  have audited the parent company financial statements of Hanson PLC for the
year ended December 31, 2005 which comprise the Balance Sheet and the related
notes
  I to VII. These parent Company financial statements have been prepared under
  the accounting policies set out therein. We have also audited the information
  in the Directors' Remuneration report that is described as having been
audited.
We have reported separately on the group financial statements of Hanson PLC for the year ended December 31, 2005.
This report is made solely to the Company's members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we
might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditors
The
Directors are responsible for preparing the Annual Report and Form 20-F, the
Directors' Remuneration report and the parent Company financial statements in accordance
with applicable United Kingdom law and Accounting Standards (United Kingdom Generally Accepted Accounting Practice) as set out in the Statement of Directors' Responsibilities.
Our responsibility is to audit the parent Company financial statements and the part of the Directors' Remuneration report to be audited in accordance with relevant legal
and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the parent Company financial statements give a true and fair view and whether the parent Company financial statements and the part of
the Directors' Remuneration report to be audited have been properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Directors' Report is not consistent with the parent Company financial
statements, if the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Directors' remuneration and other
transactions is not disclosed.
We read other information contained in the Annual Report and Form 20 F and consider whether it is consistent with the audited parent Company financial statements. The other
information comprises only the Directors' report, the unaudited part of the Directors' Remuneration report, the Chairman's statement and the Review of operations and the Financial review. We consider the implications for our report if
we become aware of any apparent misstatements or material inconsistencies with the parent Company financial statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We
conducted our audit in accordance with International Standards on Auditing (UK
and Ireland) issued by the Auditing Practices Board. An audit includes examination,
on a test basis, of evidence relevant to the amounts and disclosures in the parent
Company financial statements and the part of the Directors' Remuneration report to be audited. It also includes an assessment of the significant estimates and judgments
made by the Directors in the preparation of the parent Company financial statements, and of whether the accounting policies are appropriate to the Company's
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give
reasonable assurance that the parent Company financial statements and the part of the Directors' Remuneration report to be audited are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our
opinion we also evaluated the overall adequacy of the presentation of information in the parent Company financial statements and the part of the Directors' Remuneration report to be audited.
Opinion
In
    our opinion:
–
the parent Company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting
Practice, of the state of the Company's affairs as at December 31, 2005; and
–
the parent Company financial statements and the part of the Directors' Remuneration report to be audited have been properly prepared in
accordance with the Companies Act 1985.
Ernst & Young
      LLP
Registered auditor
London
February 23, 2006
140
Audit
      report for parent Company accounts
Back to Contents
Hanson
    PLC – Company
Statement
          of Directors' responsibilities in respect of the accounts
Company
    law requires the Directors to prepare accounts for each financial period
    which give a true and fair view of the state of affairs of the Company and
    of the profit or loss for that period. In preparing those accounts, the Directors
    are required to:
–
select suitable accounting policies and then apply them consistently;
–
make judgements and estimates that are reasonable and prudent;
–
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
–
prepare the accounts on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors confirm that the accounts comply with the above requirements.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them
to ensure that the accounts comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Balance
          sheet
as
    at December 31, 2005
2005
2004
(restated)
Notes
£m
£m
Fixed assets
Investments in subsidiaries
(II)
8,590.7
8,590.7
Current assets
Other debtors
0.1
0.1
Amounts due in less than one year from subsidiary undertakings
14.9
8.7
Amounts due in more than one year from subsidiary undertakings
436.9
390.6
451.9
399.4
Creditors
– due within one year
Amounts due to subsidiary undertakings
(6,555.2
)
(6,356.3
)
7.875% notes 2010
(III)
(9.0
)
(8.2
)
Other creditors
(1.6
)
–
(6,565.8
)
(6,364.5
)
Net current liabilities
(6,113.9
)
(5,965.1
)
Total assets less current liabilities
2,476.8
2,625.6
Creditors – due after one year
7.875% notes 2010
(III)
(433.7
)
(387.9
)
Net assets
2,043.1
2,237.7
Capital and reserves
Called-up share capital
(IV)
73.7
73.7
Own shares
(IV)
(72.8
)
(26.1
)
Profit and loss account
(IV)
2,042.2
2,190.1
Equity shareholders' funds
2,043.1
2,237.7
I)
Accounting
            Policies
a)
Accounting
    convention
The
          accounts are prepared in accordance with UK accounting principles (including
    applicable accounting standards), using the historical cost convention.
b)    Profit and loss
As
    permitted by the exemption in Section 230 of the Companies Act 1985 the Company
    has not presented its own profit and loss account. The loss for the year
    dealt with in the
accounts of Hanson PLC was £11.2m (loss of £21.5m). After dividends of £136.2m (£127.3m) the loss for the year was £147.4m (loss of £148.8m).
c)    Share-based payments
The cost of equity-settled transactions with employees, for awards granted after November 7, 2002, is measured at fair value on the date of grant and is recognised as an
expense over the vesting period. Fair value is determined by an external valuer using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of
the shares of the Company (market conditions).
For awards evaluated on non-market conditions or no performance criteria, an expense is ultimately only recognised for awards which vest. Where an award is dependent upon a
market condition, the cost of the award is recognised irrespective of whether the award vests unless the employee leaves during the vesting period. At each balance sheet date before vesting, the cumulative expense is calculated representing the
extent to which the vesting period has expired and management's best estimate of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the income
statement, with a corresponding entry in equity.
d)    Dividends
Dividends
    attributable to the shareholders' are taken directly to equity when
declared. Interim dividends are recognised when paid.
e)    Foreign currencies
Assets, liabilities, revenues and costs denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transactions. Monetary assets and
liabilities at the balance sheet date are re-translated at year end rates of exchange. Exchange differences arising are taken to the profit and loss account.
f)    Fixed
  asset investments
Fixed asset investments are stated at cost, except where it is required to reflect a provision for a permanent diminution in value.
141
Hanson
      PLC – Company
Back to Contents
Hanson
    PLC – Company
continued
I)
Accounting
    Policies
continued
g)
Interest bearing loans
    and borrowings
All
          loans and borrowings are initially recognised at the fair value of
          the consideration received less directly attributable transaction costs.
After
    initial recognition, interest-bearing loans and borrowings are subsequently
    measured at amortised cost using the effective interest method. Gains and
    losses are recognised in the profit and loss account when the liabilities
    are derecognised as well as through the amortisation process.
h)    Own
        shares
Own
        equity instruments which are reacquired (treasury shares) are deducted
        from shareholders' funds. No gain or loss is recognised in profit or loss on the purchase, sale,
  issue or cancellation of the Company's own equity instruments.
i)    Cash
        flow
The
        Company has taken advantage of the exemption available to it under FRS1 "Cash flow statements" not
        to prepare a statement of cash flows.
j)   Changes in accounting
        policy
FRS
        20 "Share-based payment"
FRS 20 is effective for accounting periods beginning on or after January 1,2005 and as such has been applied to these accounts. Under FRS 20, the cost of equity-settled
transactions with employees is recognised in the profit and loss account over their vesting period by reference to the fair value at the date at which they are granted. The charge is only calculated on awards made after November 7, 2002 as a result
of the transition option applied by the Company.
FRS 21 "Events after the balance sheet date"
FRS 21 is effective for accounting periods beginning on or after January 1, 2005 and as such has been applied for the first time to these accounts. Under FRS 21, the charge and
liability for the final proposed dividend are not recognised in accounts until approved by the shareholders at the AGM (declared). Previously, the dividend was recognised when proposed by the Directors.
FRS 26 "Financial Instruments: measurement"
FRS
26 is effective for accounting periods beginning on or after January 1, 2005
and as such has been applied for the first time to these accounts. Under FRS
26, all loans and borrowings are initially recognised at the fair value of the
consideration received less directly attributable transaction costs. After initial
recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the
effective interest method. Previously, interest in respect of the coupon that
had been accrued at the balance sheet date was shown within 'other creditors'.
Impact on financial statements
The
2004 accounts previously reported have been restated for the adoption of FRS
20, FRS 21 and FRS 26 as follows: 'dividend accruals' have decreased by £93.4m;
and the loss for the year has decreased by £91.7m. The net impact is to increase 'shareholders' funds' as at December 31, 2004 by £93.4m.
II)    Investments
          in subsidiaries
Principal
        subsidiary undertakings at December 31, 2005, none of which are held
    directly by the Company, are as follows:
Principal activity
% owned
Country
Year ended
Hanson Quarry Products Europe Ltd
quarry operations
100
UK
December
Hanson Cook LLP
investments
100
UK
December
Hanson Drake LLP
investments
100
UK
December
Hanson Building Products Ltd
building products manufacturer
100
UK
December
Hanson Permanente Cement, Inc
cement operations
100
USA
December
Hanson Construction Materials Pty
quarry operations and supply of ready-mixed concrete
100
Australia
December
Hanson Aggregates Southeast, Inc
quarry operations
100
USA
December
Hanson Pipe and Products, Inc
supply of pipe and products
100
USA
December
III)
Loans
The
    2010 7.875% notes are wholly repayable in 2010.
IV)    Shareholders' funds
Profit and
Share
Own
loss account
Total
capital
shares
(restated)
(restated)
£m
£m
£m
£m
At January 1, 2005 (as previously reported)
73.7
(26.1
)
2,096.7
2,144.3
Restatement
–
–
93.4
93.4
At January 1, 2005 (as restated)
73.7
(26.1
)
2,190.1
2,237.7
Loss for the year
–
–
(11.2
)
(11.2
)
Dividend on ordinary shares
–
–
(136.2
)
(136.2
)
Employee share awards
–
–
(0.5
)
(0.5
)
Purchase of own shares
–
(46.7
)
–
(46.7
)
At December 31, 2005
73.7
(72.8
)
2,042.2
2,043.1
Full details of the authorised and issued share capital, and the own shares held are provided within the notes to the group's Annual Report and Form 20-F.
V)
Contingent
    liabilities
Contingent
          liabilities of the Company consist of £1,468.4m (£1,180.9m)
          of bond, commercial paper and bank facilities which are guaranteed
          on behalf of subsidiary
undertakings.
VI)
Directors' emoluments
Full
          details of Directors' emoluments are provided in the Remuneration
    report on page 61.
142
Hanson
      PLC – Company
Back to Contents
VII)
Share-based
    payments
Details of each of the employee share plans in place are given in note 5 of the group Annual Report and Form 20-F.
Long Term Incentive Plan
Conditional
awards were made over 799,064 ordinary shares on March 1, 2005 which will vest,
subject to the performance measurement targets being attained, on March 1, 2008.
The
weighted average fair value of each share award granted is £3.45 (£3.01)
..
The
        following table illustrates the number of, and movements in, share awards
    during the year under this plan:
2005
2004
Number
Number
outstanding
outstanding
'000
'000
At January 1
2,185.4
2,074.7
Awarded
799.1
866.8
Forfeited
(55.3
)
(140.0
)
Expired
(505.2
)
(381.3
)
Exercised
(168.4
)
(234.8
)
At December 31
2,255.6
2,185.4
Share Option Plan
Options
were granted over 488,236 ordinary shares on March 1, 2005 and, subject to the
performance measurement targets being attained, will be exercisable between March
1, 2008 and February 28, 2015 at an exercise price of 514.3p per share. The weighted
average fair value of each share option granted is £1.10 (£1.11) .
The
        following table illustrates the number and weighted average exercise
        prices of, and movements in, share options during the year under the
    plan.
2005
2005
2004
2004
Weighted
Weighted
Number
average
Number
average
outstanding
exercise price
outstanding
exercise price
'
000
pence
'000
pence
At January 1
1,800.4
388.4
1,509.3
384.0
Granted
488.2
514.3
568.0
439.6
Forfeited
(298.6
)
461.8
(276.9
)
469.2
Expired
(33.1
)
473.3
–
–
Exercised
(57.6
)
466.7
–
–
At December 31
1,899.3
405.4
1,800.4
388.4
Exercisable at December 31
165.2
468.7
156.5
473.3
Range
    of exercise prices for the share option plan (pence per share)
Options outstanding
Options exercisable
Weighted
average
Weighted
Weighted
Number
remaining
average
Number
average
outstanding
contract life
exercise price
exercisable
exercise price
'000
years
pence
'000
pence
2005
:
290.4p-461.8p
1,245.9
7.5
354.4
66.5
461.8
461.9p-514.3p
653.4
8.0
502.8
98.7
473.3
1,899.3
7.7
405.4
165.2
468.7
2004
:
290.4p-461.8p
1,245.8
8.2
354.4
–
–
461.9p-473.3p
554.6
6.9
465.0
156.5
473.3
1,800.4
7.8
388.4
156.5
473.3
Sharesave Scheme
During
2005, options were granted over 22,727 shares which will ordinarily be exercisable
at an exercise price of 395.0p per share during the period; June 1 to November
30, 2008 for the three year Scheme; June 1 to November 30, 2010 for the five
year Scheme; and June 1 to November 30, 2012 for the seven year scheme. The weighted
average fair value of each share option granted is £1.34 (£1.43).
The
      following table illustrates the number and weighted average exercise prices
  of, and movements in, share options during the year in the Sharesave Scheme:
2005
2005
2004
2004
Weighted
Weighted
Number
average
Number
average
outstanding
exercise price
outstanding
exercise price
'000
pence
'
000
pence
At January 1
89.3
326.8
68.6
322.9
Granted
22.7
395.0
32.2
328.0
Forfeited
(2.7
)
351.9
(5.9
)
328.5
Expired
–
–
–
–
Exercised
(36.9
)
320.6
(5.6
)
284.9
At December 31
72.4
350.4
89.3
326.8
Exercisable at December 31
–
–
2.4
428.0
143
Hanson
    PLC – Company
Back to Contents
Hanson PLC – Company
continued
VII)
Share-based
    payments
continued
Range
    of exercise prices for the sharesave scheme (pence per share)
Options outstanding
Options exercisable
Weighted
average
Weighted
Weighted
Number
remaining
average
Number
average
outstanding
contract life
exercise price
exercisable
exercise price
'000
years
pence
'000
pence
2005
:
318.0p-323.0p
20.0
2.4
318.0
–
–
323.1p-428.0p
52.4
1.8
362.8
–
–
72.4
2.0
350.4
–
–
2004:
237.0p-323.0p
46.1
2.3
313.8
–
–
323.1p-428.0p
43.2
2.6
340.6
2.4
428.0
89.3
2.4
326.8
2.4
428.0
The assumptions used to fair value the equity-settled options granted in the LTIP, Share Option Plan and Sharesave Scheme are included in note 5 of the group Annual Report and
Form 20-F.
Other Schemes
At December 31, 2005 there are no options outstanding under the Executive Share Option Schemes A and B.
The following tables illustrate the number and weighted average exercise prices of, and movements in, share options for the other schemes.
2005
2005
2004
2004
Number of
Weighted
Number of
Weighted
ordinary shares
average
ordinary
    shares
average
outstanding
exercise price
outstanding
exercise price
'000
pence
'
000
pence
Executive Share Option Scheme:
At January 1
24.0
331.3
30.0
331.3
Exercised
(13.0
)
331.3
(6.0
)
331.3
At December 31
11.0
331.3
24.0
331.3
Exercisable at December 31
11.0
331.3
24.0
331.3
Executive Share Option Schemes A and B:
At January 1
157.9
356.4
516.0
419.7
Forfeited or expired
–
–
(100.9
)
482.6
Exercised
(157.9
)
356.4
(257.2
)
433.9
At December 31
–
–
157.9
356.4
Exercisable at December 31
–
–
157.9
356.4
144
Hanson
    PLC – Company
Back to Contents
Shareholder
contact information
Information
Ordinary
      shares:
Lloyds
      TSB Registrars
Shareholder
      Services
The
      Causeway
Worthing
West
      Sussex BN99 6DA
UK
Hanson
          PLC contacts
Company
      Secretary
Paul
      Tunnacliffe
E-mail
    paul.tunnacliffe@hanson.biz
UK
          investors
Tel
      0870 600 0632
Fax
    0870 600 3980
Investor
        Relations
Nick
      Swift
E-mail
    nick.swift@hanson.biz
Overseas
          investors
Tel
      +44 (0) 121 415 7085
Fax
      +44 (0) 1903 854 031
www.shareview.co.uk
www.hanson.biz
American
        Depositary Shares (ADSs):
Citibank
      Shareholder Services
PO
      Box 43077
Providence
RI
      02940-3077
USA
Fax
      +1 201 324 3284
E-mail
    citibank@shareholders-online.com
US
          investors
Tel
    +1 877 248 4237
Non-US
          investors
Tel
    +1 816 843 4281
CHESS
        Depositary Interests (CDIs):
Link
      Market Services Limited
Level
      12
680
      George Street
Sydney
NSW
      2000
Australia
Tel
      +61 (0) 2 8280 7111
Fax
      +61 (0) 2 9287 0303
www.linkmarketservices.com.au
UK
        Investor share dealing services
for
      Hanson ordinary shares:
Hoare
      Govett Limited
250
      Bishopsgate
London
      EC2M 4AA
UK
Tel
    +44 (0) 20 7678 8300
Lloyds
          TSB Registrars
Shareview
      Dealing
The
      Causeway
Worthing
West
      Sussex BN99 6DA
UK
Tel
      0870 850 0852
www.shareview.co.uk/dealing
Back to Contents
Hanson PLC
1 Grosvenor Place
London SW1X 7JH
Tel  +44 (0) 20 7245 1245
Fax +44 (0) 20 7235 3455
www.hanson.biz
Back to Content
SIGNATURES
The registrant
  hereby certifies that it meets all of the requirements for filing on Form 20-F
  and that is has duly caused and authorized the undersigned to sign this annual
  report on its behalf.
HANSON PLC
By:
/s/ Graham Dransfield
Name:
Graham Dransfield
Title:
Chief Legal Officer
Date: March 1, 2006
Back to Contents
EXHIBIT INDEX
1.1
Amended and Restated Memorandum
        and Articles of Association of Hanson PLC.
2.1
Deposit Agreement, dated as
        of October 14, 2004, among Hanson PLC, Citibank, N.A. as depositary and
        the holders from time to time of the ADRs issued thereunder (incorporated
        by reference to Exhibit 1 to Hanson PLC's Report on Form 6-K filed
        on November 10, 2003).
2.2
Indenture dated as of September
        27, 2000 among Old Hanson and The Bank of New York, as Trustee (incorporated
        by reference to Exhibit 4.1 to Amendment No. 1 to Old Hanson's
        Registration Statement No. 333-12510 on Form F-3.
2.3
First Supplemental Indenture
        dated as of February 10, 2004 to the Indenture referred to in Exhibit
        2.4 hereof, among Old Hanson, Hanson PLC and The Bank of New York, as
        Trustee (incorporated by reference to Exhibit 2.5 to Hanson PLC's
        Annual Report on Form 20-F for the year ended December 31, 2003).
2.4
Indenture dated as of March
        18, 2003 among Hanson Australia Funding Limited, Old Hanson and The Bank
        of New York, as Trustee (incorporated by reference to Exhibit 4.2 to
        Old Hanson's Registration Statement No. 333-98517 on Form F-3.
2.5
First Supplemental Indenture
        dated as of February 10, 2004 to the Indenture referred to in Exhibit
        2.6 hereof among Hanson Australia Funding Limited, Old Hanson, Hanson
        PLC and The Bank of New York, as Trustee (incorporated by reference to
        Exhibit 2.7 to Hanson PLC's Annual Report on Form 20-F for the
        year ended December 31, 2003).
2.6
Form of Indenture among Hanson
        Finance America, Inc., Old Hanson and The Bank of New York, as Trustee
        (incorporated by reference to Exhibit 4.3 to Old Hanson's Registration
        Statement No. 333-98517 on Form F-3).
2.7
Hanson hereby agrees to furnish
        the Commission, upon its request, copies of any instruments that define
        the rights of holders of long-term debt of Hanson and its subsidiaries
        that are not filed as exhibits to the Annual Report and Form 20-F.
4.1
Form of Demerger Agreement,
        between Old Hanson, Hanson Overseas Holdings Ltd. and Millennium (incorporated
        by reference to Exhibit 10.7 to Millennium's Registration Statement
        on Form 10 (SEC File No. 1-12091)).
4.2
Form of Indemnification Agreement,
        between Old Hanson and Millennium (incorporated by reference to Exhibit
        10.8 to Millenium's Registration Statement on Form 10 (SEC File
        No. 1-12091)).
4.3
Form of Tax Sharing and Indemnification
        Agreement, between Old Hanson, Hanson Overseas Holdings Ltd. and Millenium
        (incorporated by reference to Exhibit 10.9(b) to Millenium's Registration
        Statement on Form 10 (SEC File No. 1-12091)).
4.4
Form of Deed of Tax Covenant,
        between Old Hanson, Hanson Overseas Holdings Ltd. and Millennium (incorporated
        by reference to Exhibit 10.9(b) to Millenium's Registration Statement
        on Form 10 (SEC File No. 1-12091)).
4.5
Amendment to the Deed of Tax
        Covenant, dated January 28, 1997 (incorporated by reference to Exhibit
        3.1(e) to Old Hanson's Annual Report on Form 20-F for the year
        ended December 31, 1998).
4.6
Agreement, dated August 28,
        1996 among Imperial, Old Hanson, J. Henry Schroder & Co. Ltd and
        certain other parties (incorporated by reference to Exhibit 3.2(a) to
        Old Hanson's Annual Report on Form 20-F for the year ended December
        31, 1997).
4.7
Deed, dated August 28, 1996
        between Old Hanson and Imperial (incorporated by reference to Exhibit
        3.2(b) to Old Hanson's Annual Report on Form 20-F for the year
        ended December 31, 1997).
4.8
Demerger Agreement dated August
        28, 1996 between Old Hanson and Imperial (incorporated by reference to
        Exhibit 3.2(c) to Old Hanson's Annual Report on Form 20-F for the
        year ended December 31, 1997).
4.9
Form of Demerger Agreement between
        Old Hanson and The Energy Group (incorporated by reference to Exhibit
        3.2 to Energy's Registration Statement on Form 20-F (SEC File No.
        1-14576)).
4.10
Form of Deed between Old Hanson
        and Rollalong Ltd (incorporated by reference to Exhibit 3.3 to Energy's
        Registration Statement on Form 20-F (SEC File No. 1-14576)).
4.11
Form of Indemnification Agreement
        between Old Hanson and the Energy Group (incorporated by reference to
        Exhibit 3.4 to Energy's Registration Statement on Form 20-F (SEC
        File No. 1-14576)).
4.12
Form of Tax Sharing and Indemnification
        Agreement among Old Hanson, Cavenham, The Energy Group and Gold Fields
        American Corporation (incorporated by reference to Exhibit 3.5 to Energy's
        Registration Statement on Form 20-F (SEC File No. 1-14576)).
4.13
Form of Peabody Acquisition
        Agreement among US Holdings, Inc., GFAC International Holdings Inc. (
        GFAC ), Old Hanson and The Energy Group (incorporated by reference to
        Exhibit 3.6 to Energy's Registration Statement on Form 20-F (SEC
        File No. 1-145476)).
8.1
Principal subsidiary undertakings
        (incorporated by reference to list of principal subsidiary undertakings
        on page 64 in the Annual Report and Form 20-F).
12.1
Certification of Alan J. Murray
        filed pursuant to 17 CFR 240.13a-14(a).
12.2
Certification of Jonathan C.
        Nicholls filed pursuant to 17 CFR 240.13a-14(a).
13.1
Certification
          of Alan J. Murray furnished pursuant to 17 CFR 240.13a-14(b) and 18
        U.S.C.§1350.
13.2
Certification
          of Jonathan C. Nicholls furnished pursuant to 17 CFR 240.13a-14(b)
        and 18 U.S.C. §1350.
14.1
Consent of Independent Registered
        Public Accounting Firm.