The surplus, as measured under IAS 19, associated with the Group’s UK Retirement Benefit Obligations has reduced from £43.4m at 30 September 2008 to £29.3m at 31 March 2009. The reduction has been as a result of a 6% fall in asset values, reflecting global financial market conditions. This fall is substantially lower than the general fall in equity markets (the UK FTSE 100 index fell 20% in the same period) because of the scheme’s portfolio which is split between equities and a liability driven investment.