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Introduction
We have been instructed by the Company to review the financial information
for the six months ended 30 June 2001, comprising the consolidated profit
and loss account, balance sheet, cash flow statement, statement of total
recognised gains and losses, reconciliation of movements in shareholders’
funds and related notes. We have read the other information contained
in the Interim Report for any apparent misstatements or material inconsistencies
with the financial information.
Directors’ responsibilities
The Interim Report, including the financial information contained therein,
is the responsibility of, and has been approved by, the directors. The
directors are responsible for preparing the Interim Report in accordance
with the Listing Rules of the Financial Services Authority which require
that the accounting policies and presentation applied to the interim figures
should be consistent with those applied in preparing the preceding annual
financial statements except where any changes, and the reasons for them,
are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board. A review consists principally
of making enquiries of Group management and applying analytical procedures
to the financial information and underlying financial data, and based
thereon, assessing whether the accounting policies and presentation have
been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an
audit performed in accordance with United Kingdom Auditing Standards and
therefore provides a lower level of assurance than an audit. Accordingly,we
do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review, we are not aware of any material modifications
that should be made to the financial information as presented for the
six months ended 30 June 2001.
PricewaterhouseCoopers, London
Chartered Accountants
1 August 2001
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