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Chief Financial Officer’s statement

A COST DRIVEN RECOVERY LEADING TO LONG-TERM PROFITABLE GROWTH

Aircraft circling control tower

With the recession and structural market change leading to a sharp decline in our revenues, we have responded quickly by making significant and permanent reductions in our cost base. We have gone further and faster than predicted. So far our recovery has been cost driven, but crucially, we now have a more efficient base from which to achieve higher levels of profitability in the future.