Save As You Earn (or SAYE) is an all-employee savings related share option plan approved by HM Revenue & Customs. Employees are granted options if they agree to save a monthly amount with a bank or building society (minimum 5, maximum 250) for a 3, 5 or 7 year period to match the cost of exercising these options. The option exercise price can be discounted by up to 20% of the share price at the date of grant. At the end of the saving period, employees can choose whether to use the savings proceeds to exercise their options or to retain the money.

Tax Incentives

• Employees have the right to buy shares at a future date at today's price (or today's price less 20%) without paying income tax on that benefit.

• Interest on savings is also tax free.