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Wednesday 21 Jul 2010

NETWORK RAIL ANNUAL GENERAL MEETING 2010

Region & Route:

National

Network Rail today held its annual general meeting in Manchester attended by 59 of its 100 members.

The meeting was chaired by the company's chairman, Rick Haythornthwaite, who said: "This is [chief executive] Iain Coucher’s last AGM and I would like to take this opportunity again to thank him for the major contribution he has made in transforming the railway over the last eight years.

"Today's meeting has been one of healthy debate where Network Rail's shareholders - called members - have held the board to account demonstrating the value of their role. Members raised issues around safety, performance, remuneration and cut-backs in rail investment.

"Network Rail is moving to a new phase in its development and changes will happen. Network Rail's members must change too and today's meeting may well mark a start."

Members voted on a range of  motions, the results of the voting was as follows with 77 members voting and the following expressed as a percentage of those voting for:

Resolution 1

To receive the Report of the Directors and the Company's Accounts for the year ended 31 March 2010 and the Auditors' report thereon

For: 100%

Resolution 2

To approve the Directors' Remuneration Report as set out on pages 30 to 49 of the Company’s Accounts for the year ended 31 March 2010

For:  54%

Resolution 3

To elect Graham Eccles as a Director

For:        99%

Resolution 4

To elect Lawrie Haynes as a Director

For:        92%

Resolution 5

To elect David Higgins as a Director

For:        95%

Resolution 6

To elect Janis Kong as a Director

For:        67%

Resolution 7

To re-elect David Bailey as a Director

For:92%

Resolution 8

To re-elect Michael Firth as a Director

For: 100%

Resolution 9

To re-elect Rick Haythornthwaite as a Director

For:   97%

Resolution 10

To re-elect Peter Henderson as a Director

For:       99%

Resolution 11

To appoint PricewaterhouseCoopers LLP as the Company's auditors to hold office until the conclusion of the next general meeting at which accounts are laid before the Company

For:     100%

Resolution 12

To authorise the Directors to determine the auditors’ remuneration

For:   100%

Resolution 13

Authority to Incur Political Expenditure and to Make Political DonationsIn accordance with Sections 366 and 367 of the Companies Act 2006, to authorise Network Rail        Infrastructure Limited, a wholly-owned subsidiary of the Company:        (a)    to incur political expenditure not exceeding £200,000 in total;       (b)    to make political donations to political parties, and/or independent election candidates,not  exceeding £200,000 in total; and•  to make political donations to political organisations other than to political parties, not exceeding  £200,000 in totalduring the period beginning with the date of the passing of this resolution and ending at the conclusion of the Annual General Meeting of the Company to be held in 2011, provided in any event, the total aggregate amount of all political donations and political expenditure incurred shall not exceed £600,000.

For:   88%

Resolution 14

To appoint Elizabeth McMeikan as a member of the MSP to hold office until the conclusion of the Public Members Recruitment Campaign to be held in 2011 or if earlier, on 31 October 2011

For:   100%

Resolution 15

To appoint Catherine Bell as a member of the MSP to hold office until the conclusion of the Public Members Recruitment Campaign to be held in 2011 or if earlier, on 31 October 2011

For:   100%

Resolution 16

To appoint Sheila Drew Smith as a member of the MSP to hold office until the conclusion of the Public Members Recruitment Campaign to be held in 2011 or if earlier, on 31 October 2011

For:   99%

Resolution 17

That by 30 September 2010, the company set up an up-to-date resource centre for Members to provide them with the necessary independent media, regulatory and other information in order for them to better hold the Company to account

For:   91%

Resolution 18

To regret Network Rail’s under-reporting of rail accidents under RIDDOR

For:   71%