Corporate Governance

The Company has not established remuneration and nomination committees as the Directors believe that such committees are not appropriate given the nature of the Company’s operations. The Board reviews annually the remuneration of the Directors and agrees the level of non-executive fees. Consideration is given by the Board to future succession plans for the Board members as well as consideration as to whether the Board has the skills required to effectively manage the Company.

The Company has not applied or agreed to have any of its securities (including its AIM securities) admitted or traded on any other exchanges or trading platforms.

There are no restrictions on the transfer of the Company’s AIM securities as at 14 August 2007.

The Company has taken and will continue to take all reasonable steps to ensure compliance by the Directors and any employees with the provisions of the AIM Rules relating to dealings in securities of the Company and has adopted a share dealing code for this purpose.