The Board fully supports the underlying principles of corporate governance contained in the Combined Code, notwithstanding that, as its securities are not listed on the Official List, it is not required to comply with such recommendations. It seeks to comply with the provisions of the Combined Code, insofar as is practicable and appropriate for a public company of its size and nature, and recognises its overall responsibility for the Company’s systems of internal control and for monitoring their effectiveness.

As the Board is small, it is not appropriate to have audit, remuneration or nominations committees and the responsibilities which would normally be assumed by such committees are assumed by the Board as a whole for the moment.