In June 2005, the Company set up Renumeration, Nomination and Audit committees with formally delegated duties and responsibilities with effect from the admission.

All committees currently comprise Mr Geoffrey Bush, with further appointments due to be made.

The Directors support the highest standards of corporate governance and intend to observe the requirements of the Combined Code to the extent they consider appropriate in light of the Company’s size, stage of development and resources. The Company will hold board meetings as appropriate to the Company’s needs. The Directors will be responsible for formulating, reviewing and approving the Group’s strategy, budget, major items of capital expenditure and senior personnel appointments. On 22 June 2005, the Company set up Remuneration, Nomination and Audit committees with formally delegated duties and responsibilities with effect from Admission.

The Remuneration Committee will be responsible for the review and recommendation of the scale and structure of remuneration for senior management, including any bonus arrangements or the award of share options with due regard to the interests of the shareholders and the performance of the Group.

The Nomination Committee will be responsible for regularly reviewing the Board structure, size and composition and making recommendations to the Board with regard to any adjustments that are deemed necessary.

The Audit Committee will meet twice a year and will be responsible for making recommendations to the Board on the appointment of auditors and the audit fee, is responsible for ensuring the financial performance of the Company is properly monitored and reported on and will receive and review reports from management and the auditors relating to the interim report, the annual report and accounts and the internal control systems of the Company.