The Directors recognise the value of the Principles of Good Governance and Code of Best Practice as set out in the revised Combined Code on corporate governance published in June 2003 and updated in June 2006 by the Financial Reporting Council in the U.K. (the "Combined Code") and they intend to take measures to ensure that the Company complies with the Combined Code to the appropriate extent, taking into account the size of the Company and nature of its business.

The Board of the Company consists of nine Directors in total, including five independent non-executive Directors. The Company intends to take all reasonable steps to ensure compliance by the Directors, the Directors' families and any employees with the provisions of the AIM Rules relating to dealings in securities of the Company, and has adopted a dealing code for this purpose.

Commitment
Board of Directors
Investment Committee
Audit Committee
Remuneration Committee