As an AIM-quoted company, the Company is not obliged to, and does not currently comply fully, with the corporate governance regime in the UK, as set out in the Combined Code on Corporate Governance. However, the Company complies with the Combined Code on Corporate Governance so far as is practicable and appropriate for a public company of its size and nature.

The Directors have established Remuneration and Nomination, Audit and AIM Compliance Committees comprised of the non-executive Directors.

The Audit Committee will meet at least twice each year and will be responsible for ensuring that the financial performance of the Company is properly monitored and reported on. It will have the opportunity to meet the auditors without the Executive Directors being present, and will review reports relating to accounts and internal control systems. The chairman of the Audit Committee is Thomas Binks.

The Remuneration and Nomination Committee will review the performance of the Executive Directors and make recommendations to the Board on the remuneration payable to the Executive Directors. The Remuneration Committee will also make recommendations to the Board on the issue of share options to Directors and employees. The remuneration and terms of appointment of the non-executive Directors will be set by the Board. The chairman of the Remuneration and Nomination Committee is David Macfarlane.

The AIM Compliance Committee will meet twice a year and be responsible for ensuring that the Company’s obligations under the AIM Rules are discharged by the Board. The Chairman of the AIM Compliance Committee is Martin Frost.

The Company has adopted a share dealing code for Directors and certain employees (as applicable) in order to ensure compliance with AIM Rule 21 on share dealing. The Directors will take all reasonable steps to ensure compliance by such employees.