DECA

The Directors recognise the value and importance of effective corporate governance and intend to observe the principal provisions of the Combined Code, to the extent that they consider them to be appropriate for a company of its size.

The audit committee will be responsible for ensuring that the Enlarged Group's financial performance is properly monitored, controlled and reported. It will also meet the auditors and review reports from the auditors relating to accounts and internal control systems. The audit committee will meet at least twice a year and will have unrestricted access to the Company's auditors. The chairman of the audit committee will be Mr. Edmonds and Mr. Pelham will be the other member of this committee.

The remuneration committee will review the performance of the Directors and make recommendations to the Board on matters relating to the Directors' remuneration and other terms of employment. This committee will also make recommendations to the Board on the granting of share options and other equity incentives and will administer any equity incentive schemes. The chairman of the remuneration committee will be Mr. Edmonds and Mr. Pelham will be the other member of this committee.

In light of the size of the Board, the Directors do not consider it necessary at this stage to establish a nomination committee, although the Board will keep this under review going forward.

The Company has adopted a share dealing code for directors' dealings which is appropriate for an AIM quoted company. The Directors will comply with Rule 21 of the AIM Rules relating to directors' dealings and will take all reasonable steps to ensure compliance by the Enlarged Group's applicable employees as well.