The Directors take account of the requirements of the Corporate Governance Guidelines of the Quoted Companies Alliance to the extent that they consider it appropriate and having regard to the Company's size, board structure, stage of development and resources.

Since the Company is not currently subject to the rules and regulations of one of the US national securities exchanges or national securities associations such as the New York Stock Exchange, the American Stock Exchange, Nasdaq or of the London Stock Exchange, the Company is not required to comply with the corporate governance requirements imposed by these organisations pursuant to any applicable regulations issued by the US Securities and Exchange Commission under the Sarbanes-Oxley Act of 2002 or the London Stock Exchange.

The Board consists of 6 directors, 2 of whom are independent non-executive Directors, in accordance with Corporate Governance Guidelines of the Quoted Companies Alliance.

The Company holds regular board meetings. The Directors are responsible for formulating, reviewing and approving the Group's strategy, budget and major items of capital expenditure. The Directors have established an audit committee, a remuneration committee and a nomination committee with formally delegated rules and responsibilities. Each of these committees meet as and when appropriate save in the case of the audit committee meets at least twice each year.

The audit committee is comprised of Messrs. Thakkar and Chandra, and is chaired by Mr Thakkar. The audit committee, inter alia, determines and examines matters relating to the financial affairs of the Company including the terms of engagement of the Company's auditors and, in consultation with the auditors, the scope of the audit. It receives and review reports from management and the Company's auditors relating to the half yearly and annual accounts and the accounting and the internal control systems in use throughout the Group.

The remuneration committee of the Company, comprising Messrs. Thakkar and Chandra, is chaired by Mr. Chandra. The remuneration committee reviews and makes recommendations in respect of the Directors' remuneration and benefits packages, including share options and the terms of their appointment. The remuneration committee also makes recommendations to the Board concerning the allocation of share options to employees.

The nomination committee, currently comprising Messrs. Thakkar and Chandra with Mr. Chandra as its Chairman, is responsible for considering Board appointments, reviewing the Board structure, recommending the continuation (or not) in service of directors and overall (having regard to the interests of the Shareholders) seeking to ensure that a formal and transparent procedure exists for the appointment of new Directors.

Once appointed, a third non-executive director will be invited to join certain of these Board committees.