At 31 December 2006, the Board consisted of two executive and three non-executive Directors.

The Board  meets at least 4 times a year and comprehensive papers are prepared and issued prior to each meeting. These include regular business and financial progress reports and discussion documents regarding specific matters. Certain matters are reserved for the Board.

There is a facility for Directors to take independent professional advice, if necessary, at the Company’s expense. This is in addition to the access which every Director has to the Company Secretary. The Secretary is charged by the Board with ensuring that Board procedures are followed.

The Company has only a small Board and has established no formal Nominations Committee. All appointments to the Board of both executive and nonexecutive Directors are considered by the Board as a whole.

Any Director appointed during the year is required, under the provisions of the Company’s Articles of Association, to retire and seek election by shareholders at the next Annual General Meeting. All Directors are subject to retirement by rotation at least every three years.