Board Committees

AUDIT COMMITTEE

MEMBERS: John Zucker and David Coldbeck.

The Audit Committee comprises the non-executive directors. Its duties include monitoring internal control throughout the Group, approving the Group's accounting policies and reviewing the interim and annual financial statements before submission to the Board.

This does not comply with the Combined Code of the Financial Services Authority. However the Board considers it to be appropriate given the size and operations of the Company..

ReMUNERATION COMMITTEE

MEMBERS: Richard Owen, Geoffrey Simmonds, David Hillel, John Zucker and David Coldbeck.

The Board currently acts as the Remuneration Committee, the details of the directors' emoluments being set out in the accounts. It is the Group's policy that the remuneration of directors should be commensurate with services provided by them to the Company.