The Company intends to comply, as far as is practicable given the size and constitution of the board, with the Principles of Good Governance and Code of Best Practice applicable to companies who are listed on the Official List of the UKLA (the “Combined Code”). The Directors have adopted the AIM Model Code and have appointed audit, nomination and remuneration committees. Dr Eddie Blair has been appointed as the senior independent non-executive director.

The audit committee is headed by David Evans and also consists of William Dracup and Dr Eddie Blair. It will meet at least four times each year and is responsible for monitoring the quality of internal control, ensuring that the financial performance of the Company is
properly measured and reported on, meeting with the auditors and reviewing reports from the auditors relating to accounting and internal controls. It will meet with the auditors at least once a year.

The Remuneration Committee is headed by William Dracup and also consists of David Evans and Dr Eddie Blair. It reviews the performance of executive directors and sets the scale and structure of their remuneration and reviews the basis of their service
agreements with due regard to the interests of the shareholders. The remuneration committee also makes recommendations to the directors concerning the allocation of share options to employees. No director is permitted to participate in discussions or decisions concerning his own remuneration.

The nominations committee is headed by David Evans and consists of William Dracup and Dr Eddie Blair.

The Company also has an administrative committee which deals with minor administrative matters, any two directors may form a quorum for this committee.