The Company is committed to high standards of corporate governance, and sees this as an essential factor in its success to date. Good corporate governance is seen as crucial to the success of the Company which requires the implementation of a clear framework for transparency and disclosure to ensure that the Board of Directors acts in the best interests of the Shareholders and present a true and fair picture of the Company's financial condition and results of operations.

The Company has a clear division of responsibilities between the Board of Directors and executive management of the Company and, in keeping with international best practice, three of the Company's directors will be independent, non-executive directors. The Company's senior management, under the direction of the Chairman, is a highly experienced and skilled team who is given sufficient executive authority to effectively manage the Company within the guidelines laid down by the Board of Directors and the executive committee.

The Company has well established systems and sound internal controls. It will have a professionally staffed internal audit function, to undertake independent reviews across the enterprise. The Company's external auditors provide annual reporting to the Company together with an annual management letter, and do not provide other incompatible services.

The following is a summary of the Company's proposed corporate governance framework:

Shareholders' General Assembly: Shareholders shall be kept well informed of all major developments within the Company through extensive interaction, provision of periodic financial performance reports, and promoting the participation of non-institutional Shareholders in the Company's Annual General Assembly.

Board of Directors: A competent Board of Directors shall be responsible for running the Company, to provide effective leadership and maintain a sound system of internal controls to safeguard the interests of the Shareholders of the Company.

Board's Balance: The majority of the Board of Directors shall be non-executive directors in order to provide objectivity and balance to the Board of Directors' decision making process. Pres

Presentation of Financial and Other Information: The Board of Directors' shall be responsible for presenting to the Shareholders a true and fair picture of the Company's financial performance. Additionally, there shall be a mechanism in place to ensure that the Board of Directors receives the relevant information in a timely fashion, to enable it to effectively fulfill its obligations.