The Board of Directors confirm that the Company has complied throughout the financial year with the majority of the provisions set out in Section 1 of the Combined Code, except that the Company did not comply throughout the financial year with the following provisions: (1) the requirement that independent non-executive Directors (excluding the Chairman) should comprise not less than 50% of the Board; (2) the requirement that the Remuneration Committee should comprise the Chairman together with independent non-executive Directors; and (3) the requirement that a Senior Independent Director be nominated. The reasons for non-compliance in each of the relevant areas are explained within the review of the Company’s application of the principles of the Combined Code set out above. In the areas of non-compliance the Directors believe that current policy is in the best interests of the Company.