Audit Committee

The Company's Audit Committee is comprised of Charles Parkinson, Carol Goodwin and Hugh Ward (Chairman).

The Audit Committee keeps under review the effectiveness of the Company's financial reporting and internal control policies and procedures for the identification assessment and reporting risks. As a Guernsey registered company and under the AIM Rules, the Company is not required to comply with the Combined Code published by the Financial reporting Council (the "2008 FRC Code").

However, the Directors recognise the value of the 2008 FRC Code and will take appropriate measures to ensure that the Company complies, as soon as practicable and to the extent appropriate given the Company's size and nature of business, the 2008 FRC Code.

The Board has put in place a framework for corporate governance which it believes is suitable for a property investment company and which enables the Company to voluntarily comply with the main requirements of the 2008 FRC Code.