Schedule of matters specifically reserved for decision by the Board

In general, the full board of directors of the Company (the “Board”) should consider all important management and policy matters. In particular, the Board has specifically resolved that the following matters should be reserved for decision by the Board.

1. A change in the nature of the Company’s business.

2. Material acquisitions and disposals of assets (excluding transactions of a revenue nature in the ordinary course of business).

3. A partnership or joint venture.

4. Investments, capital projects, authority levels, treasury policies and risk management policies.

5. The appointment of additional directors and other senior appointments or the dismissal of any director.

6. The appointment and removal of the company secretary.

7. Dividend policy.

8. The creation of a security interest over assets of the Company (other than liens entered into in the ordinary course of business).

9. The giving of a guarantee, indemnity or security in respect of the obligations of a third party.

10. The making of a loan or series of connected loans (other than normal trade credit of more than £10,000 individually or in aggregate.

11. A transaction (including a transaction of a revenue nature in the ordinary course of business) with a director or other related party.

12. Any transaction which is not in the ordinary course of business.

13. A proposed change in capital structure including the issue, allotment, redemption, purchase of or grant of options over any of the Company’s shares or other securities.

14. Non-executive directors’ remuneration.

15. Major items of discretionary revenue expenditure.