The Directors are, by shareholder resolutions passed at the AGM of the Company on 21 May 2009, generally and unconditionally authorised to exercise all the powers of the Company to allot relevant securities up to a maximum nominal amount of £3,212,076. The Directors are also generally empowered to allot equity securities within the meaning of the Act of the Company for cash on a non-pre-emptive basis. This power is limited to: (a) any allotment where equity securities have been offered to holders of equity securities in proportion (as nearly as may be) to their then holdings of such securities; and (b) any other allotment of equity securities up to an aggregate nominal value of £752,599. Such authorities and powers expire at the Company’s AGM being held on 21 May 2010, unless previously revoked, varied or renewed.

It is proposed that these authorities and powers be renewed by shareholder resolution at the Company’s forthcoming AGM pursuant to and within the meaning of the 2006 Act, but without prejudice to the exercise of any such authority prior to the date of the resolution.