The Financial Reporting Council (“FRC”) issued the current edition of the Combined Code in June 2008, which applies to accounting periods beginning on or after 29 June 2008 and is available on the FRC’s website at http://www.frc.org.uk/corporate/combinedcode.cfm. The Directors believe that throughout the year ended 30 April 2010 the Group has complied with all of the recommendations of the Combined Code. The Group also complies with the corporate governance requirements of the Financial Services Authority’s Listing Rules, and Disclosure and Transparency Rules.

In May 2010, the FRC renamed the Combined Code as the UK Corporate Governance Code and made changes to it. This new edition of the Code will apply to financial years beginning on or after 29 June 2010 and the Company will consider what changes are appropriate to its own corporate governance arrangements in light of the new edition.