CORPORATE GOVERNANCE REPORT

The Company is committed to good corporate governanceCode of behaviour that defines guidelines for the transparent management and control of companies. It creates transparency, strengthens confidence in the company management and in particular serves the protection of the shareholders., business integrity and ethical values. The Company conducts its affairs in the manner set forth herein.

As at 31 December 2008 the Board comprised six Non-Executive Directors (including the Chairman) and five Executive Directors. The Chairman is responsible for leading the Board, ensuring the effectiveness of the Board in all of its tasks, including communication with shareholders, setting the Board’s agenda and encouraging all Board members to participate fully in its activities and decision making.

The Non-Executive Directors provide a wealth of experience and skills and are key to the formulation and development of the Company’s strategy. The Board is satisfied that the Chairman and each of the Non-Executive Directors committed sufficient time during 2008 to fulfilling their duties as members of the Board. The Chairman’s main external commitments did not change during the year.

The Company has established the Audit, Nominations and Remuneration Committees, each of them meeting regularly under its own terms of reference.