DIRECTORS – RESPONSIBILITIES

The Company is not required to comply with the provisions of the UK Corporate Governance Code (the "Code"). Whilst the Company does not comply with the Code the Board recognises the importance of sound corporate governance and the Directors are committed to ensuring that proper standards of corporate governance, appropriate to the company's size, stage of development and resources, are implemented

The Board is scheduled to meet regularly throughout the year. To enable the Board to perform its duties each of the Directors has full access to all relevant information and to the services of the Company Secretary (who is also a Director and a solicitor). Currently the Board comprises two executive and one non-executive Directors. The Board's structure will regularly be reviewed as to the structure, size and composition (including the skills, knowledge and experience) required of the Board compared with its current position.

Property acquisition and disposal decisions are taken by the Board acting together..

All significant executive decisions are made by Douglas Lowe (Chairman and Chief Executive) and Michael Baynham (Executive Director and Company Secretary) acting together. Douglas Lowe is principally responsible for company strategy, investment policy, professional advisers and investor relations. Michael Baynham has principal responsibility for legal and financial matters and for administration.

There are no director committees.

The City Code on Takeovers and Mergers applies and will continue to apply to the Company.