Committees

Risk and Audit Committee

At a Board meeting held on 22 March 2007, it was resolved that a Risk and Audit Committee be set up comprising the independent Directors with Clive Spears appointed as Chairman. The Risk and Audit Committee operates within clearly defined terms of references which have been approved by the Board and provides a forum through which the Company's external Auditors report to the Board. The Board is satisfied that the Risk and Audit Committee contains members with sufficient recent and relevant financial experience.

Investment Committee

At a Board meeting on 22 March 2007, it was resolved that an Investment Committee be set up comprising the independent Directors with Nicholas Wilson appointed as Chairman. The purpose of this committee is to review the performance of the portfolio companies. The Board is satisfied that the Investment Committee contains members with sufficient recent and relevant investment experience.