INVESTORS

Share Warrants

Details of Share Warrants issued are given in the table below (updated July 2007):

Grant Date

9 Aug 2005

20 Oct 2005

12 May 2006

Grantee

Strand Partners

Limited

Boston Equities International

Corporate Synergy Limited

Shares Price

* 75.0p

400,000 37.5p

300,000 30.0p

Exercise Period

3 years ending

8 Aug 2008

3 years ending

19 Oct 2008

3 years ending

11 May 2009

* The lesser of 2% of:

the issued ordinary share capital at the date of exercise; or

150% of the issued ordinary share capital on completion of the AIM placing.