The Directors acknowledge the importance of the Combined Code and intend, following Admission, to comply with its principles so far as is practicable and appropriate given the size and constitution of the Board.

Corporate Governance is the system by which the Zirax's Shareholders and their representatives on the Board ensure that the Company and its management pursue, and do not diverge from, the Company's defined aims and objectives.

Zirax's Board of Directors and Executive Management are committed to strong corporate governance and best international business practices. Management ethics and professionalism are the foundation for Company's continuing value creation and operational growth.

Zirax is governed by a six member Board of Directors. The Board defines the Company's development strategy and works in the interests of all Stakeholders and Shareholders, taking into account the interests of all people involved in the Company's operations.

The Group follows the principles of the Corporate Governance Guidelines for AIM Companies published by the Quoted Companies Alliance ("QCA") in 2005