The Audit Committee was established on 11 July 1995 to act as a Committee of the Board and the present members are:

1. To review the following and report the same to the Board
   • with the external auditor, the audit plan;
   • with the external auditor, his evaluation of the system of internal controls;
   • with the external auditor, his audit report;
   • the assistance given by the employees of the Company to the external auditor;
   • the adequacy of the scope, functions and resources of the internal audit functions and that it has the necessary authority to carry out its work;
   • the internal audit programmes, processes, the results of the internal audit programmes, processes or investigation undertaken and whether or not appropriate action is taken on the recommendations of the internal audit function;
   • the quarterly results and year-end financial statements of the Group and the Company, focusing particularly on:-
     • changes in or implementation of accounting policies and practices;
     • significant and unusual events;
     • the going concern assumption; and
     • compliance with accounting standards and other legal requirements; and
   • any related party transactions and conflict of interest situation that may arise within the Company or Group.
     
      
2. To discuss problems and reservations arising from the final audit, and any matter the auditor may wish to discuss (in the absence of management where necessary).
   
    
3. To consider the appointment of the external auditors, the audit fee and any questions of resignation or dismissal.
   
    
4. To consider any other functions or duties as may be agreed to by the Audit Committee and the Board.