The UK Corporate Governance Code 2016 (the Code) establishes the principles of good governance for companies; the following report describes
how the Company has applied these principles to its activities and where it has applied the principles of the UK Corporate Governance Code 2018
(the New Code). The Board remains committed to maintaining high standards of corporate governance. In the opinion of the Directors, the Company
has complied with the Code throughout the period. The Code can be found at